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  "documentTitle": "Baird | Investment Banking Pitch Book | 35 slides",
  "authorId": "baird",
  "authorName": "Baird",
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  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "The chart uses an exponential regression model to correlate yield and growth.",
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      "kind": "callout",
      "text": "Key Observations: Baird regressed current yields vs. distribution growth CAGRs for publicly-traded partnerships and companies. Based on a pro forma AMGP 2019E-2022E distribution growth CAGR of 27.0% using management projections, the regression implies a yield of approximately 3.8%",
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      "kind": "chart",
      "text": "Scatter plot of 2018E Yield vs 3-year Distribution CAGR",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ as of June 15, 2018. Note: Includes: ANDX, BKEP, BPL, BPMP, CEQP, CNXM, DCP, DKL, DM, EEP, ENBL, ENLK, EPD, EQM, ETP, GEL, GLP, HEP, HESM, MMLP, MMP, MPLX, NBLX, OKE, OMP, PAA, PBFX, PSXP, RMP, SEP, SHLX, SMLP, SRLP, TCP, TLP, TRGP, VLP, WES and WPZ. (1) Based on pro forma AMGP 2019E-2022E distribution growth CAGR. (2) Represents 2018E-2021E distribution growth CAGR per Wall Street consensus estimates.",
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      "kind": "title",
      "text": "AMGP PRO FORMA VALUATION CONSIDERATIONS (CONT.)",
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      "kind": "title",
      "text": "2018E yield vs 3-year distribution CAGR",
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