Intrinsic value of Antero Resources - AR

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$24.86

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$24.86

 
Intrinsic value

$30.54

 
Up/down potential

+23%

 
Rating

buy

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

We calculate the intrinsic value of AR 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 7.8

 

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, %
  -58.36
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,647
  4,034
  4,127
  4,233
  4,352
  4,484
  4,629
  4,786
  4,957
  5,141
  5,338
  5,549
  5,774
  6,014
  6,269
  6,539
  6,826
  7,129
  7,450
  7,789
  8,147
  8,525
  8,923
  9,343
  9,785
  10,251
  10,741
  11,258
  11,801
  12,372
  12,974
Variable operating expenses, $m
 
  2,110
  2,158
  2,214
  2,276
  2,345
  2,421
  2,503
  2,593
  2,689
  2,792
  2,902
  3,020
  3,145
  3,279
  3,420
  3,570
  3,729
  3,896
  4,074
  4,261
  4,458
  4,667
  4,886
  5,118
  5,361
  5,618
  5,888
  6,172
  6,471
  6,785
Fixed operating expenses, $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
Total operating expenses, $m
  2,640
  2,110
  2,158
  2,214
  2,276
  2,345
  2,421
  2,503
  2,593
  2,689
  2,792
  2,902
  3,020
  3,145
  3,279
  3,420
  3,570
  3,729
  3,896
  4,074
  4,261
  4,458
  4,667
  4,886
  5,118
  5,361
  5,618
  5,888
  6,172
  6,471
  6,785
Operating income, $m
  -993
  1,924
  1,969
  2,019
  2,076
  2,139
  2,208
  2,283
  2,364
  2,452
  2,546
  2,647
  2,754
  2,869
  2,990
  3,119
  3,256
  3,401
  3,554
  3,715
  3,886
  4,066
  4,256
  4,456
  4,667
  4,890
  5,124
  5,370
  5,629
  5,902
  6,188
EBITDA, $m
  -181
  2,651
  2,712
  2,781
  2,860
  2,946
  3,041
  3,145
  3,257
  3,378
  3,508
  3,646
  3,794
  3,952
  4,119
  4,297
  4,485
  4,685
  4,895
  5,118
  5,353
  5,601
  5,863
  6,139
  6,429
  6,736
  7,058
  7,397
  7,754
  8,130
  8,525
Interest expense (income), $m
  239
  229
  237
  246
  257
  269
  282
  297
  313
  330
  349
  369
  390
  413
  437
  463
  490
  519
  550
  583
  617
  653
  692
  732
  774
  819
  866
  916
  968
  1,023
  1,081
Earnings before tax, $m
  -1,246
  1,695
  1,732
  1,773
  1,819
  1,870
  1,926
  1,986
  2,052
  2,122
  2,198
  2,278
  2,364
  2,456
  2,553
  2,656
  2,766
  2,881
  3,004
  3,133
  3,269
  3,413
  3,565
  3,725
  3,893
  4,070
  4,257
  4,454
  4,661
  4,878
  5,107
Tax expense, $m
  -497
  458
  468
  479
  491
  505
  520
  536
  554
  573
  593
  615
  638
  663
  689
  717
  747
  778
  811
  846
  883
  922
  962
  1,006
  1,051
  1,099
  1,149
  1,203
  1,258
  1,317
  1,379
Net income, $m
  -849
  1,238
  1,264
  1,294
  1,328
  1,365
  1,406
  1,450
  1,498
  1,549
  1,604
  1,663
  1,726
  1,793
  1,864
  1,939
  2,019
  2,103
  2,193
  2,287
  2,386
  2,491
  2,602
  2,719
  2,842
  2,971
  3,108
  3,251
  3,402
  3,561
  3,728

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  105
  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
  14,256
  14,356
  14,686
  15,064
  15,488
  15,957
  16,472
  17,033
  17,641
  18,295
  18,997
  19,748
  20,550
  21,403
  22,310
  23,272
  24,292
  25,372
  26,513
  27,720
  28,993
  30,337
  31,754
  33,248
  34,822
  36,480
  38,226
  40,063
  41,996
  44,030
  46,169
Adjusted assets (=assets-cash), $m
  14,151
  14,356
  14,686
  15,064
  15,488
  15,957
  16,472
  17,033
  17,641
  18,295
  18,997
  19,748
  20,550
  21,403
  22,310
  23,272
  24,292
  25,372
  26,513
  27,720
  28,993
  30,337
  31,754
  33,248
  34,822
  36,480
  38,226
  40,063
  41,996
  44,030
  46,169
Revenue / Adjusted assets
  0.116
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
Average production assets, $m
  11,380
  10,243
  10,478
  10,747
  11,050
  11,385
  11,752
  12,153
  12,586
  13,053
  13,554
  14,089
  14,661
  15,270
  15,917
  16,604
  17,331
  18,102
  18,916
  19,777
  20,685
  21,644
  22,655
  23,721
  24,844
  26,027
  27,272
  28,583
  29,962
  31,413
  32,940
Working capital, $m
  -414
  528
  541
  555
  570
  587
  606
  627
  649
  673
  699
  727
  756
  788
  821
  857
  894
  934
  976
  1,020
  1,067
  1,117
  1,169
  1,224
  1,282
  1,343
  1,407
  1,475
  1,546
  1,621
  1,700
Total debt, $m
  4,704
  4,829
  5,021
  5,240
  5,486
  5,759
  6,058
  6,384
  6,737
  7,117
  7,525
  7,962
  8,427
  8,923
  9,450
  10,009
  10,602
  11,229
  11,892
  12,593
  13,333
  14,114
  14,937
  15,805
  16,720
  17,683
  18,697
  19,764
  20,888
  22,069
  23,312
Total liabilities, $m
  7,993
  8,341
  8,533
  8,752
  8,998
  9,271
  9,570
  9,896
  10,249
  10,629
  11,037
  11,474
  11,939
  12,435
  12,962
  13,521
  14,114
  14,741
  15,404
  16,105
  16,845
  17,626
  18,449
  19,317
  20,232
  21,195
  22,209
  23,276
  24,400
  25,581
  26,824
Total equity, $m
  6,263
  6,015
  6,154
  6,312
  6,489
  6,686
  6,902
  7,137
  7,391
  7,666
  7,960
  8,274
  8,610
  8,968
  9,348
  9,751
  10,178
  10,631
  11,109
  11,614
  12,148
  12,711
  13,305
  13,931
  14,591
  15,285
  16,016
  16,786
  17,596
  18,448
  19,345
Total liabilities and equity, $m
  14,256
  14,356
  14,687
  15,064
  15,487
  15,957
  16,472
  17,033
  17,640
  18,295
  18,997
  19,748
  20,549
  21,403
  22,310
  23,272
  24,292
  25,372
  26,513
  27,719
  28,993
  30,337
  31,754
  33,248
  34,823
  36,480
  38,225
  40,062
  41,996
  44,029
  46,169
Debt-to-equity ratio
  0.751
  0.800
  0.820
  0.830
  0.850
  0.860
  0.880
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.060
  1.070
  1.080
  1.100
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
Adjusted equity ratio
  0.435
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -849
  1,238
  1,264
  1,294
  1,328
  1,365
  1,406
  1,450
  1,498
  1,549
  1,604
  1,663
  1,726
  1,793
  1,864
  1,939
  2,019
  2,103
  2,193
  2,287
  2,386
  2,491
  2,602
  2,719
  2,842
  2,971
  3,108
  3,251
  3,402
  3,561
  3,728
Depreciation, amort., depletion, $m
  812
  726
  743
  762
  784
  807
  833
  862
  893
  926
  961
  999
  1,040
  1,083
  1,129
  1,178
  1,229
  1,284
  1,342
  1,403
  1,467
  1,535
  1,607
  1,682
  1,762
  1,846
  1,934
  2,027
  2,125
  2,228
  2,336
Funds from operations, $m
  1,196
  1,964
  2,007
  2,057
  2,112
  2,173
  2,239
  2,312
  2,390
  2,475
  2,565
  2,662
  2,766
  2,876
  2,993
  3,117
  3,248
  3,387
  3,534
  3,689
  3,853
  4,027
  4,209
  4,401
  4,604
  4,817
  5,042
  5,278
  5,527
  5,789
  6,064
Change in working capital, $m
  -45
  10
  12
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  31
  33
  35
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
Cash from operations, $m
  1,241
  2,644
  1,995
  2,043
  2,096
  2,155
  2,220
  2,291
  2,368
  2,451
  2,540
  2,635
  2,736
  2,844
  2,959
  3,081
  3,211
  3,347
  3,492
  3,645
  3,807
  3,977
  4,157
  4,346
  4,546
  4,756
  4,978
  5,211
  5,456
  5,714
  5,985
Maintenance CAPEX, $m
  0
  -712
  -726
  -743
  -762
  -784
  -807
  -833
  -862
  -893
  -926
  -961
  -999
  -1,040
  -1,083
  -1,129
  -1,178
  -1,229
  -1,284
  -1,342
  -1,403
  -1,467
  -1,535
  -1,607
  -1,682
  -1,762
  -1,846
  -1,934
  -2,027
  -2,125
  -2,228
New CAPEX, $m
  -2,495
  -200
  -236
  -269
  -302
  -335
  -368
  -400
  -433
  -467
  -501
  -536
  -572
  -609
  -647
  -687
  -728
  -770
  -815
  -861
  -909
  -959
  -1,011
  -1,066
  -1,123
  -1,183
  -1,245
  -1,311
  -1,379
  -1,451
  -1,526
Cash from investing activities, $m
  -2,395
  -912
  -962
  -1,012
  -1,064
  -1,119
  -1,175
  -1,233
  -1,295
  -1,360
  -1,427
  -1,497
  -1,571
  -1,649
  -1,730
  -1,816
  -1,906
  -1,999
  -2,099
  -2,203
  -2,312
  -2,426
  -2,546
  -2,673
  -2,805
  -2,945
  -3,091
  -3,245
  -3,406
  -3,576
  -3,754
Free cash flow, $m
  -1,154
  1,732
  1,033
  1,030
  1,031
  1,037
  1,045
  1,057
  1,073
  1,091
  1,113
  1,138
  1,165
  1,196
  1,229
  1,266
  1,305
  1,348
  1,394
  1,443
  1,495
  1,551
  1,611
  1,674
  1,741
  1,811
  1,887
  1,966
  2,050
  2,138
  2,231
Issuance/(repayment) of debt, $m
  48
  160
  192
  219
  246
  273
  299
  326
  353
  380
  408
  436
  466
  496
  527
  559
  593
  627
  663
  701
  740
  781
  823
  868
  915
  963
  1,014
  1,067
  1,123
  1,182
  1,243
Issuance/(repurchase) of shares, $m
  1,256
  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 from financing (excl. dividends), $m  
  1,162
  160
  192
  219
  246
  273
  299
  326
  353
  380
  408
  436
  466
  496
  527
  559
  593
  627
  663
  701
  740
  781
  823
  868
  915
  963
  1,014
  1,067
  1,123
  1,182
  1,243
Total cash flow (excl. dividends), $m
  8
  1,892
  1,225
  1,250
  1,278
  1,309
  1,345
  1,383
  1,426
  1,471
  1,521
  1,574
  1,631
  1,691
  1,756
  1,825
  1,898
  1,975
  2,057
  2,144
  2,235
  2,332
  2,434
  2,542
  2,655
  2,775
  2,901
  3,033
  3,173
  3,320
  3,474
Retained Cash Flow (-), $m
  -329
  -104
  -138
  -158
  -178
  -197
  -216
  -235
  -254
  -274
  -294
  -315
  -336
  -358
  -380
  -403
  -427
  -452
  -478
  -505
  -534
  -563
  -594
  -626
  -660
  -695
  -731
  -770
  -810
  -852
  -896
Prev. year cash balance distribution, $m
 
  23
  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
 
  1,811
  1,087
  1,091
  1,100
  1,113
  1,129
  1,148
  1,171
  1,197
  1,227
  1,259
  1,295
  1,334
  1,376
  1,422
  1,471
  1,523
  1,579
  1,638
  1,702
  1,769
  1,840
  1,916
  1,996
  2,080
  2,169
  2,263
  2,363
  2,467
  2,578
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  1,684
  934
  860
  789
  719
  652
  587
  525
  465
  408
  354
  304
  258
  216
  178
  145
  116
  91
  70
  53
  39
  28
  20
  14
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Antero Resources Corporation, an independent oil and natural gas company, acquires, explores, and develops natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2015, the company had 569,000 net acres of oil and gas properties located in the Appalachian Basin in West Virginia, Ohio, and Pennsylvania. It also owned and operated 182 miles of gas gathering pipelines in the Marcellus Shale; and 110 miles of low-pressure, high-pressure, and condensate pipelines in the Utica Shale. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corporation in June 2013. Antero Resources Corporation was founded in 2002 and is headquartered in Denver, Colorado. Antero Resources Corporation is a subsidiary of Antero Resources Investment LLC.

FINANCIAL RATIOS  of  Antero Resources (AR)

Valuation Ratios
P/E Ratio -9.2
Price to Sales 4.8
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow -6.2
Growth Rates
Sales Growth Rate -58.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 75.1%
Total Debt to Equity 75.1%
Interest Coverage -4
Management Effectiveness
Return On Assets -5%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital -7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity -13.9%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 92.9%
Gross Margin - 3 Yr. Avg. 95.2%
EBITDA Margin -11.8%
EBITDA Margin - 3 Yr. Avg. 38.9%
Operating Margin -60.3%
Oper. Margin - 3 Yr. Avg. 10.9%
Pre-Tax Margin -75.7%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin -51.5%
Net Profit Margin - 3 Yr. Avg. -0.9%
Effective Tax Rate 39.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.9%
Payout Ratio 0%

AR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AR stock intrinsic value calculation we used $3955 million for the last fiscal year's total revenue generated by Antero Resources. The default revenue input number comes from 2016 income statement of Antero Resources. 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 AR stock valuation model: a) initial revenue growth rate of 2% 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 7.5%, whose default value for AR is calculated based on our internal credit rating of Antero Resources, 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 Resources.
    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 AR stock the variable cost ratio is equal to 52.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AR 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 4.9% for Antero Resources.

Corporate tax rate of 27% is the nominal tax rate for Antero Resources. 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 AR 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 AR are equal to 253.9%.

Life of production assets of 14.1 years is the average useful life of capital assets used in Antero Resources 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 AR is equal to 13.1%. 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 - $5934 million for Antero Resources - 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 312.219 million for Antero Resources 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 Resources at the current share price and the inputted number of shares is $7.8 billion.


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Stock chart of AR Financial statements of AR Annual reports of AR
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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