Antero Midstream Partners Mergers and Acquisitions Presentation Deck
Market Reaction
Current Yield (3)
12.0
10.0
8.0
6.0
6
2.0
0.0
R-Squared:
0.843
DCP
TRGP
TEGP
EPD
ENBL
WES
ENLC
+C-Corp Non C-Corp
MPLX
WPZ
AMGP Yield vs. 2-Year DPS/DPU CAGR (G&P Peers) (1)
2-Year DPS/DPU CAGR (2018E - 2020E) (2)
10.0
Antero
ETE
OKE
CNXM
WGP
HESM
EQM
WMB
RMP
EQGP
NBLX
20.0
1. Market Data of February 16, 2018
2 Peer and standalone Anteo represents 2-year 2018-2020 OFS/DPU GAGA
3 Peer and standalone Antero represents cumenty PF AMGP represents estimated currentyd at 12/31/2018
AM SA
30.0
AMGP PF
Implied PF
AMGP Price:
$33.35 (2)
As of 12/01/18
Breakeven Yield
40.0
Implied Yield
50.0
AMGP Yield Sensitivity
(YE2018)
Assumed
Yield
4.8%
4.6%
3,8%
3.3%
2.8%
2.3%
1.8%
AMGP SA
$20.52
60.0
Implied
Price
$19.48
$20.52
$24.59
$28.31
$33.35
$40.57
$51.80
70.0
Antero
XView entire presentation