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  "notes": "Includes sensitivity tables for PV of DPU, terminal value, implied equity value, and yields.",
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      "text": "Source: APU projections and terminal year as provided and approved by UGI management. Note: Projections based on 09/30 fiscal year end; Assumes valuation date of 12/31/18; Maintenance capex reflects 52% of total capex per company filings; Cost of equity is illustrative. Reflects values implied from 93.1mm diluted LP units outstanding based on treasury stock method.",
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