Intrinsic value of Antero Midstream Partners - AM

Previous Close

$29.34

  Intrinsic Value

$1.64

stock screener

  Rating & Target

str. sell

-94%

Previous close

$29.34

 
Intrinsic value

$1.64

 
Up/down potential

-94%

 
Rating

str. sell

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 5.5

 

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
  41.60
  37.94
  34.65
  31.68
  29.01
  26.61
  24.45
  22.51
  20.76
  19.18
  17.76
  16.49
  15.34
  14.30
  13.37
  12.54
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.92
  6.72
Revenue, $m
  586
  830
  1,145
  1,541
  2,029
  2,618
  3,315
  4,125
  5,054
  6,103
  7,273
  8,565
  9,977
  11,508
  13,154
  14,913
  16,782
  18,759
  20,842
  23,029
  25,319
  27,712
  30,207
  32,806
  35,511
  38,323
  41,246
  44,284
  47,441
  50,721
  54,132
Variable operating expenses, $m
 
  451
  622
  837
  1,102
  1,422
  1,800
  2,240
  2,744
  3,314
  3,949
  4,651
  5,418
  6,249
  7,142
  8,097
  9,113
  10,186
  11,317
  12,505
  13,748
  15,048
  16,403
  17,814
  19,282
  20,809
  22,397
  24,046
  25,760
  27,542
  29,394
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
  461
  633
  848
  1,113
  1,433
  1,812
  2,252
  2,756
  3,326
  3,962
  4,664
  5,431
  6,263
  7,156
  8,111
  9,128
  10,201
  11,333
  12,521
  13,764
  15,065
  16,420
  17,832
  19,300
  20,828
  22,416
  24,065
  25,780
  27,562
  29,415
Operating income, $m
  258
  369
  513
  694
  916
  1,185
  1,503
  1,873
  2,297
  2,777
  3,311
  3,901
  4,546
  5,245
  5,997
  6,801
  7,654
  8,558
  9,509
  10,508
  11,555
  12,648
  13,787
  14,975
  16,210
  17,495
  18,830
  20,218
  21,660
  23,159
  24,717
EBITDA, $m
  358
  511
  708
  957
  1,263
  1,633
  2,070
  2,579
  3,162
  3,820
  4,555
  5,366
  6,253
  7,213
  8,247
  9,351
  10,525
  11,766
  13,074
  14,447
  15,885
  17,387
  18,954
  20,586
  22,284
  24,049
  25,885
  27,792
  29,774
  31,834
  33,975
Interest expense (income), $m
  13
  30
  46
  67
  94
  127
  166
  213
  268
  330
  400
  479
  566
  661
  764
  874
  993
  1,118
  1,251
  1,391
  1,538
  1,692
  1,853
  2,021
  2,195
  2,377
  2,566
  2,763
  2,967
  3,179
  3,399
Earnings before tax, $m
  237
  339
  466
  626
  823
  1,059
  1,337
  1,660
  2,030
  2,447
  2,911
  3,422
  3,980
  4,584
  5,233
  5,926
  6,662
  7,439
  8,258
  9,117
  10,016
  10,955
  11,935
  12,954
  14,015
  15,118
  16,264
  17,456
  18,694
  19,980
  21,318
Tax expense, $m
  0
  92
  126
  169
  222
  286
  361
  448
  548
  661
  786
  924
  1,075
  1,238
  1,413
  1,600
  1,799
  2,009
  2,230
  2,462
  2,704
  2,958
  3,222
  3,498
  3,784
  4,082
  4,391
  4,713
  5,047
  5,395
  5,756
Net income, $m
  237
  248
  341
  457
  600
  773
  976
  1,212
  1,482
  1,786
  2,125
  2,498
  2,906
  3,347
  3,820
  4,326
  4,863
  5,431
  6,028
  6,656
  7,312
  7,997
  8,712
  9,457
  10,231
  11,036
  11,873
  12,743
  13,646
  14,586
  15,562

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
  3,306
  4,560
  6,140
  8,085
  10,431
  13,207
  16,436
  20,135
  24,314
  28,978
  34,125
  39,750
  45,847
  52,404
  59,412
  66,860
  74,738
  83,036
  91,750
  100,873
  110,406
  120,347
  130,702
  141,477
  152,682
  164,327
  176,430
  189,006
  202,077
  215,664
Adjusted assets (=assets-cash), $m
  2,336
  3,306
  4,560
  6,140
  8,085
  10,431
  13,207
  16,436
  20,135
  24,314
  28,978
  34,125
  39,750
  45,847
  52,404
  59,412
  66,860
  74,738
  83,036
  91,750
  100,873
  110,406
  120,347
  130,702
  141,477
  152,682
  164,327
  176,430
  189,006
  202,077
  215,664
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
  2,895
  3,993
  5,377
  7,081
  9,135
  11,566
  14,394
  17,633
  21,293
  25,377
  29,884
  34,811
  40,150
  45,893
  52,030
  58,552
  65,451
  72,718
  80,349
  88,339
  96,687
  105,393
  114,461
  123,897
  133,709
  143,908
  154,506
  165,520
  176,966
  188,865
Working capital, $m
  -2
  -22
  -31
  -42
  -55
  -71
  -90
  -111
  -136
  -165
  -196
  -231
  -269
  -311
  -355
  -403
  -453
  -506
  -563
  -622
  -684
  -748
  -816
  -886
  -959
  -1,035
  -1,114
  -1,196
  -1,281
  -1,369
  -1,462
Total debt, $m
  850
  1,316
  1,921
  2,682
  3,620
  4,751
  6,089
  7,645
  9,428
  11,443
  13,690
  16,171
  18,883
  21,821
  24,982
  28,360
  31,950
  35,747
  39,747
  43,946
  48,344
  52,939
  57,730
  62,722
  67,915
  73,315
  78,929
  84,762
  90,824
  97,124
  103,673
Total liabilities, $m
  1,127
  1,593
  2,198
  2,959
  3,897
  5,028
  6,366
  7,922
  9,705
  11,720
  13,967
  16,448
  19,160
  22,098
  25,259
  28,637
  32,227
  36,024
  40,024
  44,223
  48,621
  53,216
  58,007
  62,999
  68,192
  73,592
  79,206
  85,039
  91,101
  97,401
  103,950
Total equity, $m
  1,223
  1,712
  2,362
  3,181
  4,188
  5,403
  6,841
  8,514
  10,430
  12,595
  15,010
  17,677
  20,591
  23,749
  27,145
  30,776
  34,634
  38,714
  43,013
  47,526
  52,252
  57,190
  62,340
  67,704
  73,285
  79,089
  85,122
  91,391
  97,905
  104,676
  111,714
Total liabilities and equity, $m
  2,350
  3,305
  4,560
  6,140
  8,085
  10,431
  13,207
  16,436
  20,135
  24,315
  28,977
  34,125
  39,751
  45,847
  52,404
  59,413
  66,861
  74,738
  83,037
  91,749
  100,873
  110,406
  120,347
  130,703
  141,477
  152,681
  164,328
  176,430
  189,006
  202,077
  215,664
Debt-to-equity ratio
  0.695
  0.770
  0.810
  0.840
  0.860
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
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
  248
  341
  457
  600
  773
  976
  1,212
  1,482
  1,786
  2,125
  2,498
  2,906
  3,347
  3,820
  4,326
  4,863
  5,431
  6,028
  6,656
  7,312
  7,997
  8,712
  9,457
  10,231
  11,036
  11,873
  12,743
  13,646
  14,586
  15,562
Depreciation, amort., depletion, $m
  100
  142
  196
  264
  347
  448
  567
  706
  864
  1,044
  1,244
  1,465
  1,706
  1,968
  2,250
  2,550
  2,870
  3,208
  3,565
  3,939
  4,330
  4,740
  5,166
  5,611
  6,073
  6,554
  7,054
  7,574
  8,114
  8,675
  9,258
Funds from operations, $m
  373
  390
  536
  721
  948
  1,220
  1,543
  1,918
  2,346
  2,830
  3,369
  3,963
  4,612
  5,315
  6,070
  6,877
  7,733
  8,639
  9,593
  10,594
  11,642
  12,737
  13,879
  15,067
  16,304
  17,591
  18,927
  20,317
  21,760
  23,260
  24,820
Change in working capital, $m
  -6
  -7
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -28
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
Cash from operations, $m
  379
  396
  545
  731
  961
  1,236
  1,562
  1,940
  2,371
  2,858
  3,400
  3,998
  4,650
  5,356
  6,114
  6,924
  7,784
  8,693
  9,649
  10,653
  11,704
  12,802
  13,946
  15,138
  16,377
  17,666
  19,006
  20,399
  21,845
  23,349
  24,912
Maintenance CAPEX, $m
  0
  -100
  -142
  -196
  -264
  -347
  -448
  -567
  -706
  -864
  -1,044
  -1,244
  -1,465
  -1,706
  -1,968
  -2,250
  -2,550
  -2,870
  -3,208
  -3,565
  -3,939
  -4,330
  -4,740
  -5,166
  -5,611
  -6,073
  -6,554
  -7,054
  -7,574
  -8,114
  -8,675
New CAPEX, $m
  -416
  -851
  -1,098
  -1,384
  -1,704
  -2,054
  -2,431
  -2,828
  -3,239
  -3,660
  -4,084
  -4,507
  -4,927
  -5,339
  -5,743
  -6,137
  -6,522
  -6,899
  -7,268
  -7,631
  -7,990
  -8,348
  -8,706
  -9,068
  -9,436
  -9,812
  -10,199
  -10,598
  -11,014
  -11,446
  -11,899
Cash from investing activities, $m
  -478
  -951
  -1,240
  -1,580
  -1,968
  -2,401
  -2,879
  -3,395
  -3,945
  -4,524
  -5,128
  -5,751
  -6,392
  -7,045
  -7,711
  -8,387
  -9,072
  -9,769
  -10,476
  -11,196
  -11,929
  -12,678
  -13,446
  -14,234
  -15,047
  -15,885
  -16,753
  -17,652
  -18,588
  -19,560
  -20,574
Free cash flow, $m
  -99
  -555
  -696
  -848
  -1,006
  -1,165
  -1,317
  -1,455
  -1,574
  -1,666
  -1,727
  -1,753
  -1,741
  -1,689
  -1,596
  -1,463
  -1,289
  -1,076
  -827
  -542
  -225
  124
  500
  903
  1,331
  1,781
  2,253
  2,746
  3,258
  3,789
  4,338
Issuance/(repayment) of debt, $m
  230
  466
  605
  762
  938
  1,131
  1,338
  1,556
  1,783
  2,014
  2,248
  2,481
  2,712
  2,939
  3,161
  3,378
  3,590
  3,797
  4,000
  4,200
  4,398
  4,595
  4,792
  4,991
  5,193
  5,400
  5,613
  5,833
  6,062
  6,300
  6,549
Issuance/(repurchase) of shares, $m
  65
  256
  309
  361
  407
  442
  462
  461
  434
  379
  291
  168
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  289
  722
  914
  1,123
  1,345
  1,573
  1,800
  2,017
  2,217
  2,393
  2,539
  2,649
  2,721
  2,939
  3,161
  3,378
  3,590
  3,797
  4,000
  4,200
  4,398
  4,595
  4,792
  4,991
  5,193
  5,400
  5,613
  5,833
  6,062
  6,300
  6,549
Total cash flow (excl. dividends), $m
  189
  168
  218
  275
  338
  408
  483
  562
  644
  727
  811
  895
  979
  1,249
  1,564
  1,915
  2,301
  2,721
  3,173
  3,658
  4,173
  4,718
  5,292
  5,894
  6,524
  7,182
  7,867
  8,579
  9,320
  10,089
  10,888
Retained Cash Flow (-), $m
  -140
  -503
  -650
  -818
  -1,008
  -1,215
  -1,438
  -1,673
  -1,916
  -2,165
  -2,416
  -2,666
  -2,914
  -3,158
  -3,397
  -3,630
  -3,858
  -4,081
  -4,299
  -4,514
  -4,726
  -4,938
  -5,150
  -5,364
  -5,581
  -5,804
  -6,033
  -6,269
  -6,515
  -6,771
  -7,038
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
 
  -322
  -432
  -544
  -669
  -807
  -955
  -1,111
  -1,273
  -1,438
  -1,604
  -1,771
  -1,935
  -1,909
  -1,833
  -1,715
  -1,557
  -1,360
  -1,125
  -856
  -553
  -220
  142
  530
  943
  1,378
  1,834
  2,310
  2,805
  3,318
  3,849
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
 
  -305
  -385
  -454
  -521
  -581
  -631
  -669
  -694
  -703
  -697
  -678
  -646
  -549
  -449
  -354
  -267
  -191
  -128
  -77
  -39
  -12
  6
  16
  21
  22
  20
  17
  14
  11
  8
Current shareholders' claim on cash, %
  100
  95.5
  91.8
  88.8
  86.3
  84.3
  82.7
  81.5
  80.6
  79.9
  79.5
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3
  79.3

Antero Midstream Partners LP is a limited partnership formed by Antero Resources Corporation (Antero Resources) to own, operate and develop midstream energy assets to service Antero Resources' production. The Company's segments include gathering and compression, and water handling and treatment. The gathering and compression segment includes a network of gathering pipelines, compressor stations, and processing and fractionation plants that collect and process natural gas, natural gas liquids (NGLs) and oil from Antero Resources' wells in West Virginia and Ohio. Its water handling and treatment segment includes two independent fresh water distribution systems from sources including the Ohio River, local reservoirs, as well as several regional waterways. The water handling and treatment segment also includes other fluid handling services which includes, high rate transfer, wastewater transportation, disposal and treatment.

FINANCIAL RATIOS  of  Antero Midstream Partners (AM)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow -141.9
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 41.6% 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 186.747 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 $5.5 billion.

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COMPANY NEWS

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▶ What Drove Antero Midstreams Strong 2Q17 Earnings Growth?   [Aug-10-17 01:34PM  Market Realist]
▶ Antero Midstream Partners posts 2Q profit   [12:58AM  Associated Press]
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▶ Energy Stocks And Industry News: Oil, Gas, Solar, Coal   [Jun-15-17 03:25PM  Investor's Business Daily]
▶ Key Ratings Changes for MLPs Last Week: AM and APLP   [Jun-05-17 04:29PM  Market Realist]
▶ Shale Oil Stock Trying To Build Pipeline For New Breakout   [May-31-17 11:57AM  Investor's Business Daily]
▶ Antero Midstreams Updated Guidance for 2017   [10:37AM  Market Realist]
▶ How Antero Midstreams Business Mix Could Evolve   [May-30-17 03:05PM  Market Realist]
▶ Can 154% Growth And 3.6% Dividend Pump Up This Energy Stock?   [May-19-17 04:15PM  Investor's Business Daily]
▶ Antero Midstream Partners posts 1Q profit   [May-08-17 04:59PM  Associated Press]
▶ Which MLPs Led in Distribution Growth in 1Q17?   [May-05-17 04:34PM  Market Realist]
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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