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  "authorName": "Baird",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide uses CAPM to derive the cost of equity, incorporating risk-free rate, levered beta, market premium, and size premium.",
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      "kind": "callout",
      "text": "As a result of its cost of equity analysis, Baird utilizes a range of 14.5% – 16.5% for purposes of its dividend discount 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": "CAPM table showing Risk-free Interest Rate (3.3%), Levered Beta (1.61), Market Premium (6.9%), Size Premium (1.4%), and Cost of Equity (15.8%)",
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      "text": "AMGP COST OF EQUITY ANALYSIS",
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