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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 75 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-01-01 00:00:00",
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  "pageNumber": 47,
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  "slideType": "financial_analysis",
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  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide presents a detailed DCF-style valuation model including tax basis adjustments, return of capital, qualified dividends, and terminal value calculations.",
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      "text": "AM current price of $23.92 as of 1/4/2019. Cash consideration used to pay all taxes for an average public AM unitholder; any additional cash available assumed to purchase secondary shares",
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      "text": "Source: Management projections and FactSet as of 1/4/2019. (1) Inclusive of Federal & State capital gains taxes.",
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      "text": "Financial projection table showing 2019E-2022E and Terminal year cash flows, tax calculations, and present value derivation.",
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      "text": "PF AMGP After Tax Cash Flow",
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      "kind": "title",
      "text": "8.5% Terminal Yield Value | Unadjusted Exchange Ratio | AR Base Case",
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