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Antero Midstream Corp – Pipeline Transportation of Natural Gas
antero midstream partners lp owns, develops, and operates midstream energy infrastructure in the united states. the company operates through two segments, gathering and processing, and water handling and treatment. the gathering and processing segment operates a network of gathering pipelines and compressor stations to collect and process production from antero resources' wells in west virginia and ohio. this segment also provides processing and fractionation services. the water handling and treatment segment delivers fresh water from the ohio river, local reservoirs, and other regional waterways, as well as operates waste water treatment facilities. this segment also provides fluid handling services that include high rate transfer, and waste water treatment and disposal services. antero midstream partners gp llc serves as the general partner of the company. antero midstream partners lp was founded in 2013 and is headquartered in denver, colorado. antero midstream partners lp operates
Analysis Results
Intrinsic Value $2.40
Latest Price $12.01
Relative Value 401% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -32.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -32.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 226 211
2024 153 133
2025 103 84.0
2026 69.5 53.0
2027 46.9 33.4
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 955 million. This corresponds to a present value of 636 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 515 million. Adding in the terminal value gives a total present value of 1150 million.

There are presently 480.0 million outstanding shares, so the intrinsic value per share is 2.4.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 88,993,000
Current Cash 0
Current Liabilities 102,077,000
Current Debt 0
Non-Cash Working Capital (NCWC) -13,084,000
Change in NCWC 17,121,000
EBIT 635,674,000
Tax Provision 117,494,000
Depreciation and Amortization 202,434,000
Capital Expenditure -298,924,000
Unlevered Free Cash Flow 387,988,972
Current Assets 83,804,000
Current Cash 0
Current Liabilities 114,009,000
Current Debt 0
Non-Cash Working Capital (NCWC) -30,205,000
Change in NCWC -29,491,000
EBIT 654,448,000
Tax Provision 117,123,000
Depreciation and Amortization 179,462,000
Capital Expenditure -232,825,000
Unlevered Free Cash Flow 400,780,359
Current Assets 93,931,000
Current Cash 640,000
Current Liabilities 94,005,000
Current Debt 0
Non-Cash Working Capital (NCWC) -714,000
Change in NCWC 134,047,000
EBIT 645,361,000
Tax Provision -55,688,000
Depreciation and Amortization 179,462,000
Capital Expenditure -196,724,000
Unlevered Free Cash Flow 762,146,000

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