{
  "docId": "019de50f-3515-7091-a5fb-7a5b15f7388d",
  "docSlug": "7608e2b67160c75406354544171fcc04",
  "documentTitle": "Baird | Investment Banking Pitch Book | 79 slides",
  "authorId": "baird",
  "authorName": "Baird",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 66,
  "pageCount": 79,
  "prevPage": 65,
  "nextPage": 67,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The slide uses a valuation methodology based on normalized cash flow multiples adjusted for a 1.1x coverage ratio.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-3515-7091-a5fb-7a5b15f7388d/66",
  "deckHref": "/decks/019de50f-3515-7091-a5fb-7a5b15f7388d",
  "deckJsonHref": "/decks/019de50f-3515-7091-a5fb-7a5b15f7388d.json",
  "deckAnchorHref": "/decks/019de50f-3515-7091-a5fb-7a5b15f7388d#slide-66",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.06,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Baird applied a range of normalized cash flow multiples (adjusting for a 1.1x coverage ratio) to derive a comparable transaction-based valuation for AMGP",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42334037-45c0-4d2f-a6ed-4f57dbca150f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Given AMGP's 2018-2022 IDR CAGR of 42%, combined with AM's 2018-2022 distribution growth CAGR of 24%, Baird focused on higher growth comparable transactions in deriving its range of multiples",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a47f0b6e-5070-49fa-ab5f-3dd5a8644263",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.06,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Antero management. (1) Represents NTM estimated post-tax IDR cash flow, adjusted for 1.1x coverage ratio at AM. (2) Based on GP cash flow multiples adjusted for 1.1x coverage in precedent transactions (see previous page). (3) Represents estimated net debt and common shares outstanding as of September 30, 2018. (4) Represents 5.92% of equity value in excess of $2.0 billion.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afc9b2b0-0bf1-473e-bbf6-25000a3140f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.06,
        "y": 0.33
      },
      "kind": "table",
      "text": "Valuation table showing NTM Est. Post-Tax IDR Cash Flow, multiples, and implied equity value calculations.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4600fd26-52b7-4cc5-9b6d-539444423ab6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.06,
        "y": 0.06
      },
      "kind": "title",
      "text": "AMGP PRECEDENT TRANSACTIONS ANALYSIS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad81ba3d-ac32-4c8d-93c3-5deefddba801",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: Precedent transactions",
      "slug": "precedent-transactions",
      "agent": "architect",
      "layer": "slide",
      "matchId": "ae8f229b-b6b3-48fb-9d25-0e0e54372dc1",
      "evidence": "Valuation table showing NTM Est. Post-Tax IDR Cash Flow, multiples, and implied equity value calculations.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "valuation",
      "slug": null,
      "matchId": "7b911bdb-3ff0-4edb-a172-a4ed4548ef46",
      "evidence": "The slide performs a precedent transaction valuation analysis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}