Tudor, Pickering, Holt & Co Investment Banking
Supplemental Calculation Detail | AMGP Proposal
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
Pro Forma AMGP DCF Analyses | Exchange Ratio Adjusted Implied Equity Value | AR Base Case
Levered DCF Analysis
Supplemental Calculation Detail
PF AMGP DCF per Share
Discount Factor
PV of PF AMGP DCF per Share
2H 2018E 2019E 2020E 2021E 2022E
$0.61
$1.64 $2.00 $2.38
$2.75
0.976
0.909 0.826 0.751
$0.59
$1.49 $1.66 $1.79
Disc. PF AMGP DCF Total
Terminal Multiple
Terminal Disc. Factor
Implied Terminal Value per Share
Implied Equity Value per Share
XR Adj. AM Equity Value per Share
Source: Management projections and FactSet as of 8/30/2018.
$5.53
12.0x
0.716
$23.65
$29.18
$47.27
Discounted Distribution Analysis
Supplemental Calculation Detail
PF AMGP Dist. per Share
Discount Factor
PV of PF AMGP Dist.per Share
Disc. PF AMGP Dist. Total
Terminal Yield
2H 2018E 2019E
$0.46
0.976
$0.45
Terminal Disc. Factor
Implied Terminal Value per Share
Implied Equity Value per Share
XR Adj. AM Equity Value per Share
2020E 2021E 2022E
$1.35 $1.75 $2.23
0.751
$1.31
$0.89
0.909 0.826
$0.81
$1.11
TUDORPICKERING
HOLT&COI:
ENERGY INVESTIMENTS
MERCHANT BANKING
$3.69
6.0%
0.716
$26.64
$30.33
$49.13
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