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2 | Here be dragons | ||||||||||||||||||||||||||
3 | Consideration per 1 EP share | ||||||||||||||||||||||||||
4 | KMI stock | 0.4187 | Spot | $26.89 | |||||||||||||||||||||||
5 | Cash | $14.65 | Strike | $40.00 | |||||||||||||||||||||||
6 | Warrant | 0.64 | Years | 5.0 | |||||||||||||||||||||||
7 | Fixed warrant value | $0.96 | Fixed warrant value | Floating warrant value | Risk-free rate | 2.00% | |||||||||||||||||||||
8 | EP | EP with synergies | KMI | Implied EP | Implied Premium | Implied Premium With Synergies | Implied warrant value | Implied EP | Implied Premium | Implied Premium With Synergies | Div (quarterly) | $0.30 | |||||||||||||||
9 | Morgan Stanley Analyses | Div yield | 4.46% | ||||||||||||||||||||||||
10 | Closing price | $19.59 | - | $26.89 | $26.87 | 37% | - | $0.96 | $26.87 | 37% | - | 0.2318774861 | 0.1045729055 | $1.50416978706123 | Borrow cost | 0.00% | |||||||||||
11 | 52-week trading range | #NUM! | 0.1045729055 | #NUM! | Vol | 23.40% | |||||||||||||||||||||
12 | Low | $21.54 | - | $31.37 | $28.74 | 33% | - | $3.61 | $31.39 | 46% | - | 0.3306310577 | 0.1045729055 | $5.64088046529974 | |||||||||||||
13 | High | $12.51 | $23.66 | $25.52 | 104% | - | ($0.54) | $24.02 | 92% | - | 0.1642233279 | 0.1045729055 | -$0.845491875468822 | Black-Scholes | |||||||||||||
14 | Equity research target prices (discounted) | #NUM! | 0.1045729055 | #NUM! | rate term | -2.46% | |||||||||||||||||||||
15 | Low | $20.00 | - | $27.44 | $27.10 | 35% | - | $1.25 | $27.39 | 37% | - | 0.2438468386 | 0.1045729055 | $1.96014143631480 | d1 | -0.7327 | |||||||||||
16 | High | $26.82 | - | $31.63 | $28.85 | 8% | - | $3.78 | $31.67 | 18% | - | 0.3363678251 | 0.1045729055 | $5.90829849244907 | d2 | -1.2559 | |||||||||||
17 | Sum of the parts | #NUM! | 0.1045729055 | #NUM! | N(d1) | 0.2319 | |||||||||||||||||||||
18 | Low | $14.47 | - | $24.07 | $25.69 | 78% | - | ($0.37) | $24.36 | 68% | - | 0.1724793654 | 0.1045729055 | -$0.579437489173824 | N(d2) | 0.1046 | |||||||||||
19 | High | $22.20 | - | $31.19 | $28.67 | 29% | - | $3.49 | $31.20 | 41% | - | 0.3266548374 | 0.1045729055 | $5.45734856325059 | Call price | 1.5042 | |||||||||||
20 | Discounted future equity value | #NUM! | 0.1045729055 | #NUM! | Put price | 19.8555 | |||||||||||||||||||||
21 | Mgmt Low | $17.49 | - | $25.45 | $26.27 | 50% | - | $0.25 | $25.55 | 46% | - | 0.2010529514 | 0.1045729055 | $0.385781797464148 | |||||||||||||
22 | Mgmt High | $27.49 | - | $34.29 | $29.97 | 9% | - | $5.63 | $34.63 | 26% | - | 0.3943212172 | 0.1045729055 | $8.79025872355915 | Warrant value | $1.50 | |||||||||||
23 | Analysts Low | $17.94 | - | $25.27 | $26.19 | 46% | - | $0.16 | $25.39 | 42% | - | 0.1972649191 | 0.1045729055 | $0.25386869033028 | 0.64 warrant value | $0.96 | |||||||||||
24 | Analysts High | $24.50 | - | $32.16 | $29.08 | 19% | - | $4.14 | $32.25 | 32% | - | 0.348032491 | 0.1045729055 | $6.46170909467213 | |||||||||||||
25 | DCF | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
26 | Mgmt Low | $22.13 | - | $29.74 | $28.06 | 27% | - | $2.58 | $29.68 | 34% | - | 0.2945469584 | 0.1045729055 | $4.02881072681321 | |||||||||||||
27 | Mgmt High | $30.37 | - | $37.11 | $31.15 | 3% | - | $7.74 | $37.93 | 25% | - | 0.4534185276 | 0.1045729055 | $12.095345744367 | |||||||||||||
28 | Analysts Low | $18.43 | - | $27.92 | $27.30 | 48% | - | $1.52 | $27.86 | 51% | - | 0.254357714 | 0.1045729055 | $2.37065155950544 | |||||||||||||
29 | Analysts High | $26.21 | - | $34.79 | $30.18 | 15% | - | $5.99 | $35.21 | 34% | - | 0.4050072247 | 0.1045729055 | $9.35918553436041 | |||||||||||||
30 | Mean | 36% | 42% | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||
31 | Median | 33% | 37% | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||
32 | #NUM! | 0.1045729055 | #NUM! | ||||||||||||||||||||||||
33 | Evercore analyses | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
34 | Synergies | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
35 | Low | $3.84 | #NUM! | 0.1045729055 | #NUM! | ||||||||||||||||||||||
36 | High | $4.86 | #NUM! | 0.1045729055 | #NUM! | ||||||||||||||||||||||
37 | DCF | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
38 | Low | $17.33 | $21.17 | $21.05 | $24.42 | 41% | 15% | ($1.48) | $21.98 | 27% | 4% | 0.1149464001 | 0.1045729055 | -$2.31139409243058 | |||||||||||||
39 | High | $31.51 | $36.37 | $28.53 | $27.56 | -13% | -24% | $1.86 | $28.46 | -10% | -22% | 0.2677825343 | 0.1045729055 | $2.90881988900439 | |||||||||||||
40 | Peers | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
41 | Low | $18.33 | $22.17 | $27.24 | $27.02 | 47% | 22% | $1.15 | $27.20 | 48% | 23% | 0.2394842632 | 0.1045729055 | $1.7925355149805 | |||||||||||||
42 | High | $23.95 | $28.81 | $33.59 | $29.67 | 24% | 3% | $5.12 | $33.84 | 41% | 17% | 0.3792342807 | 0.1045729055 | $8.00746367282447 | |||||||||||||
43 | Equity research target prices (discounted) | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
44 | Low | $18.26 | $22.10 | $22.57 | $25.06 | 37% | 13% | ($0.96) | $23.14 | 27% | 5% | 0.1428987029 | 0.1045729055 | -$1.50579209071814 | |||||||||||||
45 | High | $41.69 | $46.55 | $26.56 | $26.73 | -36% | -43% | $0.79 | $26.56 | -36% | -43% | 0.2247415113 | 0.1045729055 | $1.23811872521564 | |||||||||||||
46 | Mean | 17% | -2% | 16% | -3% | ||||||||||||||||||||||
47 | Median | 31% | 8% | 27% | 4% | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||
48 | #NUM! | 0.1045729055 | #NUM! | ||||||||||||||||||||||||
49 | Barcap analyses | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
50 | Synergies | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
51 | Low | $1.85 | #NUM! | 0.1045729055 | #NUM! | ||||||||||||||||||||||
52 | High | $2.72 | #NUM! | 0.1045729055 | #NUM! | ||||||||||||||||||||||
53 | DCF | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
54 | Low | $20.13 | $21.98 | $24.75 | $25.97 | 29% | 18% | ($0.07) | $24.94 | 24% | 13% | 0.1864192274 | 0.1045729055 | -$0.117139936043964 | |||||||||||||
55 | High | $33.13 | $35.85 | $31.82 | $28.93 | -13% | -19% | $3.91 | $31.88 | -4% | -11% | 0.3405544119 | 0.1045729055 | $6.10542557320529 | |||||||||||||
56 | Comparable companies | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
57 | Low | $16.28 | $18.13 | $23.34 | $25.38 | 56% | 40% | ($0.67) | $23.75 | 46% | 31% | 0.1578647495 | 0.1045729055 | -$1.04645256156932 | |||||||||||||
58 | High | $27.56 | $30.28 | $30.41 | $28.34 | 3% | -6% | $2.99 | $30.38 | 10% | 0% | 0.3093930729 | 0.1045729055 | $4.67762753314747 | |||||||||||||
59 | Comparable transactions | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||||||
60 | Low | $17.57 | - | $19.59 | $23.81 | 36% | - | ($1.89) | $20.96 | 19% | - | 0.09044619286 | 0.1045729055 | -$2.95917489657305 | |||||||||||||
61 | High | $28.80 | - | $29.49 | $27.96 | -3% | - | $2.43 | $29.42 | 2% | - | 0.2890086761 | 0.1045729055 | $3.79185004245560 | |||||||||||||
62 | Mean | 18% | 8% | 16% | 8% | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||
63 | Median | 16% | 6% | 15% | 7% | #NUM! | 0.1045729055 | #NUM! | |||||||||||||||||||
64 | |||||||||||||||||||||||||||
65 | KMI Mean | 17% | 2% | 16% | 2% | ||||||||||||||||||||||
66 | KMI Median | 26% | 8% | 22% | 4% |