Tudor, Pickering, Holt & Co Investment Banking
PF AMGP Peer Group WACC Analysis
Expected Total Return
Mean
A
Kinder Morgan Inc
ONEOK, Inc.
Plains All American Pipeline GP
SemGroup Corporation
Targa Resources Corp.
The Williams Companies, Inc.
EQT GP Holdings LP
Median
Company
Western Gas Equity Partners, LP
CNX Midstream Partners LP
EQT Midstream Partners LP
Hess Midstream Partners LP
Noble Midstream Partners LP
BP Midstream Partners LP
Shell Midstream Partners LP
Valero Energy Partners LP
B
2018E- 2020E
Dividend CAGR
25.0%
10.5%
9.9%
5.1%
0.8%
6.4%
14.7%
15.2%
20.1%
12.3%
13.7%
12.3%
12.1%
C
Long-Term Economic
Growth Estimate
4.00
4.00%
4.0%
4.00
4.0%
4.00
4.0%
4.0%
4.00%
4.00
4.0%
D
Expected Growth (1)
7.1%
5.0%
4.2%
3.5%
4.7%
5.6%
5.6%
5.7%
5.6%
5.2%
5.5%
5.2%
5.2%
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 8/30/2018.
(1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution
growth estimate.
E
Current Yield
4.5%
7.0%
6.6%
5.8%
6.9%
6.8%
5.8%
5.40€
6.5%
5.8%
5.7%
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
F
Implied Total Return
10.0%
9.5%
9.5%
11.1%
10.1%
10.6%
11.6%
12.4%
13.3%
11.5%
11.2%
11.0%
11.7%
11.5%
11.1%
10.9%
TUDORPICKERING
HOLT&COCHANT BANKING
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