J.P.Morgan Investment Banking Pitch Book
Summary of proposed transaction
Summary considerations
Smm, except per share data
APU unit price
UGI share price
Transaction exchange ratio
Implied stock consideration
Plus: cash consideration
Implied offer price
Implied premium to current price
Number of public units
Implied equity value of public units
Implied transaction value
UGI current DSO (mm)
New UGI shares for APU
Pro form a UGI DSO (mm)
UGI PF ownership
APU PF ownership
$30.87
$55.42
0.500x
$27.71
$7.63
$35.34
14.5%
69.4
$2,452
$4,682
177.6
34.7
212.3
83.7%
16.3%
UGI & APU overview
Smm, except per share data
Price per share/ unit
Implied premium to current
Equity value (UGI) /LP Equity value (APU)
Plus: Debt
Plus: NCI
Less: Cash
Plus: Net debt & NCI
Plus: GP value
Firm value
Memo: implied equity value of public units
Memo: implied transaction value
Firm value/19E EBITDA
Farm value/20E EBITDA
P/19E EPS (UGI) -P/19E LP DCF/unit (APU)
P/ 20E EPS (UG) - P/20ELP DCF/unit (APU)
19E Yield
20E Yield
Metric
1
$1,483
1,668
$2.49
3.12
$1.10
1.20
UGI
standalone
$55.42
$9,845
$4,847
$2.142
($478)
$6,511
$16,356
11.0x
9.8x
Metric
2.0%
2.2%
$610
635
22.3x
$3.65
17.8x 3.78
$3.16
3.32
Source: FactSet as of 03/29/19, Company filings
Note: Projections based on 09/30 fiscal year end; APU GP value based on intrinsic valuation analysis and approved by UGI management NCI based on market value of publicly held APU units
Includes -74.5% of APU net debt and APU NCI
APU and UGI projections as provided and approved by UGI management and included for reference only
CONFIDENTIAL
APU
standalone
$30.87
$2,875
$2,970
$32
(58)
$2.994
$375
$6,244
10,2x
9.8x
8.5x
8.2x
10.2%
10.8%
APU @
transaction
$35.34
14.5%
$3,291
$2.970
$32
($8)
$2.994
$375
$6,660
$2.452
$4.682
10.9x
103
9.7x
9.3x
8.9%
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