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  "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
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  "authorName": "Baird",
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  "notes": "The slide uses a precedent transaction methodology to derive an equity value range for AMGP, adjusting for net debt and Series B conversion.",
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      "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",
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      "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",
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      "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.",
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      "text": "Valuation table showing NTM Est. Post-Tax IDR Cash Flow, multiples, and implied equity value range.",
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      "text": "AMGP PRECEDENT TRANSACTIONS ANALYSIS",
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