Intrinsic value of Antero Midstream GP - AMGP

Previous Close

$18.72

  Intrinsic Value

$35.04

stock screener

  Rating & Target

str. buy

+87%

Previous close

$18.72

 
Intrinsic value

$35.04

 
Up/down potential

+87%

 
Rating

str. buy

We calculate the intrinsic value of AMGP 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 2017), $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 3.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  30.90
  28.31
  25.98
  23.88
  21.99
  20.29
  18.76
  17.39
  16.15
  15.03
  14.03
  13.13
  12.31
  11.58
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
Revenue, $m
  1,011
  1,297
  1,633
  2,024
  2,469
  2,970
  3,527
  4,140
  4,809
  5,532
  6,308
  7,136
  8,015
  8,943
  9,920
  10,945
  12,017
  13,137
  14,305
  15,521
  16,785
  18,100
  19,467
  20,887
  22,363
  23,897
  25,492
  27,150
  28,876
  30,672
Variable operating expenses, $m
  569
  730
  920
  1,139
  1,390
  1,672
  1,986
  2,331
  2,707
  3,114
  3,551
  4,017
  4,512
  5,035
  5,585
  6,162
  6,766
  7,396
  8,054
  8,738
  9,450
  10,191
  10,960
  11,760
  12,590
  13,454
  14,352
  15,286
  16,257
  17,268
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
  569
  730
  920
  1,139
  1,390
  1,672
  1,986
  2,331
  2,707
  3,114
  3,551
  4,017
  4,512
  5,035
  5,585
  6,162
  6,766
  7,396
  8,054
  8,738
  9,450
  10,191
  10,960
  11,760
  12,590
  13,454
  14,352
  15,286
  16,257
  17,268
Operating income, $m
  442
  567
  714
  884
  1,079
  1,298
  1,541
  1,809
  2,101
  2,417
  2,756
  3,118
  3,502
  3,908
  4,335
  4,783
  5,252
  5,741
  6,251
  6,783
  7,335
  7,910
  8,507
  9,128
  9,773
  10,443
  11,140
  11,865
  12,619
  13,404
EBITDA, $m
  756
  970
  1,222
  1,513
  1,846
  2,221
  2,637
  3,096
  3,596
  4,137
  4,717
  5,336
  5,993
  6,688
  7,418
  8,185
  8,987
  9,824
  10,697
  11,606
  12,552
  13,535
  14,558
  15,620
  16,723
  17,870
  19,063
  20,303
  21,593
  22,937
Interest expense (income), $m
  0
  65
  110
  165
  229
  304
  389
  485
  591
  709
  837
  975
  1,124
  1,282
  1,450
  1,628
  1,815
  2,011
  2,216
  2,430
  2,654
  2,886
  3,128
  3,380
  3,641
  3,913
  4,196
  4,489
  4,794
  5,112
  5,442
Earnings before tax, $m
  377
  457
  549
  655
  775
  909
  1,056
  1,218
  1,393
  1,581
  1,781
  1,995
  2,220
  2,458
  2,707
  2,968
  3,241
  3,525
  3,821
  4,129
  4,449
  4,782
  5,127
  5,486
  5,860
  6,247
  6,651
  7,070
  7,507
  7,962
Tax expense, $m
  102
  123
  148
  177
  209
  245
  285
  329
  376
  427
  481
  539
  599
  664
  731
  801
  875
  952
  1,032
  1,115
  1,201
  1,291
  1,384
  1,481
  1,582
  1,687
  1,796
  1,909
  2,027
  2,150
Net income, $m
  275
  333
  401
  478
  566
  663
  771
  889
  1,017
  1,154
  1,300
  1,456
  1,621
  1,794
  1,976
  2,167
  2,366
  2,573
  2,789
  3,014
  3,248
  3,491
  3,743
  4,005
  4,277
  4,561
  4,855
  5,161
  5,480
  5,812

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
  3,979
  5,105
  6,431
  7,967
  9,719
  11,691
  13,885
  16,299
  18,932
  21,778
  24,834
  28,094
  31,553
  35,208
  39,055
  43,090
  47,313
  51,722
  56,319
  61,105
  66,084
  71,262
  76,642
  82,234
  88,044
  94,083
  100,362
  106,892
  113,685
  120,756
Adjusted assets (=assets-cash), $m
  3,979
  5,105
  6,431
  7,967
  9,719
  11,691
  13,885
  16,299
  18,932
  21,778
  24,834
  28,094
  31,553
  35,208
  39,055
  43,090
  47,313
  51,722
  56,319
  61,105
  66,084
  71,262
  76,642
  82,234
  88,044
  94,083
  100,362
  106,892
  113,685
  120,756
Revenue / Adjusted assets
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
Average production assets, $m
  3,141
  4,030
  5,077
  6,289
  7,672
  9,230
  10,961
  12,867
  14,945
  17,192
  19,604
  22,178
  24,909
  27,795
  30,831
  34,017
  37,350
  40,831
  44,460
  48,238
  52,169
  56,256
  60,504
  64,918
  69,505
  74,272
  79,229
  84,384
  89,747
  95,329
Working capital, $m
  -20
  -26
  -33
  -40
  -49
  -59
  -71
  -83
  -96
  -111
  -126
  -143
  -160
  -179
  -198
  -219
  -240
  -263
  -286
  -310
  -336
  -362
  -389
  -418
  -447
  -478
  -510
  -543
  -578
  -613
Total debt, $m
  2,037
  3,051
  4,245
  5,627
  7,204
  8,979
  10,953
  13,126
  15,495
  18,057
  20,807
  23,741
  26,855
  30,144
  33,606
  37,238
  41,038
  45,007
  49,144
  53,451
  57,933
  62,592
  67,435
  72,467
  77,697
  83,132
  88,783
  94,659
  100,773
  107,137
Total liabilities, $m
  3,581
  4,594
  5,788
  7,170
  8,747
  10,522
  12,497
  14,670
  17,039
  19,600
  22,350
  25,284
  28,398
  31,687
  35,149
  38,781
  42,581
  46,550
  50,687
  54,995
  59,476
  64,135
  68,978
  74,010
  79,240
  84,675
  90,326
  96,202
  102,317
  108,681
Total equity, $m
  398
  510
  643
  797
  972
  1,169
  1,389
  1,630
  1,893
  2,178
  2,483
  2,809
  3,155
  3,521
  3,905
  4,309
  4,731
  5,172
  5,632
  6,111
  6,608
  7,126
  7,664
  8,223
  8,804
  9,408
  10,036
  10,689
  11,369
  12,076
Total liabilities and equity, $m
  3,979
  5,104
  6,431
  7,967
  9,719
  11,691
  13,886
  16,300
  18,932
  21,778
  24,833
  28,093
  31,553
  35,208
  39,054
  43,090
  47,312
  51,722
  56,319
  61,106
  66,084
  71,261
  76,642
  82,233
  88,044
  94,083
  100,362
  106,891
  113,686
  120,757
Debt-to-equity ratio
  5.120
  5.980
  6.600
  7.060
  7.410
  7.680
  7.890
  8.050
  8.180
  8.290
  8.380
  8.450
  8.510
  8.560
  8.600
  8.640
  8.670
  8.700
  8.730
  8.750
  8.770
  8.780
  8.800
  8.810
  8.820
  8.840
  8.850
  8.860
  8.860
  8.870
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  275
  333
  401
  478
  566
  663
  771
  889
  1,017
  1,154
  1,300
  1,456
  1,621
  1,794
  1,976
  2,167
  2,366
  2,573
  2,789
  3,014
  3,248
  3,491
  3,743
  4,005
  4,277
  4,561
  4,855
  5,161
  5,480
  5,812
Depreciation, amort., depletion, $m
  314
  403
  508
  629
  767
  923
  1,096
  1,287
  1,495
  1,719
  1,960
  2,218
  2,491
  2,779
  3,083
  3,402
  3,735
  4,083
  4,446
  4,824
  5,217
  5,626
  6,050
  6,492
  6,950
  7,427
  7,923
  8,438
  8,975
  9,533
Funds from operations, $m
  589
  736
  909
  1,107
  1,333
  1,586
  1,867
  2,176
  2,511
  2,873
  3,261
  3,674
  4,112
  4,574
  5,059
  5,568
  6,101
  6,656
  7,235
  7,838
  8,465
  9,116
  9,793
  10,497
  11,228
  11,988
  12,778
  13,600
  14,455
  15,345
Change in working capital, $m
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
Cash from operations, $m
  594
  742
  915
  1,115
  1,342
  1,596
  1,878
  2,188
  2,524
  2,887
  3,276
  3,691
  4,129
  4,592
  5,079
  5,589
  6,122
  6,679
  7,259
  7,862
  8,490
  9,142
  9,821
  10,525
  11,257
  12,019
  12,810
  13,633
  14,489
  15,381
Maintenance CAPEX, $m
  -240
  -314
  -403
  -508
  -629
  -767
  -923
  -1,096
  -1,287
  -1,495
  -1,719
  -1,960
  -2,218
  -2,491
  -2,779
  -3,083
  -3,402
  -3,735
  -4,083
  -4,446
  -4,824
  -5,217
  -5,626
  -6,050
  -6,492
  -6,950
  -7,427
  -7,923
  -8,438
  -8,975
New CAPEX, $m
  -740
  -889
  -1,047
  -1,212
  -1,383
  -1,557
  -1,732
  -1,906
  -2,078
  -2,247
  -2,412
  -2,574
  -2,731
  -2,885
  -3,037
  -3,186
  -3,333
  -3,481
  -3,629
  -3,779
  -3,931
  -4,087
  -4,248
  -4,414
  -4,587
  -4,768
  -4,957
  -5,155
  -5,363
  -5,582
Cash from investing activities, $m
  -980
  -1,203
  -1,450
  -1,720
  -2,012
  -2,324
  -2,655
  -3,002
  -3,365
  -3,742
  -4,131
  -4,534
  -4,949
  -5,376
  -5,816
  -6,269
  -6,735
  -7,216
  -7,712
  -8,225
  -8,755
  -9,304
  -9,874
  -10,464
  -11,079
  -11,718
  -12,384
  -13,078
  -13,801
  -14,557
Free cash flow, $m
  -386
  -461
  -535
  -605
  -670
  -728
  -776
  -814
  -840
  -854
  -855
  -844
  -820
  -784
  -737
  -680
  -613
  -537
  -453
  -362
  -265
  -161
  -53
  61
  179
  300
  426
  555
  688
  824
Issuance/(repayment) of debt, $m
  841
  1,014
  1,194
  1,382
  1,577
  1,775
  1,974
  2,173
  2,369
  2,562
  2,750
  2,934
  3,114
  3,289
  3,462
  3,632
  3,800
  3,968
  4,137
  4,308
  4,481
  4,659
  4,843
  5,032
  5,230
  5,435
  5,651
  5,877
  6,114
  6,364
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  
  841
  1,014
  1,194
  1,382
  1,577
  1,775
  1,974
  2,173
  2,369
  2,562
  2,750
  2,934
  3,114
  3,289
  3,462
  3,632
  3,800
  3,968
  4,137
  4,308
  4,481
  4,659
  4,843
  5,032
  5,230
  5,435
  5,651
  5,877
  6,114
  6,364
Total cash flow (excl. dividends), $m
  455
  552
  659
  777
  907
  1,047
  1,198
  1,359
  1,529
  1,708
  1,895
  2,091
  2,294
  2,505
  2,725
  2,952
  3,187
  3,431
  3,684
  3,945
  4,217
  4,498
  4,790
  5,093
  5,408
  5,736
  6,077
  6,432
  6,802
  7,188
Retained Cash Flow (-), $m
  -95
  -113
  -133
  -154
  -175
  -197
  -219
  -241
  -263
  -285
  -306
  -326
  -346
  -365
  -385
  -404
  -422
  -441
  -460
  -479
  -498
  -518
  -538
  -559
  -581
  -604
  -628
  -653
  -679
  -707
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
  27
  35
  45
  57
  71
  86
  104
  123
  145
  168
  194
  221
  250
  281
  313
  347
  383
  421
  460
  501
  543
  587
  634
  681
  731
  783
  836
  892
  950
  1,011
Cash available for distribution, $m
  361
  440
  526
  623
  731
  850
  979
  1,117
  1,266
  1,423
  1,589
  1,765
  1,948
  2,140
  2,340
  2,548
  2,765
  2,990
  3,224
  3,467
  3,719
  3,980
  4,252
  4,534
  4,827
  5,132
  5,449
  5,779
  6,123
  6,481
Discount rate, %
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
  332
  371
  402
  428
  447
  458
  460
  453
  436
  412
  382
  346
  307
  267
  227
  189
  153
  121
  94
  71
  52
  37
  26
  17
  11
  7
  4
  3
  1
  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 GP LP, formerly Antero Resources Midstream Management LLC, owns, operates and develops midstream energy infrastructure. The Company’s segments include gathering and processing and water handling and treatment. The gathering and processing segment consist of long-term, fee-based activities including low-pressure gathering, compression, high-pressure gathering, processing, fractionation, and condensate gathering. The Company’s water handling and treatment segment consists of long-term fee based activities including fresh water delivery used in completion activity, and water handling services. The Company’s assets are located both in the southwestern core of the Marcellus Shale in northwest West Virginia and in the core of the Utica Shale in southern Ohio.

FINANCIAL RATIOS  of  Antero Midstream GP (AMGP)

Valuation Ratios
P/E Ratio 348.5
Price to Sales 0
Price to Book 348.5
Price to Tangible Book
Price to Cash Flow 348.5
Price to Free Cash Flow 348.5
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 111.1%
Ret/ On Assets - 3 Yr. Avg. 103.7%
Return On Total Capital 181.8%
Ret/ On T. Cap. - 3 Yr. Avg. 127.3%
Return On Equity 181.8%
Return On Equity - 3 Yr. Avg. 127.3%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 12.5%
Payout Ratio 0%

AMGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMGP stock intrinsic value calculation we used $772 million for the last fiscal year's total revenue generated by Antero Midstream GP. The default revenue input number comes from 2017 income statement of Antero Midstream GP. 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 AMGP stock valuation model: a) initial revenue growth rate of 30.9% 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 8.5%, whose default value for AMGP is calculated based on our internal credit rating of Antero Midstream GP, 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 GP.
    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 AMGP stock the variable cost ratio is equal to 56.3%.

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 AMGP 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 GP.

Corporate tax rate of 27% is the nominal tax rate for Antero Midstream GP. 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 AMGP stock is equal to 3.5%.

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 AMGP are equal to 310.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Antero Midstream GP 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 AMGP is equal to -2%. 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 - $303 million for Antero Midstream GP - 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 million for Antero Midstream GP 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 GP at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Antero Midstream GP LP to Host Earnings Call   [Aug-02-18 10:00AM  ACCESSWIRE]
▶ 3 M&A Deals That Would Just Make Sense   [Apr-02-18 08:05AM  Motley Fool]
▶ David Swensen: His Model and Execution Made Yale Richer   [Feb-07-18 04:35PM  GuruFocus.com]
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