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  "authorName": "Tudor Pickering Holt",
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  "notes": "Includes sensitivity tables for DCF and Distribution Yield analyses.",
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      "text": "Source: Management projections and FactSet as of 8/10/2018. Note: Utilizes adjusted PF AMGP Management coverage: implied distribution / dividend breakeven coverage ratio in 2018E and PF AMGP Management coverage in 2019E+. (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 Base Case",
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