Intrinsic value of Antero Midstream Partners - AM

Previous Close

$31.75

  Intrinsic Value

$1.67

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-82%

Previous close

$31.75

 
Intrinsic value

$1.67

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-82%

*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 5.8

 

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
  28.70
  26.33
  24.20
  22.28
  20.55
  18.99
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
Revenue, $m
  586
  754
  953
  1,183
  1,447
  1,744
  2,076
  2,441
  2,839
  3,271
  3,735
  4,230
  4,757
  5,313
  5,898
  6,513
  7,157
  7,829
  8,530
  9,260
  10,019
  10,809
  11,629
  12,482
  13,369
  14,290
  15,247
  16,243
  17,279
  18,357
  19,480
Variable operating expenses, $m
 
  410
  517
  643
  786
  947
  1,127
  1,325
  1,542
  1,776
  2,028
  2,297
  2,583
  2,885
  3,203
  3,537
  3,886
  4,251
  4,632
  5,028
  5,440
  5,869
  6,315
  6,778
  7,259
  7,759
  8,279
  8,820
  9,383
  9,968
  10,578
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
  420
  528
  654
  797
  958
  1,139
  1,337
  1,554
  1,788
  2,041
  2,310
  2,596
  2,899
  3,217
  3,551
  3,901
  4,266
  4,648
  5,044
  5,456
  5,886
  6,332
  6,796
  7,277
  7,778
  8,298
  8,839
  9,403
  9,988
  10,599
Operating income, $m
  258
  334
  425
  530
  650
  786
  937
  1,104
  1,285
  1,482
  1,694
  1,920
  2,160
  2,414
  2,681
  2,962
  3,256
  3,563
  3,882
  4,216
  4,562
  4,923
  5,297
  5,687
  6,091
  6,512
  6,949
  7,404
  7,877
  8,369
  8,882
EBITDA, $m
  358
  463
  588
  732
  898
  1,084
  1,292
  1,521
  1,771
  2,042
  2,333
  2,644
  2,974
  3,323
  3,690
  4,076
  4,480
  4,902
  5,341
  5,799
  6,276
  6,771
  7,286
  7,822
  8,378
  8,956
  9,557
  10,182
  10,832
  11,509
  12,213
Interest expense (income), $m
  13
  30
  41
  54
  70
  88
  108
  130
  154
  181
  210
  241
  275
  310
  347
  387
  428
  471
  516
  564
  613
  664
  717
  772
  829
  889
  951
  1,015
  1,082
  1,152
  1,224
Earnings before tax, $m
  237
  305
  384
  476
  580
  698
  829
  974
  1,131
  1,301
  1,484
  1,679
  1,886
  2,104
  2,334
  2,575
  2,828
  3,091
  3,366
  3,652
  3,950
  4,259
  4,581
  4,915
  5,262
  5,623
  5,998
  6,389
  6,795
  7,217
  7,657
Tax expense, $m
  0
  82
  104
  128
  157
  189
  224
  263
  305
  351
  401
  453
  509
  568
  630
  695
  763
  835
  909
  986
  1,066
  1,150
  1,237
  1,327
  1,421
  1,518
  1,620
  1,725
  1,835
  1,949
  2,067
Net income, $m
  237
  222
  280
  347
  424
  510
  605
  711
  826
  950
  1,083
  1,226
  1,377
  1,536
  1,704
  1,880
  2,064
  2,257
  2,457
  2,666
  2,883
  3,109
  3,344
  3,588
  3,841
  4,105
  4,379
  4,664
  4,960
  5,269
  5,590

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
  3,005
  3,796
  4,714
  5,765
  6,949
  8,269
  9,724
  11,313
  13,032
  14,881
  16,854
  18,950
  21,166
  23,500
  25,949
  28,513
  31,190
  33,983
  36,891
  39,916
  43,062
  46,332
  49,730
  53,261
  56,931
  60,746
  64,714
  68,841
  73,137
  77,611
Adjusted assets (=assets-cash), $m
  2,336
  3,005
  3,796
  4,714
  5,765
  6,949
  8,269
  9,724
  11,313
  13,032
  14,881
  16,854
  18,950
  21,166
  23,500
  25,949
  28,513
  31,190
  33,983
  36,891
  39,916
  43,062
  46,332
  49,730
  53,261
  56,931
  60,746
  64,714
  68,841
  73,137
  77,611
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
  2,631
  3,324
  4,129
  5,048
  6,086
  7,242
  8,516
  9,907
  11,413
  13,031
  14,760
  16,596
  18,536
  20,580
  22,725
  24,970
  27,315
  29,760
  32,307
  34,956
  37,711
  40,575
  43,551
  46,643
  49,857
  53,198
  56,672
  60,287
  64,049
  67,967
Working capital, $m
  -2
  -20
  -26
  -32
  -39
  -47
  -56
  -66
  -77
  -88
  -101
  -114
  -128
  -143
  -159
  -176
  -193
  -211
  -230
  -250
  -271
  -292
  -314
  -337
  -361
  -386
  -412
  -439
  -467
  -496
  -526
Total debt, $m
  850
  1,171
  1,553
  1,995
  2,502
  3,072
  3,709
  4,410
  5,176
  6,005
  6,895
  7,847
  8,857
  9,925
  11,050
  12,230
  13,466
  14,757
  16,103
  17,504
  18,963
  20,479
  22,055
  23,693
  25,395
  27,164
  29,003
  30,915
  32,905
  34,975
  37,131
Total liabilities, $m
  1,127
  1,448
  1,830
  2,272
  2,779
  3,349
  3,986
  4,687
  5,453
  6,282
  7,172
  8,124
  9,134
  10,202
  11,327
  12,507
  13,743
  15,034
  16,380
  17,781
  19,240
  20,756
  22,332
  23,970
  25,672
  27,441
  29,280
  31,192
  33,182
  35,252
  37,408
Total equity, $m
  1,223
  1,556
  1,966
  2,442
  2,986
  3,600
  4,283
  5,037
  5,860
  6,751
  7,708
  8,730
  9,816
  10,964
  12,173
  13,442
  14,770
  16,157
  17,603
  19,109
  20,677
  22,306
  24,000
  25,760
  27,589
  29,490
  31,467
  33,522
  35,660
  37,885
  40,202
Total liabilities and equity, $m
  2,350
  3,004
  3,796
  4,714
  5,765
  6,949
  8,269
  9,724
  11,313
  13,033
  14,880
  16,854
  18,950
  21,166
  23,500
  25,949
  28,513
  31,191
  33,983
  36,890
  39,917
  43,062
  46,332
  49,730
  53,261
  56,931
  60,747
  64,714
  68,842
  73,137
  77,610
Debt-to-equity ratio
  0.695
  0.750
  0.790
  0.820
  0.840
  0.850
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  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
  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
  222
  280
  347
  424
  510
  605
  711
  826
  950
  1,083
  1,226
  1,377
  1,536
  1,704
  1,880
  2,064
  2,257
  2,457
  2,666
  2,883
  3,109
  3,344
  3,588
  3,841
  4,105
  4,379
  4,664
  4,960
  5,269
  5,590
Depreciation, amort., depletion, $m
  100
  129
  163
  202
  247
  298
  355
  417
  486
  559
  639
  724
  814
  909
  1,009
  1,114
  1,224
  1,339
  1,459
  1,584
  1,714
  1,849
  1,989
  2,135
  2,286
  2,444
  2,608
  2,778
  2,955
  3,140
  3,332
Funds from operations, $m
  373
  351
  443
  550
  671
  808
  960
  1,128
  1,311
  1,509
  1,722
  1,949
  2,190
  2,445
  2,713
  2,994
  3,288
  3,596
  3,916
  4,250
  4,597
  4,958
  5,333
  5,723
  6,128
  6,549
  6,986
  7,442
  7,915
  8,408
  8,922
Change in working capital, $m
  -6
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
Cash from operations, $m
  379
  356
  449
  556
  678
  816
  969
  1,138
  1,322
  1,521
  1,735
  1,962
  2,204
  2,460
  2,729
  3,011
  3,306
  3,614
  3,935
  4,269
  4,617
  4,979
  5,355
  5,746
  6,152
  6,574
  7,012
  7,469
  7,943
  8,437
  8,952
Maintenance CAPEX, $m
  0
  -100
  -129
  -163
  -202
  -247
  -298
  -355
  -417
  -486
  -559
  -639
  -724
  -814
  -909
  -1,009
  -1,114
  -1,224
  -1,339
  -1,459
  -1,584
  -1,714
  -1,849
  -1,989
  -2,135
  -2,286
  -2,444
  -2,608
  -2,778
  -2,955
  -3,140
New CAPEX, $m
  -416
  -587
  -693
  -804
  -920
  -1,037
  -1,156
  -1,274
  -1,391
  -1,506
  -1,619
  -1,728
  -1,836
  -1,941
  -2,043
  -2,145
  -2,245
  -2,345
  -2,445
  -2,547
  -2,650
  -2,755
  -2,864
  -2,976
  -3,092
  -3,214
  -3,341
  -3,475
  -3,615
  -3,762
  -3,917
Cash from investing activities, $m
  -478
  -687
  -822
  -967
  -1,122
  -1,284
  -1,454
  -1,629
  -1,808
  -1,992
  -2,178
  -2,367
  -2,560
  -2,755
  -2,952
  -3,154
  -3,359
  -3,569
  -3,784
  -4,006
  -4,234
  -4,469
  -4,713
  -4,965
  -5,227
  -5,500
  -5,785
  -6,083
  -6,393
  -6,717
  -7,057
Free cash flow, $m
  -99
  -331
  -373
  -411
  -444
  -469
  -485
  -491
  -486
  -471
  -443
  -405
  -355
  -294
  -224
  -143
  -53
  45
  151
  264
  384
  510
  643
  781
  925
  1,073
  1,227
  1,386
  1,551
  1,720
  1,895
Issuance/(repayment) of debt, $m
  230
  321
  381
  443
  506
  571
  636
  701
  766
  829
  891
  951
  1,010
  1,068
  1,125
  1,180
  1,236
  1,291
  1,346
  1,402
  1,458
  1,516
  1,576
  1,638
  1,702
  1,769
  1,839
  1,912
  1,989
  2,071
  2,156
Issuance/(repurchase) of shares, $m
  65
  125
  130
  129
  120
  104
  78
  43
  0
  0
  0
  0
  0
  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
  446
  511
  572
  626
  675
  714
  744
  766
  829
  891
  951
  1,010
  1,068
  1,125
  1,180
  1,236
  1,291
  1,346
  1,402
  1,458
  1,516
  1,576
  1,638
  1,702
  1,769
  1,839
  1,912
  1,989
  2,071
  2,156
Total cash flow (excl. dividends), $m
  189
  115
  138
  160
  183
  206
  230
  253
  279
  358
  447
  547
  655
  774
  901
  1,037
  1,182
  1,335
  1,497
  1,666
  1,842
  2,027
  2,219
  2,419
  2,627
  2,842
  3,066
  3,299
  3,540
  3,791
  4,051
Retained Cash Flow (-), $m
  -140
  -347
  -410
  -476
  -544
  -614
  -684
  -754
  -823
  -891
  -957
  -1,022
  -1,086
  -1,148
  -1,209
  -1,269
  -1,328
  -1,387
  -1,446
  -1,506
  -1,567
  -1,630
  -1,694
  -1,760
  -1,829
  -1,901
  -1,976
  -2,055
  -2,138
  -2,225
  -2,317
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
 
  -218
  -272
  -316
  -361
  -408
  -454
  -501
  -544
  -533
  -510
  -476
  -430
  -374
  -308
  -231
  -146
  -52
  50
  159
  275
  397
  525
  659
  797
  941
  1,090
  1,244
  1,402
  1,565
  1,734
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
 
  -207
  -243
  -264
  -281
  -293
  -300
  -302
  -296
  -260
  -222
  -182
  -144
  -108
  -75
  -48
  -25
  -7
  6
  14
  19
  22
  22
  20
  18
  15
  12
  9
  7
  5
  3
Current shareholders' claim on cash, %
  100
  97.9
  96.2
  94.9
  93.9
  93.2
  92.8
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6

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 24
Price to Sales 9.7
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow -153.5
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 28.7% 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 182.599 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 $5.8 billion.

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COMPANY NEWS

▶ 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]
▶ 7 Dividend Stocks Increasing Payouts   [Jul-14-17 12:56PM  InvestorPlace]
▶ These MLPs Have Top Upside Potentials after June   [Jul-10-17 07:36AM  Market Realist]
▶ Wall Street Analysts Are Bullish on EQT Midstream Partners   [Jun-21-17 09:08AM  Market Realist]
▶ What Does EQT Midstream Partners Current Valuation Indicate?   [Jun-20-17 04:31PM  Market Realist]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [Jun-19-17 10:07PM  Investor's Business Daily]
▶ 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]
▶ 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]
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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