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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 123 slides",
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  "authorName": "Tudor Pickering Holt",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "The slide presents two distinct valuation methodologies for Cost of Equity: a yield-based approach (Expected Total Return) and a CAPM-based approach (Barra Beta).",
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      "kind": "disclaimer",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. (2) Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (3) 20-year treasury bond yield as of 6/21/18. (4) Duff & Phelps historical arithmetic premium.",
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      "text": "Peer group table showing CAGR, growth estimates, yield, and implied total return for 9 companies plus median/mean.",
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      "text": "Cost of Equity Sensitized Peer Total Return table",
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      "text": "SQ AM Peer Group Cost of Equity Analysis",
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