Baird Investment Banking Pitch Book
1AM VALUATION SUMMARY
Implied valuation ranges per AM Common Unit based on Discounted Distribution Analysis
$ per AM Common Unit
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
Discounted
Distribution
Analysis
Methodology
$40.56
$30.58
Discounted Cash
Flow Analysis
$40.36
$31.48
Discounted
Distribution Analysis
$35.10
$24.45
Confidential
Selected Public
Comparables Analysis
$43.40
$29.36
Selected Precedent
Transactions Analysis
Implied equity value per AM Common Unit based on the present value of future forecast cash distributions attributable to AM
common unitholders
Discount rate range derived from a cost of equity analysis for AM, utilizing CAPM
■ Terminal value based on a terminal yield calculation, derived from an observation and analysis of AM's current publicly traded
midstream MLP peer group
BAIRD
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