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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 24 slides",
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  "authorName": "Morgan Stanley",
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  "presentationDate": "2018-08-01 00:00:00",
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  "notes": "The slide uses a table to compare equity value, yield, distributions, growth rates, and exit yields to derive 3-year IRR figures for different scenarios (A, B, C).",
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      "text": "Current implied 3-year IRR for standalone AMGP is ~37.6%. Maintaining the same AMGP IRR implies a pro forma share price of $20.51 (~11% upside to current price). Current peer median 3-year IRR is 19.0%. Maintaining the same for AMGP implies a pro forma share price of $31.16 (~68% upside to current). Holding current AMGP price of $18.50 constant implies 3-year IRR of over 42%.",
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      "text": "Source: Capital IQ, Company Materials",
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      "text": "Market Data as of August 3, 2018",
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      "text": "3-Year IRR table showing Equity Value, Price, Yield, Distributions, Growth, Exit Yield, and IRR for Antero, GP Peers, MLP Peers, and Operating C-Corp.",
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      "text": "IRR Method Analysis",
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