Barclays Investment Banking Pitch Book
Summary Assumptions for Years 2019-2023
Standalone 2019-2023 Assumptions (¹)
• KMP: Assumes annual KMP EBITDA growth of 5% (2% baseline EBITDA growth and 3% EBITDA growth
funded by growth capex)
▪ Maintenance capex assumed to be 5% of EBITDA
■ EBITDA growth from capex assumed at a 7.0x investment multiple
▪ Growth capex is funded with 50% equity / 50% debt
• EPB: Assumes annual EPB EBITDA growth of 5% (2% baseline EBITDA growth and 3% EBITDA growth
funded by growth capex)
▪ Maintenance capex assumed to be 3.25% of EBITDA
■ EBITDA growth from capex assumed at a 7.0x investment multiple
▪ Growth capex is funded with 50% equity / 50% debt
• KMI: KMP and EPB growth in LP distributions / GP cash flow per current ownership structure
■ Assumes no debt / equity is issued at KMI
▪ Assumes a ~35% tax rate on cash flows
1. Source: Management estimates.
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