Intrinsic value of Antero Midstream Partners - AM

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$33.74

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$33.74

 
Intrinsic value

$1.64

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  51.42
  23.50
  21.65
  19.99
  18.49
  17.14
  15.92
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.22
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
Revenue, $m
  586
  724
  880
  1,056
  1,252
  1,466
  1,700
  1,952
  2,222
  2,510
  2,815
  3,138
  3,477
  3,832
  4,204
  4,592
  4,997
  5,418
  5,856
  6,311
  6,785
  7,277
  7,788
  8,319
  8,871
  9,446
  10,043
  10,666
  11,314
  11,989
  12,693
Variable operating expenses, $m
 
  393
  478
  574
  680
  796
  923
  1,060
  1,207
  1,363
  1,529
  1,704
  1,888
  2,081
  2,283
  2,494
  2,713
  2,942
  3,180
  3,427
  3,684
  3,951
  4,229
  4,517
  4,817
  5,129
  5,454
  5,791
  6,143
  6,510
  6,892
Fixed operating expenses, $m
 
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
Total operating expenses, $m
  328
  403
  489
  585
  691
  807
  935
  1,072
  1,219
  1,375
  1,542
  1,717
  1,901
  2,095
  2,297
  2,508
  2,728
  2,957
  3,196
  3,443
  3,700
  3,968
  4,246
  4,535
  4,835
  5,148
  5,473
  5,810
  6,163
  6,530
  6,913
Operating income, $m
  258
  320
  392
  472
  561
  659
  765
  880
  1,003
  1,135
  1,274
  1,421
  1,575
  1,738
  1,907
  2,084
  2,269
  2,461
  2,661
  2,868
  3,084
  3,309
  3,542
  3,784
  4,036
  4,298
  4,571
  4,855
  5,150
  5,458
  5,780
EBITDA, $m
  358
  444
  542
  653
  775
  909
  1,056
  1,214
  1,383
  1,564
  1,755
  1,957
  2,170
  2,393
  2,626
  2,870
  3,123
  3,387
  3,662
  3,948
  4,245
  4,553
  4,874
  5,207
  5,553
  5,914
  6,289
  6,679
  7,085
  7,509
  7,951
Interest expense (income), $m
  13
  30
  39
  49
  61
  74
  89
  105
  121
  140
  159
  180
  201
  224
  248
  273
  299
  326
  354
  384
  415
  446
  479
  514
  549
  587
  625
  665
  707
  751
  796
Earnings before tax, $m
  237
  291
  353
  423
  500
  584
  676
  775
  882
  995
  1,115
  1,241
  1,374
  1,514
  1,659
  1,811
  1,970
  2,135
  2,306
  2,484
  2,670
  2,862
  3,062
  3,270
  3,487
  3,712
  3,946
  4,189
  4,443
  4,708
  4,984
Tax expense, $m
  0
  78
  95
  114
  135
  158
  183
  209
  238
  269
  301
  335
  371
  409
  448
  489
  532
  576
  623
  671
  721
  773
  827
  883
  941
  1,002
  1,065
  1,131
  1,200
  1,271
  1,346
Net income, $m
  237
  212
  258
  308
  365
  427
  494
  566
  644
  726
  814
  906
  1,003
  1,105
  1,211
  1,322
  1,438
  1,558
  1,683
  1,814
  1,949
  2,089
  2,236
  2,387
  2,545
  2,709
  2,880
  3,058
  3,244
  3,437
  3,638

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,350
  2,883
  3,508
  4,209
  4,987
  5,841
  6,771
  7,776
  8,852
  10,000
  11,217
  12,501
  13,852
  15,268
  16,750
  18,296
  19,908
  21,585
  23,331
  25,145
  27,031
  28,990
  31,027
  33,143
  35,344
  37,632
  40,014
  42,493
  45,075
  47,765
  50,569
Adjusted assets (=assets-cash), $m
  2,336
  2,883
  3,508
  4,209
  4,987
  5,841
  6,771
  7,776
  8,852
  10,000
  11,217
  12,501
  13,852
  15,268
  16,750
  18,296
  19,908
  21,585
  23,331
  25,145
  27,031
  28,990
  31,027
  33,143
  35,344
  37,632
  40,014
  42,493
  45,075
  47,765
  50,569
Revenue / Adjusted assets
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
Average production assets, $m
  2,045
  2,525
  3,072
  3,686
  4,367
  5,115
  5,930
  6,809
  7,752
  8,757
  9,823
  10,948
  12,131
  13,371
  14,668
  16,022
  17,434
  18,903
  20,432
  22,020
  23,672
  25,388
  27,171
  29,025
  30,952
  32,956
  35,042
  37,213
  39,474
  41,829
  44,285
Working capital, $m
  -2
  -20
  -24
  -29
  -34
  -40
  -46
  -53
  -60
  -68
  -76
  -85
  -94
  -103
  -114
  -124
  -135
  -146
  -158
  -170
  -183
  -196
  -210
  -225
  -240
  -255
  -271
  -288
  -305
  -324
  -343
Total debt, $m
  850
  1,113
  1,414
  1,752
  2,127
  2,538
  2,987
  3,471
  3,990
  4,543
  5,129
  5,748
  6,400
  7,082
  7,796
  8,542
  9,318
  10,127
  10,968
  11,843
  12,752
  13,696
  14,678
  15,698
  16,759
  17,862
  19,010
  20,205
  21,449
  22,746
  24,097
Total liabilities, $m
  1,127
  1,390
  1,691
  2,029
  2,404
  2,815
  3,264
  3,748
  4,267
  4,820
  5,406
  6,025
  6,677
  7,359
  8,073
  8,819
  9,595
  10,404
  11,245
  12,120
  13,029
  13,973
  14,955
  15,975
  17,036
  18,139
  19,287
  20,482
  21,726
  23,023
  24,374
Total equity, $m
  1,223
  1,494
  1,817
  2,180
  2,583
  3,026
  3,508
  4,028
  4,586
  5,180
  5,810
  6,476
  7,175
  7,909
  8,676
  9,477
  10,312
  11,181
  12,085
  13,025
  14,002
  15,017
  16,072
  17,168
  18,308
  19,494
  20,727
  22,011
  23,349
  24,742
  26,195
Total liabilities and equity, $m
  2,350
  2,884
  3,508
  4,209
  4,987
  5,841
  6,772
  7,776
  8,853
  10,000
  11,216
  12,501
  13,852
  15,268
  16,749
  18,296
  19,907
  21,585
  23,330
  25,145
  27,031
  28,990
  31,027
  33,143
  35,344
  37,633
  40,014
  42,493
  45,075
  47,765
  50,569
Debt-to-equity ratio
  0.695
  0.750
  0.780
  0.800
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  237
  212
  258
  308
  365
  427
  494
  566
  644
  726
  814
  906
  1,003
  1,105
  1,211
  1,322
  1,438
  1,558
  1,683
  1,814
  1,949
  2,089
  2,236
  2,387
  2,545
  2,709
  2,880
  3,058
  3,244
  3,437
  3,638
Depreciation, amort., depletion, $m
  100
  124
  151
  181
  214
  251
  291
  334
  380
  429
  482
  537
  595
  655
  719
  785
  855
  927
  1,002
  1,079
  1,160
  1,245
  1,332
  1,423
  1,517
  1,615
  1,718
  1,824
  1,935
  2,050
  2,171
Funds from operations, $m
  373
  336
  408
  489
  579
  677
  784
  900
  1,024
  1,156
  1,295
  1,443
  1,598
  1,760
  1,930
  2,108
  2,293
  2,485
  2,685
  2,893
  3,109
  3,334
  3,567
  3,810
  4,063
  4,325
  4,598
  4,882
  5,179
  5,487
  5,809
Change in working capital, $m
  -6
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
Cash from operations, $m
  379
  491
  412
  494
  584
  683
  791
  907
  1,031
  1,163
  1,304
  1,452
  1,607
  1,770
  1,940
  2,118
  2,303
  2,496
  2,697
  2,905
  3,122
  3,347
  3,581
  3,824
  4,077
  4,340
  4,614
  4,899
  5,196
  5,505
  5,828
Maintenance CAPEX, $m
  0
  -100
  -124
  -151
  -181
  -214
  -251
  -291
  -334
  -380
  -429
  -482
  -537
  -595
  -655
  -719
  -785
  -855
  -927
  -1,002
  -1,079
  -1,160
  -1,245
  -1,332
  -1,423
  -1,517
  -1,615
  -1,718
  -1,824
  -1,935
  -2,050
New CAPEX, $m
  -416
  -481
  -547
  -614
  -681
  -748
  -815
  -879
  -943
  -1,005
  -1,066
  -1,125
  -1,183
  -1,240
  -1,297
  -1,354
  -1,411
  -1,469
  -1,528
  -1,589
  -1,651
  -1,716
  -1,783
  -1,854
  -1,927
  -2,004
  -2,086
  -2,171
  -2,261
  -2,356
  -2,456
Cash from investing activities, $m
  -478
  -581
  -671
  -765
  -862
  -962
  -1,066
  -1,170
  -1,277
  -1,385
  -1,495
  -1,607
  -1,720
  -1,835
  -1,952
  -2,073
  -2,196
  -2,324
  -2,455
  -2,591
  -2,730
  -2,876
  -3,028
  -3,186
  -3,350
  -3,521
  -3,701
  -3,889
  -4,085
  -4,291
  -4,506
Free cash flow, $m
  -99
  -90
  -258
  -271
  -278
  -279
  -275
  -263
  -246
  -222
  -191
  -155
  -113
  -65
  -12
  45
  107
  172
  242
  315
  391
  471
  553
  639
  727
  819
  913
  1,011
  1,111
  1,215
  1,321
Issuance/(repayment) of debt, $m
  230
  263
  301
  338
  375
  412
  448
  484
  519
  553
  586
  619
  651
  683
  714
  745
  777
  809
  841
  875
  909
  944
  982
  1,020
  1,061
  1,103
  1,148
  1,195
  1,244
  1,297
  1,352
Issuance/(repurchase) of shares, $m
  65
  97
  281
  296
  306
  310
  308
  300
  285
  263
  235
  201
  161
  116
  66
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  289
  360
  582
  634
  681
  722
  756
  784
  804
  816
  821
  820
  812
  799
  780
  756
  777
  809
  841
  875
  909
  944
  982
  1,020
  1,061
  1,103
  1,148
  1,195
  1,244
  1,297
  1,352
Total cash flow (excl. dividends), $m
  189
  173
  43
  67
  97
  133
  174
  221
  273
  331
  395
  464
  538
  618
  702
  790
  883
  981
  1,083
  1,189
  1,300
  1,415
  1,535
  1,659
  1,788
  1,922
  2,061
  2,205
  2,355
  2,511
  2,673
Retained Cash Flow (-), $m
  -140
  -285
  -323
  -363
  -403
  -443
  -482
  -520
  -558
  -594
  -630
  -665
  -700
  -734
  -767
  -801
  -835
  -869
  -904
  -940
  -977
  -1,015
  -1,055
  -1,096
  -1,140
  -1,186
  -1,234
  -1,284
  -1,337
  -1,393
  -1,453
Prev. year cash balance distribution, $m
 
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  49
  112
  179
  250
  323
  400
  480
  563
  648
  737
  827
  921
  1,018
  1,118
  1,220
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  16
  20
  23
  23
  22
  20
  17
  14
  12
  9
  7
  5
  4
  2
Current shareholders' claim on cash, %
  100
  98.5
  95.0
  92.1
  89.6
  87.6
  85.9
  84.5
  83.4
  82.4
  81.7
  81.2
  80.8
  80.5
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4

Antero Midstream Partners LP owns, operates, and develops midstream energy assets. Its assets include 8-, 12-, 16-, and 20-inch high and low pressure gathering pipelines and compressor stations that collect natural gas, and oil and condensate from wells in the Marcellus Shale in West Virginia and the Utica Shale in Ohio, as well as water handling and treatment assets. As of December 31, 2015, the company’s Marcellus and Utica Shale gathering systems comprised 182 miles and 110 miles of pipelines; and water handling systems had 184 miles and 75 miles of pipelines. Antero Resources Midstream Management LLC serves as the general partner of the company. The company was founded in 2013 and is headquartered in Denver, Colorado. Antero Midstream Partners LP operates as a subsidiary of Antero Resources Corporation.

FINANCIAL RATIOS  of  Antero Midstream Partners (AM)

Valuation Ratios
P/E Ratio 25.5
Price to Sales 10.3
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow -163.1
Growth Rates
Sales Growth Rate 51.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.2%
Cap. Spend. - 3 Yr. Gr. Rate -6.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 69.5%
Total Debt to Equity 69.5%
Interest Coverage 19
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 10.5%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 14.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 77.9%
EBITDA Margin 59.7%
EBITDA Margin - 3 Yr. Avg. 65.2%
Operating Margin 44%
Oper. Margin - 3 Yr. Avg. 45.9%
Pre-Tax Margin 40.4%
Pre-Tax Margin - 3 Yr. Avg. 43.2%
Net Profit Margin 40.4%
Net Profit Margin - 3 Yr. Avg. 43.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 76.8%

AM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AM stock intrinsic value calculation we used $586 million for the last fiscal year's total revenue generated by Antero Midstream Partners. The default revenue input number comes from 2016 income statement of Antero Midstream Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AM stock valuation model: a) initial revenue growth rate of 23.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for AM is calculated based on our internal credit rating of Antero Midstream Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Antero Midstream Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AM stock the variable cost ratio is equal to 54.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for AM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Antero Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for Antero Midstream Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AM are equal to 348.9%.

Life of production assets of 20.4 years is the average useful life of capital assets used in Antero Midstream Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AM is equal to -2.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1223 million for Antero Midstream Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 186.671 million for Antero Midstream Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Antero Midstream Partners at the current share price and the inputted number of shares is $6.3 billion.


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COMPANY NEWS

▶ Antero Midstream GP LP Launches Initial Public Offering   [Apr-24-17 06:15AM  PR Newswire]
▶ Will Trump's America First Energy Plan Pump Up This IPO Leader?   [Mar-16-17 02:21PM  Investor's Business Daily]
▶ Antero Midstream Investor Access to 2016 10-K   [Mar-10-17 04:15PM  PR Newswire]
▶ Alerian Index Series December 2016 Index Review   [Dec-09-16 08:30AM  PR Newswire]
Stock chart of AM Financial statements of AM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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