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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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  "pageNumber": 40,
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  "notes": "The slide uses a standard valuation methodology for MLPs (Master Limited Partnerships) comparing yield, CAFD, and EBITDA multiples.",
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      "kind": "paragraph",
      "text": "Baird applied the range of valuation multiples derived from the high growth MLPs in its Selected Public Comparables Analysis in recognition of AM's current growth rate",
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      "text": "Source: Antero management. (1) IDR cash flow excluded from AM metric. (2) Based on range of high growth midstream MLP peers (see previous page). (3) Median of 2019E and 2020E values. (4) Defined as Price per LP unit divided by cash available for distribution to the LP unit holders under a full payout scenario. (5) Represents estimated net debt and fully diluted common units outstanding as of September 30, 2018. (6) Applies equal weighting to each respective summary range.",
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      "text": "Valuation table showing Yield, Price/CAFD, and EV/EBITDA metrics with implied price ranges.",
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      "kind": "title",
      "text": "1 AM SELECTED PUBLIC COMPARABLES ANALYSIS",
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