Tudor, Pickering, Holt & Co Investment Banking
Illustrative Discounted Future Value
Pre Unitholder Tax | SQ AM & PF AMGP | AR Base Case & AR Downside Volumes Case
SQ AM | AR Base Case
PF AMGP | 1.797x XR Adjusted (1) | AR Base Case
$39.91
2019E
$41.88
$36.29
$32.11
SQ AM | AR Downside Volumes Case
2019E
$52.36
Assumptions
$45.63
2020E
$45.83
$40.58
$39.98
2020E
$35.60
$59.16
$51.83
$46.33
$29.74
2021E
$-49.98
$43.86
Source: Management projections and FactSet as of 8/30/2018.
Note: Valuation based on annual distributions.
(1) Implied XR at 1.614x equity XR and cash consideration of $3.415 / unit.
$39.27
$29.74
2021E
Management projections | Valuation date as of 6/30/18
Future share price calculated at FY1 distributions divided by yield
Discounted to 6/30/18 at 10% cost of equity
0 Interim distributions discounted upon receipt to 6/30/18
1
1
I
1
I
1
Yield
6.0%
7.0%
Current AM
Unit Price
Yield
7.0%
8.0%
Current AM
Unit Price
|
|
$52.30
$43.78
$37.70
2019E
$47.96
$40.15
$34.58
$58.63
2019E
$49.29
$42.63
2020E
$42.36
$36.66
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
2020E
$65.33
O
$55.14
$47.87
2021E
PF AMGP | 1.797x XR Adjusted (1) | AR Downside Volumes Case
1
I
$50.35
T
$50.66
O
$42.84
$37.26
2021E
TUDORPICKERING
HOLT&COI:
Yield
ENERGY INVESTMENTS
5.0%
6.0%
7.0%
Yield
5.0%
6.0%
7.0%
I
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