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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 60 slides",
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  "notes": "Includes sensitivity tables for discount rates vs multiples/yields.",
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      "kind": "paragraph",
      "text": "AM Pre - Unitholder Tax | Valuation Effective Date: 12/31/2018",
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      "text": "Source: Management projections and FactSet as of 10/5/2018. (1) Implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit. (2) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures.",
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      "text": "SQ vs PF Distribution Coverage",
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      "text": "XR Adjusted PF AMGP Implied Share Price sensitivity tables",
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      "text": "Stand Alone AM Implied Unit Price sensitivity tables",
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      "kind": "title",
      "text": "Has / Gets Analysis | AR Base Case",
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