Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 122 slides

Tudor Pickering Holt · 2018-08
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Slide inventory

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every slide · same image gating as the playbook
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Slide 1
front_matter
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front_matter
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Open slide detailBeat · Situation & Context
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This slide acts as a change log for the financial model/presentation deck.summarize
Open slide detailBeat · Situation & Context
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The slide uses a structured table format to present complex transaction details.summarize
Open slide detailBeat · Situation & Context
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Includes a financial metrics table in the top right and a detailed sponsor/management ownership table at the bottom.present_framework
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The chart uses indexed values to compare performance over time since the IPO date.illustrate_case
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The chart tracks indexed total return performance starting from the committee announcement date.compare_peers
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Includes a line chart for exchange ratios and a stacked bar chart for distribution splits.analyze_data
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The slide uses a bar-chart-based comparison of analyst price targets against current prices for three entities, with supporting analyst commentary.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Includes a main peer comparison table and three sub-tables for implied unit price calculations based on EBITDA, DCF/Unit, and Distribution Yield.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Includes a summary section at the bottom with medians and means for C-Corp, Affiliate, and 3rd Party transactions, plus the specific AMGP proposal.cite_precedent
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Includes sensitivity analysis tables for DCF multiples and distribution yields, alongside detailed supplemental calculations for terminal value and implied unitanalyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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The chart displays three lines representing different yield scenarios (6%, 7%, 8%) impacting the valuation.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Includes sensitivity tables and detailed supplemental calculations for both DCF and Distribution methodologies.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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The chart displays three lines representing different yield scenarios (6%, 7%, 8%) over three years (2019E, 2020E, 2021E).quantify_impact
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Confidential draft, includes detailed footnotes regarding calculation methodologies for GP equity value, CAFD, and distribution yields.compare_peers
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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The slide uses sensitivity tables (matrix) to show how changes in discount rates and multiples/yields impact the implied equity value.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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The chart compares projected share prices against a current share price baseline.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Includes sensitivity tables for discount rates vs multiples/yields and detailed calculation bridges for terminal value.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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The chart displays three lines representing different yield scenarios (4.0%, 5.5%, 7.0%) over three years (2019E, 2020E, 2021E).analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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The table compares various exchange ratios (1.650x to 1.909x) against key financial metrics like EBITDA and DCF multiples, including comparisons to trading and analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Includes confidential draft disclaimer and detailed methodology notes regarding DCF and distribution calculations.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Confidential draft subject to change. Tudor Pickering Holt & Co branding.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Includes confidential draft disclaimer and source notes.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Includes confidential draft disclaimer and source notes.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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The slide presents a sensitivity analysis of exchange ratios across discount rates and valuation assumptions.analyze_data
Open slide detailBeat · Evidence & ProofLoop · So What Cascade
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Includes a disclaimer about the confidential nature of the draft and methodology for calculating premiums.analyze_data
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Open slide detailBeat · Impact & Next Steps
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Includes a confidential draft watermark.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes sensitivity analysis tables for different exchange ratios (XRs) and line charts showing base case projections.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes sensitivity analysis tables for exchange ratios (XR) ranging from 1.650x to 2.000x.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes sensitivity tables for various exchange ratios (XRs) and line charts showing trends from 2H 2018E to 2022E.quantify_impact
Open slide detailBeat · Impact & Next Steps
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Includes sensitivity analysis tables for exchange ratios (XR) ranging from 1.650x to 2.000x.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide uses a matrix format to compare two time periods (2H 2018E and 2019E) across different financial variables.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents projections from 2018E to 2022E. It includes a disclaimer regarding the confidential nature of the draft.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes regression analysis with and without AMGP; highlights specific company outliers.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes specific valuation multiples (EV/EBITDA, Equity Value/DCF) and yield/growth metrics for a set of industry peers, with a comparison to the procompare_peers
Open slide detailBeat · Impact & Next Steps
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Contains multiple sensitivity tables for valuation metrics.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents sensitivity tables for valuation metrics across varying discount rates and multiples/yields.analyze_data
Open slide detailBeat · Impact & Next Steps
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Valuation effective date: 6/30/2018. Includes sensitivity tables for DCF and Distribution Analysis.analyze_data
Open slide detailBeat · Impact & Next Steps
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Valuation effective date: 6/30/2018. Includes sensitivity tables for discount rates vs multiples/yields.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide uses a 2x2 grid of line charts to compare valuation scenarios. Each chart shows three lines representing different yield levels (5%, 6%, 7%).analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide uses a 2x2 matrix layout to compare four distinct financial scenarios. Each quadrant contains a line chart showing valuation trends over 2019E-2021E.analyze_data
Open slide detailBeat · Impact & Next Steps
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Open slide detailBeat · Impact & Next Steps
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Includes sensitivity analysis tables for various exchange ratios.analyze_data
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Includes sensitivity analysis tables for exchange ratios and time-series line charts for base case projections.analyze_data
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Includes sensitivity tables for various exchange ratios (XRs) and line charts showing projected accretion/dilution trends.analyze_data
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Includes two line charts and two data tables for sensitivity analysis.analyze_data
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The slide presents two side-by-side tables comparing financial outcomes under different coverage and exchange ratio scenarios.analyze_data
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Includes a sources and uses table and two pie charts comparing ownership status quo vs pro forma.analyze_data
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Includes three distinct tables: PF AMGP Leverage Analysis (Base Case), PF AMGP Leverage Analysis (Downside Case), and Cash Consideration Sizing (1.710x Equity Eanalyze_data
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Includes sensitivity analysis tables for different cash considerations and implied exchange ratios.quantify_impact
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Includes sensitivity analysis tables for different exchange ratios and cash considerations.analyze_data
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Includes two line charts and two data tables comparing financial outcomes across different scenarios.quantify_impact
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Includes two line charts and two data tables comparing accretion/dilution scenarios.analyze_data
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Includes coverage assumptions and source information.analyze_data
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The slide presents five distinct sensitivity tables (data matrices) evaluating valuation outcomes based on varying discount rates and multiples/yields.analyze_data
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Includes multiple sensitivity tables for DCF and distribution analysis.analyze_data
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Includes sensitivity tables for DCF and Distribution Yield analyses.analyze_data
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Includes five separate sensitivity tables for valuation scenarios.analyze_data
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The table displays a matrix of implied AM unit prices across different exchange ratios (rows) and dividend yields (columns).analyze_data
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Includes detailed tax calculations for different investor profiles (Public Unitholders vs IPO Investors).quantify_impact
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Includes detailed line items for EBITDA, tax adjustments, and per-unit distribution metrics.analyze_data
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Includes sensitivity analysis tables for various exchange ratios.analyze_data
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Includes sensitivity analysis tables for various exchange ratios (XRs) and trend lines for specific scenarios.analyze_data
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Includes sensitivity analysis for exchange ratios and time-series projections for 2018E-2022E.analyze_data
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Includes sensitivity analysis for exchange ratios and projections through 2022E.quantify_impact
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Contains detailed sensitivity tables for distribution yields and discount rates, alongside multi-year cash flow and tax basis projections.analyze_data
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Confidential draft; includes detailed tax basis and gain calculations for two different entities.analyze_data
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Includes detailed tax breakdown per unit for Average Unitholder, IPO Investor (Average Basis), and IPO Investor (IPO Basis).analyze_data
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Contains two side-by-side financial models: SQ AM After-Tax Distribution Calculation and PF AMGP After-Tax Dividend Calculation.analyze_data
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Includes sensitivity analysis tables for different cash consideration levels.quantify_impact
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Includes two line charts showing accretion/dilution trends and two tables showing sensitivity analysis at different cash consideration levels.quantify_impact
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Includes detailed tax basis and gain calculations for two different entities.analyze_data
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Contains two side-by-side financial models with sensitivity tables for distribution yield and discount rates.analyze_data
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The slide details specific transaction history and a standard disclaimer regarding potential conflicts of interest due to TPH's business model.other
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Supplemental calculation for AR Base Case.analyze_data
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Includes two distinct financial tables comparing IDR DCF, tax adjustments, and implied XR multiples from 2017A to 2022E.analyze_data
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Supplemental calculation for AR Base Case.analyze_data
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Supplemental calculation slide showing projections from 2017A to 2022E.analyze_data
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Includes confidential draft disclaimer and source attribution.analyze_data
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Confidential draft subject to change.analyze_data
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Includes a disclaimer box in the top right and source attribution at the bottom left.analyze_data
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Includes a disclaimer box in the top right corner.analyze_data
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The table includes a comparison of historical precedent transactions against the specific 'AMGP Proposal' and 'AM Proposal'.cite_precedent
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Includes median and mean calculations at the bottom of the table.cite_precedent
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Includes a sensitivity table for NOL valuation and historical bar charts for tax assets/liabilities.analyze_data
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Includes specific assumptions for AR, AM, and AMGP entities.analyze_data
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Includes a small table for Cumulative Free Cash Flow scenarios.analyze_data
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Includes a small table comparing cumulative FCF across three cases.analyze_data
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Includes a small table comparing cumulative FCF across three scenarios (Base, Downside Pricing, Downside).analyze_data
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AR Base Volumes Case. Includes CAGR for 2018E-2022E.analyze_data
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Includes historical data (2016A-2017A) and projections (2018E-2022E).analyze_data
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Includes confidential draft disclaimer and detailed footnotes regarding valuation methodology.analyze_data
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Includes detailed footnotes regarding valuation methodology and tax assumptions.analyze_data
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Includes CAGR projections for 2019E-2022E across three scenarios.analyze_data
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Includes CAGR projections for 2019E-2022E. Data source: Management Projections, Thomson One, FactSet as of 8/10/2018.analyze_data
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Includes CAGR metrics for 2019E-2022E period for both cases.analyze_data
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Includes CAGR calculations for 2019E-2022E period for both scenarios.analyze_data
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Includes regression analysis with and without AMGP. Highlights specific company performance relative to the regression line.analyze_data
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Includes a table of peer companies with CAGR, growth estimates, yields, and total returns, alongside a CAPM-based cost of equity calculation.analyze_data
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Includes two distinct valuation approaches: yield-based (expected total return) and CAPM-based (Barra Beta).analyze_data
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The slide includes a disclaimer box in the top right and a source/footnote section at the bottom.compare_peers
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Contains four distinct data tables comparing low and high range estimates for various financial metrics.analyze_data
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The slide uses a map to segment gas types by BTU range and geography, linking them to specific IRR performance metrics and inventory counts.analyze_data
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Includes detailed economic assumptions and results for different well types.analyze_data
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Includes a callout box indicating IRR at AR Downside Pricing case.quantify_impact