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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 77 slides",
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  "notes": "The slide presents two distinct valuation approaches: a yield-based implied total return model and a CAPM-style Barra Beta model.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 10/3/2018. (1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. (2) Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (3) 20-year treasury bond yield as of 9/21/18. (4) Duff & Phelps historical arithmetic premium.",
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      "text": "Table showing Expected Current Distribution CAGR, Long-Term Economic Growth Estimate, Expected Growth, Current Yield, and Implied Total Return for 8 companies plus median and mean.",
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      "text": "Sensitized Peer Total Return Cost of Equity table",
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      "text": "SQ AM Peer Group Cost of Equity Analysis",
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      "text": "Comparable Public Company Yield-Based Cost of Equity",
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