{
  "docId": "019de50f-1fef-759f-97c9-76b896fe723d",
  "docSlug": "eb0b787464b424a27d48f182319c5f43",
  "documentTitle": "Baird | Investment Banking Pitch Book | 10 slides",
  "authorId": "baird",
  "authorName": "Baird",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 7,
  "pageCount": 10,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The slide compares current exchange ratio vs fully-diluted exchange ratio based on unanticipated AMGP shares.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-1fef-759f-97c9-76b896fe723d/7",
  "deckHref": "/decks/019de50f-1fef-759f-97c9-76b896fe723d",
  "deckJsonHref": "/decks/019de50f-1fef-759f-97c9-76b896fe723d.json",
  "deckAnchorHref": "/decks/019de50f-1fef-759f-97c9-76b896fe723d#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.95,
        "x": 0.04,
        "y": 0.2
      },
      "kind": "list",
      "text": "Assuming an efficient market is anticipating an AMGP acquisition of AM, AMGP's share price should already reflect some amount of dilution from the Series B issuance. Baird has reviewed Wall Street research, which anticipates ~4.1 million AMGP shares issued to Series B holders in an AMGP acquisition of AM. Based on this market view and the proposed issuance of 18.5 million AMGP shares to Series B holders, 14.4 million AMGP shares are not priced into the current exchange ratio. Including the dilutive impact of an additional 14.4 million new AMGP units implies an exchange ratio of 1.72x.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75c96f73-124a-4e1f-8a9a-32fe2a8da64d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.02,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Exchange Ratio derived from current trading levels and full Series B dilution",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e663ba52-8eb1-42bb-a11d-3e11b6ddc3ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Note: Current market data as of August 21, 2018. (1) Wells Fargo Equity Research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "100f88cc-4d03-46c3-aa22-7ccaad98bbc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.02,
        "y": 0.5
      },
      "kind": "table",
      "text": "Current Exchange Ratio table showing AMGP Market Cap, Shares O/S, Unanticipated Shares, Price/Share, AM Price/Unit, and resulting 1.59x ratio.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00c59f6c-c106-43a3-8380-cd07f1ede525",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.52,
        "y": 0.5
      },
      "kind": "table",
      "text": "Fully-Diluted Exchange Ratio table showing AMGP Market Cap, Shares O/S, Unanticipated Shares (14.4), Price/Share, AM Price/Unit, and resulting 1.72x ratio.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d1b7695-3901-4b41-8d65-72e977539b72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.02,
        "y": 0.07
      },
      "kind": "title",
      "text": "FULLY-DILUTED EXCHANGE RATIO ANALYSIS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a17040a-d015-448b-968a-34bfda65f132",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "6b38bb25-6558-4467-98e9-fd695a5c9041",
      "evidence": "table/data: Fully-Diluted Exchange Ratio table showing AMGP Market Cap, Shares O/S, Unanticipated Shares (14.4), Price/Share, AM Price/Unit, and resulting 1.72x ratio.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 7,
      "from": 5,
      "beatId": "4dab7249-f86d-4fa5-94d0-9aed188a260f",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The financial analysis provides a comprehensive overview of the exchange ratio bridge and fully-diluted exchange ratio analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 7,
      "from": 3,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "6f1d2097-26cf-4414-8cdc-74898db2a3b2",
      "evidence": "The deck presents a logical chain of financial analysis to support the recommended exchange ratio",
      "position": 0,
      "objective": "What is the optimal exchange ratio?",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}