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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 29 slides",
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  "authorName": "J.P. Morgan",
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  "presentationDate": "2019-01-01 00:00:00",
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  "pageNumber": 14,
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  "notes": "Includes accretion/dilution analysis for pro forma metrics.",
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      "text": "UGI pro forma financial projections",
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      "text": "Assumes illustrative 10% premium to APU public unitholders, 85% equity and 15% debt consideration; assumes 50% excess cash from transaction is reinvested in growth capex at a 7.5x multiple and 50% is used to repurchase shares after repaying APU revolver",
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      "text": "Source: Company filings; Equity research consensus projections as of 1/9/19. Note: CFPS based on deconsolidated cash flow from operations plus APU distributions paid to UGI; Assumes only 50% of reinvestment EBITDA in year one",
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