Intrinsic value of Antero Midstream Corporation - AM

Previous Close

$7.52

  Intrinsic Value

$22.40

stock screener

  Rating & Target

str. buy

+198%

Previous close

$7.52

 
Intrinsic value

$22.40

 
Up/down potential

+198%

 
Rating

str. buy

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 0001), $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 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.00
  31.10
  28.49
  26.14
  24.03
  22.12
  20.41
  18.87
  17.48
  16.24
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
Revenue, $m
  1,379
  1,808
  2,323
  2,930
  3,634
  4,438
  5,344
  6,352
  7,463
  8,674
  9,985
  11,393
  12,896
  14,491
  16,177
  17,952
  19,814
  21,763
  23,798
  25,920
  28,130
  30,429
  32,820
  35,305
  37,886
  40,570
  43,358
  46,257
  49,272
  52,409
Variable operating expenses, $m
  800
  1,048
  1,347
  1,699
  2,108
  2,574
  3,099
  3,684
  4,328
  5,031
  5,791
  6,608
  7,479
  8,405
  9,383
  10,412
  11,492
  12,622
  13,803
  15,034
  16,316
  17,649
  19,036
  20,477
  21,974
  23,530
  25,148
  26,829
  28,578
  30,397
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
  800
  1,048
  1,347
  1,699
  2,108
  2,574
  3,099
  3,684
  4,328
  5,031
  5,791
  6,608
  7,479
  8,405
  9,383
  10,412
  11,492
  12,622
  13,803
  15,034
  16,316
  17,649
  19,036
  20,477
  21,974
  23,530
  25,148
  26,829
  28,578
  30,397
Operating income, $m
  579
  759
  976
  1,231
  1,526
  1,864
  2,244
  2,668
  3,134
  3,643
  4,194
  4,785
  5,416
  6,086
  6,794
  7,540
  8,322
  9,140
  9,995
  10,887
  11,815
  12,780
  13,784
  14,828
  15,912
  17,039
  18,210
  19,428
  20,694
  22,012
EBITDA, $m
  753
  988
  1,269
  1,601
  1,985
  2,425
  2,920
  3,470
  4,077
  4,739
  5,455
  6,225
  7,046
  7,917
  8,838
  9,808
  10,825
  11,890
  13,002
  14,162
  15,369
  16,625
  17,931
  19,289
  20,699
  22,165
  23,689
  25,273
  26,920
  28,634
Interest expense (income), $m
  13
  88
  145
  216
  300
  399
  514
  646
  794
  959
  1,140
  1,338
  1,552
  1,783
  2,028
  2,289
  2,565
  2,855
  3,159
  3,478
  3,811
  4,158
  4,519
  4,895
  5,286
  5,692
  6,114
  6,553
  7,009
  7,483
  7,976
Earnings before tax, $m
  491
  614
  760
  931
  1,127
  1,350
  1,599
  1,874
  2,176
  2,503
  2,855
  3,233
  3,633
  4,058
  4,505
  4,975
  5,467
  5,981
  6,517
  7,076
  7,657
  8,261
  8,889
  9,542
  10,220
  10,925
  11,658
  12,419
  13,212
  14,036
Tax expense, $m
  133
  166
  205
  251
  304
  364
  432
  506
  587
  676
  771
  873
  981
  1,096
  1,216
  1,343
  1,476
  1,615
  1,760
  1,910
  2,067
  2,231
  2,400
  2,576
  2,759
  2,950
  3,148
  3,353
  3,567
  3,790
Net income, $m
  358
  448
  555
  679
  823
  985
  1,167
  1,368
  1,588
  1,827
  2,085
  2,360
  2,652
  2,962
  3,289
  3,632
  3,991
  4,366
  4,758
  5,165
  5,590
  6,031
  6,489
  6,966
  7,461
  7,975
  8,510
  9,066
  9,645
  10,246

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  4,755
  6,233
  8,009
  10,103
  12,530
  15,303
  18,426
  21,903
  25,733
  29,911
  34,431
  39,286
  44,468
  49,969
  55,782
  61,902
  68,324
  75,044
  82,063
  89,381
  97,001
  104,929
  113,172
  121,740
  130,643
  139,895
  149,511
  159,508
  169,904
  180,720
Adjusted assets (=assets-cash), $m
  4,755
  6,233
  8,009
  10,103
  12,530
  15,303
  18,426
  21,903
  25,733
  29,911
  34,431
  39,286
  44,468
  49,969
  55,782
  61,902
  68,324
  75,044
  82,063
  89,381
  97,001
  104,929
  113,172
  121,740
  130,643
  139,895
  149,511
  159,508
  169,904
  180,720
Revenue / Adjusted assets
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Average production assets, $m
  3,728
  4,888
  6,281
  7,922
  9,826
  12,000
  14,449
  17,176
  20,179
  23,455
  26,999
  30,806
  34,870
  39,184
  43,742
  48,541
  53,577
  58,847
  64,350
  70,089
  76,064
  82,281
  88,745
  95,463
  102,445
  109,700
  117,240
  125,080
  133,232
  141,713
Working capital, $m
  52
  69
  88
  111
  138
  169
  203
  241
  284
  330
  379
  433
  490
  551
  615
  682
  753
  827
  904
  985
  1,069
  1,156
  1,247
  1,342
  1,440
  1,542
  1,648
  1,758
  1,872
  1,992
Total debt, $m
  2,694
  3,992
  5,552
  7,390
  9,521
  11,955
  14,698
  17,751
  21,113
  24,781
  28,750
  33,012
  37,562
  42,392
  47,496
  52,869
  58,508
  64,408
  70,571
  76,996
  83,686
  90,647
  97,885
  105,407
  113,224
  121,347
  129,790
  138,567
  147,695
  157,191
Total liabilities, $m
  4,175
  5,473
  7,032
  8,870
  11,002
  13,436
  16,178
  19,231
  22,593
  26,262
  30,230
  34,493
  39,042
  43,873
  48,977
  54,350
  59,988
  65,889
  72,051
  78,476
  85,167
  92,128
  99,365
  106,888
  114,704
  122,828
  131,271
  140,048
  149,176
  158,672
Total equity, $m
  580
  760
  977
  1,233
  1,529
  1,867
  2,248
  2,672
  3,139
  3,649
  4,201
  4,793
  5,425
  6,096
  6,805
  7,552
  8,335
  9,155
  10,012
  10,904
  11,834
  12,801
  13,807
  14,852
  15,938
  17,067
  18,240
  19,460
  20,728
  22,048
Total liabilities and equity, $m
  4,755
  6,233
  8,009
  10,103
  12,531
  15,303
  18,426
  21,903
  25,732
  29,911
  34,431
  39,286
  44,467
  49,969
  55,782
  61,902
  68,323
  75,044
  82,063
  89,380
  97,001
  104,929
  113,172
  121,740
  130,642
  139,895
  149,511
  159,508
  169,904
  180,720
Debt-to-equity ratio
  4.640
  5.250
  5.680
  6.000
  6.230
  6.400
  6.540
  6.640
  6.730
  6.790
  6.840
  6.890
  6.920
  6.950
  6.980
  7.000
  7.020
  7.030
  7.050
  7.060
  7.070
  7.080
  7.090
  7.100
  7.100
  7.110
  7.120
  7.120
  7.130
  7.130
Adjusted equity ratio
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  358
  448
  555
  679
  823
  985
  1,167
  1,368
  1,588
  1,827
  2,085
  2,360
  2,652
  2,962
  3,289
  3,632
  3,991
  4,366
  4,758
  5,165
  5,590
  6,031
  6,489
  6,966
  7,461
  7,975
  8,510
  9,066
  9,645
  10,246
Depreciation, amort., depletion, $m
  174
  228
  293
  370
  459
  561
  675
  803
  943
  1,096
  1,262
  1,440
  1,629
  1,831
  2,044
  2,268
  2,504
  2,750
  3,007
  3,275
  3,554
  3,845
  4,147
  4,461
  4,787
  5,126
  5,479
  5,845
  6,226
  6,622
Funds from operations, $m
  533
  676
  848
  1,050
  1,282
  1,546
  1,842
  2,171
  2,531
  2,923
  3,346
  3,799
  4,282
  4,793
  5,333
  5,900
  6,494
  7,116
  7,765
  8,440
  9,144
  9,876
  10,636
  11,427
  12,248
  13,102
  13,989
  14,911
  15,870
  16,869
Change in working capital, $m
  13
  16
  20
  23
  27
  31
  34
  38
  42
  46
  50
  54
  57
  61
  64
  67
  71
  74
  77
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  119
Cash from operations, $m
  519
  660
  829
  1,027
  1,255
  1,515
  1,808
  2,132
  2,489
  2,877
  3,296
  3,746
  4,225
  4,733
  5,269
  5,832
  6,424
  7,042
  7,687
  8,360
  9,060
  9,788
  10,545
  11,332
  12,150
  13,000
  13,883
  14,801
  15,756
  16,749
Maintenance CAPEX, $m
  -130
  -174
  -228
  -293
  -370
  -459
  -561
  -675
  -803
  -943
  -1,096
  -1,262
  -1,440
  -1,629
  -1,831
  -2,044
  -2,268
  -2,504
  -2,750
  -3,007
  -3,275
  -3,554
  -3,845
  -4,147
  -4,461
  -4,787
  -5,126
  -5,479
  -5,845
  -6,226
New CAPEX, $m
  -946
  -1,160
  -1,393
  -1,642
  -1,904
  -2,174
  -2,449
  -2,727
  -3,003
  -3,276
  -3,544
  -3,807
  -4,063
  -4,314
  -4,559
  -4,799
  -5,036
  -5,270
  -5,504
  -5,738
  -5,976
  -6,217
  -6,464
  -6,718
  -6,981
  -7,255
  -7,540
  -7,839
  -8,152
  -8,481
Cash from investing activities, $m
  -1,076
  -1,334
  -1,621
  -1,935
  -2,274
  -2,633
  -3,010
  -3,402
  -3,806
  -4,219
  -4,640
  -5,069
  -5,503
  -5,943
  -6,390
  -6,843
  -7,304
  -7,774
  -8,254
  -8,745
  -9,251
  -9,771
  -10,309
  -10,865
  -11,442
  -12,042
  -12,666
  -13,318
  -13,997
  -14,707
Free cash flow, $m
  -557
  -674
  -792
  -909
  -1,018
  -1,118
  -1,202
  -1,269
  -1,317
  -1,342
  -1,344
  -1,323
  -1,278
  -1,211
  -1,121
  -1,010
  -880
  -732
  -566
  -386
  -191
  17
  237
  467
  708
  957
  1,216
  1,483
  1,759
  2,042
Issuance/(repayment) of debt, $m
  1,062
  1,298
  1,559
  1,838
  2,131
  2,434
  2,742
  3,053
  3,362
  3,668
  3,969
  4,263
  4,550
  4,830
  5,104
  5,373
  5,638
  5,901
  6,162
  6,425
  6,691
  6,961
  7,237
  7,522
  7,817
  8,123
  8,443
  8,777
  9,128
  9,496
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,062
  1,298
  1,559
  1,838
  2,131
  2,434
  2,742
  3,053
  3,362
  3,668
  3,969
  4,263
  4,550
  4,830
  5,104
  5,373
  5,638
  5,901
  6,162
  6,425
  6,691
  6,961
  7,237
  7,522
  7,817
  8,123
  8,443
  8,777
  9,128
  9,496
Total cash flow (excl. dividends), $m
  505
  625
  767
  930
  1,113
  1,316
  1,540
  1,784
  2,046
  2,326
  2,624
  2,940
  3,272
  3,619
  3,983
  4,363
  4,758
  5,169
  5,596
  6,040
  6,500
  6,978
  7,474
  7,989
  8,524
  9,081
  9,659
  10,260
  10,886
  11,539
Retained Cash Flow (-), $m
  -146
  -180
  -217
  -255
  -296
  -338
  -381
  -424
  -467
  -510
  -551
  -592
  -632
  -671
  -709
  -747
  -783
  -820
  -856
  -893
  -930
  -967
  -1,006
  -1,045
  -1,086
  -1,129
  -1,173
  -1,220
  -1,268
  -1,320
Prev. year cash balance distribution, $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 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
  358
  444
  550
  674
  817
  978
  1,159
  1,359
  1,579
  1,817
  2,073
  2,347
  2,639
  2,948
  3,274
  3,616
  3,975
  4,349
  4,740
  5,147
  5,570
  6,011
  6,468
  6,944
  7,438
  7,952
  8,486
  9,041
  9,618
  10,219
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  331
  375
  422
  465
  502
  531
  549
  556
  551
  534
  506
  469
  425
  376
  326
  275
  227
  183
  143
  110
  81
  59
  41
  28
  19
  12
  7
  4
  3
  1
Current shareholders' claim on cash, %
  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 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 Corporation (AM)

Valuation Ratios
P/E Ratio 5.7
Price to Sales 2.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow -36.4
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 $1029 million for the last fiscal year's total revenue generated by Antero Midstream Corporation. The default revenue input number comes from 0001 income statement of Antero Midstream Corporation. 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 34% 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 8.4%, whose default value for AM is calculated based on our internal credit rating of Antero Midstream Corporation, 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 Corporation.
    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 58%.

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 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 5.4% for Antero Midstream Corporation.

Corporate tax rate of 27% is the nominal tax rate for Antero Midstream Corporation. 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 270.4%.

Life of production assets of 21.4 years is the average useful life of capital assets used in Antero Midstream Corporation 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 3.8%. 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 - $433.642 million for Antero Midstream Corporation - 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 362.253 million for Antero Midstream Corporation 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 Corporation at the current share price and the inputted number of shares is $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
EQM EQM Midstream 31.83 112.49  str.buy
AR Antero Resourc 3.61 6.21  sell
AMID American Midst 5.24 0.76  str.sell

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