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  "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "Baird branding present. Slide outlines DCF, DDA, Public Comps, and Precedent Transactions.",
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      "text": "Selected Public Comparables Analysis: Implied equity value per AM Common Unit based on comparisons with publicly traded midstream MLPs; Valuation benchmarks include: Per unit price implied by multiples of Total Enterprise Value to 2019E and 2020E Adj. EBITDA; Per unit price implied by multiples of Price to 2019E and 2020E DCF; Per unit price implied by 2019E and 2020E Distribution Yields",
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      "text": "Selected Precedent Transactions Analysis: Implied equity value per AM Common Unit based on comparisons with similar precedent transactions in the midstream energy sector; Valuation benchmarks include: Per unit price implied by multiples of Total Transaction Value to NTM EBITDA",
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      "text": "Discounted Cash Flow Analysis: Implied equity value per AM Common Unit based on the present value of future unlevered free cash flows attributable to AM common unitholders; Discount rate range derived from a weighted-average cost of capital analysis for AM, utilizing the Capital Asset Pricing Model (\"CAPM\"); Terminal value based on a terminal multiple calculation, derived from an observation and analysis of relevant precedent transactions within the midstream MLP sector",
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      "text": "Discounted Distribution Analysis: Implied equity value per AM Common Unit based on the present value of future forecast cash distributions attributable to AM common unitholders; Discount rate range derived from a cost of equity analysis for AM, utilizing CAPM; Terminal value based on a terminal yield calculation, derived from an observation and analysis of AM's current publicly traded midstream MLP peer group",
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      "text": "Baird's analytical framework derives the value of AM Common Units across four core methodologies, utilizing both the AM Management Case and the AM Modified Coverage Case",
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