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  "notes": "The slide presents a 'Has/Gets' analysis, a common valuation framework in M&A to compare the value of a standalone entity versus a pro forma combined entity.",
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      "text": "Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share.",
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      "text": "Has / Gets Analysis | AR Downside Volumes Case",
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