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  "notes": "The slide explicitly notes AMGP has no outstanding debt, simplifying the WACC to the cost of equity.",
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      "text": "Based on AMGP's capital structure, which includes no debt, its weighted average cost of capital is equal to its cost of equity of 15.8%. As a result of its weighted average cost of capital analysis, Baird utilized a range of 14.5% – 16.5% for purposes of its discounted cash flow analysis herein",
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      "text": "Source: AMGP filings and Bloomberg. (1) Represents estimated 20-year treasury rate as of October 5, 2018. (2) Represents two-year levered equity beta as of February 23, 2018... (5) Cost of equity is calculated using CAPM...",
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      "text": "Cost of Capital Components table showing Risk-free Rate, Beta, Market Premium, Size Premium, and Cost of Equity.",
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