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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 78 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "notes": "Includes sensitivity tables for discount rates vs multiples/yields and detailed DCF calculation steps.",
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      "text": "PRELIMINARY & CONFIDENTIAL",
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      "text": "AMGP with Series B Value Conversion | Valuation Effective Date: 12/31/2018",
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      "text": "Source: Management projections and FactSet as of 1/2/2019. (1) AMGP discounted IDR distribution defined as HoldCo DCF with Series B payments added back in. Discounted cost of equity at 10.0%. (2) Adj. GP distribution per share calculated as (AMGP DCF + Series B payment added back) / (fully diluted AMGP shares outstanding + 17.354mm converted Series B units).",
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