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  "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
  "authorId": "baird",
  "authorName": "Baird",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 53,
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  "notes": "The slide explicitly states AMGP has no outstanding debt, simplifying the WACC calculation 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": "Implied Weighted Average Cost of Capital table showing equity/debt values and final WACC calculation.",
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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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      "kind": "title",
      "text": "AMGP WEIGHTED AVERAGE COST OF CAPITAL ANALYSIS",
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