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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 49 slides",
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  "authorName": "Antero Midstream",
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  "presentationDate": "2018-11-01 00:00:00",
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  "notes": "The chart uses a regression line to demonstrate the correlation between dividend growth and yield, positioning AM as an outlier with high growth and lower yield.",
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      "kind": "callout",
      "text": "Valuation (i.e. yield) highly correlated to distribution growth, exhibiting a 0.72 r-squared",
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      "kind": "callout",
      "text": "New AM dividend targets imply 5.0% yield ($25/share) based on 2018 – 2021 dividend growth of 27%",
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      "kind": "chart",
      "text": "Yield vs. Dividend/Distribution Growth (2018 – 2021)",
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      "kind": "source-note",
      "text": "Source: FactSet. Prices as of 10/31/2018.",
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      "kind": "title",
      "text": "Antero Midstream Corporation's dividend growth profile supports a premium valuation based on comparable C-corps and entities that eliminated IDRs",
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      "kind": "title",
      "text": "Yield vs. Growth Correlation Implies Attractive Value",
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      "evidence": "The deck highlights the limitations of the current structure, including the presence of IDRs and the resulting complexity.",
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      "evidence": "The deck presents a logical chain of events, demonstrating how the proposed transaction will lead to a more efficient structure and increased growth potential.",
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      "objective": "How can a simplification transaction create value for Antero Midstream Partners?",
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