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  "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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      "text": "Financial projections: All projections for both UGI and APU and synergy assumptions have been provided and approved by UGI management; Valuation date of 12/31/18; Fiscal year end as of 9/30",
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      "text": "Synergy analysis: Management provided J.P. Morgan with guidance on potential synergies as part of the transaction. These synergies include: Implied public company cost savings; Corporate G&A savings; and Incremental cash flow generated by reinvestment of excess cash at a 7.5x EBITDA multiple; Synergies account for $5mm p.a. run-rate with no cost to achieve and no phase-in; Synergies discounted at UGI deconsolidated at an assumed discount rate of 7.00% to 8.00%",
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      "text": "Sum-of-the-parts: UGI is comprised of four segments: UGI Utilities, Midstream and Marketing (\"M&M\"), International and APU; To assess UGI from a sum-of-the-parts approach, J.P. Morgan has employed a Price / EPS multiple for the utilities business and Firm value / EBITDA multiples for the M&M and International segments, APU and corporate EBITDAs",
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      "text": "Transaction multiples: To assess APU from a transaction multiples perspective, J.P. Morgan has employed selected buy-in precedent transactions evaluated on a NTM LP DCF basis",
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      "text": "Intrinsic valuation: J.P. Morgan has employed an unlevered (after-tax) discounted cash flow approach for both UGI and APU; UGI deconsolidated assumes a discount rate of 7.00% to 8.00% while APU assumes a discount rate of 7.25% to 8.25%; UGI assumes terminal growth (ex-APU) ranging from 2.50% to 3.50% while APU assumes terminal growth ranging from 0.00% to 2.50%; Also, for reference only, J.P. Morgan employed a discounted distributions approach for APU assuming terminal growth range of 0.00% to 2.00% on distributions per unit; All analyses assume mid-period discounting",
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      "text": "Trading multiples: To assess APU from a trading multiples perspective, J.P. Morgan has provided multiples related to publicly traded propane companies; To value these companies, J.P. Morgan employed Firm value / EBITDA multiples, Price / LP DCF multiples and LP distribution yields; To assess UGI from a trading multiples perspective, J.P. Morgan has utilized publicly traded diversified utilities; To value these companies, J.P. Morgan employed Firm value / EBITDA multiples, and Price / EPS multiples",
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