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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 21 slides",
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  "authorName": "Antero Resources",
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  "presentationDate": "2018-08-01 00:00:00",
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  "notes": "The slide uses a grid layout to categorize analyst sentiment into two themes: Midstream Simplification and Pro forma Valuation.",
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      "kind": "quote",
      "text": "Though two scenarios are explored, relative valuation gap between AM and AMGP leaves a GP buy-in of the LP as the more probable outcome. - TPH",
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      "text": "We view a consolidation of the midstream complex as the most likely outcome of this review - TPH",
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      "text": "We believe that the focus remains on the potential merger of Antero Midstream GP and conversion from an MLP structure to a corporation. We would view a simplified proforma entity favourably. - TD Securities",
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      "text": "the combined midstream asset base could see a significant rerate with NAV of inventory blowdown >$12.5B vs. current combined equity value of ~$8.5B. - TPH",
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      "text": "we see AM+AMGP potentially trading at 11.4x 2019e EBITDA, a level we believe could be quite attractive relative to an estimated 2019- 2021 EBITDA CAGR of 22%. - Morgan Stanley",
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      "text": "[Post-transaction, the pro-forma entity] would retain a far and away best in class dividend / share growth outlook with conservative coverage and a very conservative leverage ratio for the foreseeable future. - Raymond James",
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