{
  "docId": "019de50f-266b-7329-bc56-cb55f8079031",
  "docSlug": "bf0b98d9f3ef466a413f1be56d5cc401",
  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 45 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "TPH",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3426573,
  "pageNumber": 11,
  "pageCount": 45,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 180,
  "notes": "Confidential draft; includes specific valuation multiples (Equity Value/DCF, EV/EBITDA) and yield metrics.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-266b-7329-bc56-cb55f8079031/11",
  "deckHref": "/decks/019de50f-266b-7329-bc56-cb55f8079031",
  "deckJsonHref": "/decks/019de50f-266b-7329-bc56-cb55f8079031.json",
  "deckAnchorHref": "/decks/019de50f-266b-7329-bc56-cb55f8079031#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.18,
        "x": 0.8,
        "y": 0.02
      },
      "kind": "callout",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15530ef0-026d-4bc1-ac5f-6962a49b68c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.5,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Source: FactSet as of 8/10/2018 and Wall Street research. Note: Assumes AMGP share price of $19.34 for offer / AM Proposal metrics. (1) For C-corps, CAGR calculated using Q4 2017 dividend annualized and 2020E dividend. (2) Calculated as equity value to LP DCF. (3) DCF calculated as EBITDA less interest expense and maintenance capital. (4) Defined as high-growth MLP if current - 2020E distribution growth CAGR is greater than 10%.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "998f4584-1896-49eb-82b4-d13dc4090a55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "table",
      "text": "Table containing financial metrics for Midstream C-Corps and High-Growth MLPs, including unit price, equity value, TEV, distribution yield, growth, and valuation multiples.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a589487c-d470-4bfa-a48a-06828cefa5ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "PF AMGP Selected Public Trading Comparables",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5be095b0-6da0-45d6-9e8b-98e7ad95ea41",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 8,
      "beatId": "6b42984f-65d9-4989-b8ee-6b19d174f2d7",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The document provides a detailed valuation and contribution analysis, outlining the proposed solution.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 9,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "cd47f01c-5abe-4946-8d89-e48aa58cb137",
      "evidence": "The document provides a detailed comparable company analysis and precedent transactions analysis.",
      "position": 1,
      "objective": "Reveal underlying data and analysis",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}