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Morgan with guidance on potential synergies as part of the transaction. These synergies include: Implied public company cost savings; Corporate G&A savings; and Incremental cash flow generated by reinvestment of excess cash at a 7.5x EBITDA multiple; Synergies account for $5mm p.a. run-rate with no cost to achieve and no phase-in; Synergies discounted at UGI deconsolidated at an assumed discount rate of 7.00% to 8.00%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:32:29.405+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30726332-f4a1-4d39-b6b4-a5621cca43d3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.045, "y": 0.42 }, "kind": "list", "text": "Sum-of-the-parts: UGI is comprised of four segments: UGI Utilities, Midstream and Marketing (\"M&M\"), International and APU; To assess UGI from a sum-of-the-parts approach, J.P. Morgan has employed a Price / EPS multiple for the utilities business and Firm value / EBITDA multiples for the M&M and International segments, APU and corporate EBITDAs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:32:29.405+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a50e317-b539-4191-b87b-94047decaa01", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.045, "y": 0.52 }, "kind": "list", "text": "Transaction multiples: To assess APU from a transaction multiples perspective, J.P. Morgan has employed selected buy-in precedent transactions evaluated on a NTM LP DCF basis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:32:29.405+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fe1eb16-5060-4702-bd37-1a96fecab811", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.045, "y": 0.58 }, "kind": "list", "text": "Intrinsic valuation: J.P. Morgan has employed an unlevered (after-tax) discounted cash flow approach for both UGI and APU; UGI deconsolidated assumes a discount rate of 7.00% to 8.00% while APU assumes a discount rate of 7.25% to 8.25%; UGI assumes terminal growth (ex-APU) ranging from 2.50% to 3.50% while APU assumes terminal growth ranging from 0.00% to 2.50%; Also, for reference only, J.P. 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