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  "docSlug": "0251599ad1c55bdea795a8e3eb636ab1",
  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 21 slides",
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  "authorName": "J.P. Morgan",
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  "presentationDate": "2019-04-01 00:00:00",
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  "pageNumber": 17,
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  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses a waterfall chart to bridge standalone equity values to pro forma values, followed by two side-by-side tables calculating value creation in dollars and percentages.",
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      "text": "Waterfall chart showing UGI equity value, APU equity value, synergies, step-up, and cash consideration leading to pro forma equity value.",
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      "text": "Source: UGI and APU projections and terminal year as provided and approved by UGI management, Company filings. Note: Values represent midpoint of respective discounted cash flow values; Assumes $5.0mm of synergies and $529mm cash to APU.",
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      "text": "$27.71 / unit in equity and $7.63 / unit in cash, $5.0mm in run-rate synergies",
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