Baird Investment Banking
PRO FORMA IMPACT
($ in millions, unless otherwise noted)
Dividend per AR-Owned AM Unit
Accretion / (Dilution)
($0.11)
(3.8%)
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
$3.00
$2.00
$1.00
($0.00)
0.0%
$0.00
Excludes cash
received at close
$2.21 $2.21
2019E
2020E
Dividend per AMGP Share
1.31x 1.18x
$0.50
55.9%
$0.89
$2.85 $2.74
$1.38
1.16x 1.16x
$0.38
28.2%
($0.02)
(0.7%)
$1.34
$3.42 $3.40
1.11x 1.11x
Accretion/(Dilution)
2021E
$0.38
22.1%
$1.72 $1.74
$2.13
Status Quo
$0.06
1.5%
$4.10 $4.16
1.05x 1.05x
2022E
$0.39
17.4%
$2.22
$2.61
Pro Forma
Dividend per Public AM Unit
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Couliezvish Preliminary Draft
$50
$40
$30
$20
$10
$0
$0.07
3.1%
Excludes cash
received at close
$2.21 $2.28
2019E
Cash Flow to Series B
$12
($12)
(100%)
Dividend
Holiday
ā
$0
Accretion/(Dilution)
$2.85 $2.83
($0.02)
(0.8%)
$19
2020E
$30
$0.08
2.4%
$3.42 $3.50
2021E
Accretion /(Dilution)
$11
55%
$26
$11
44%
$37
2019E
2020E
2021E
2022E
2019E
2020E
2021E
Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and $3.41 cash per AM LP unit; AMGP issues 304.6 million shares to current AM
unitholders (see page 5). Ako assumes that AMGP issues 17.375 million shares in exchange for 100% of the Series B units. Further, the 2019 pro forma dividend such that dividends to AR-owned AM
units are held flat; and Series B unitholders forgo dividends in 2019.
$4.10
$33
BAIRD
$0.19
4.7%
2022E
Project Bronco
$4.29
$12
37%
$45
2022E
Page 7View entire presentation