Discounted Cash Flow

Antero Midstream Corp.

AM · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $16.9m $9.7m 57.3%
2017 $69.7m (311.5%) $2.3m (-76.1%) 3.3% (-94.2%) $0.03
2018 $142.9m (105.0%) $66.6m (2764.9%) 46.6% (1297.7%) $0.33 (1000.0%)
2019 $792.6m (454.6%) $-355.1m (-633.1%) $355.0m -44.8% (-196.1%) $-0.80 (-342.4%)
2020 $900.7m (13.6%) $-122.5m (65.5%) $595.5m (67.7%) -13.6% (69.6%) $-0.26 (67.5%)
2021 $898.2m (-0.3%) $331.6m (370.6%) $682.8m (14.7%) 36.9% (371.4%) $0.69 (365.4%)
2022 $920.0m (2.4%) $326.2m (-1.6%) $184.0m (-73.1%) 35.5% (-4.0%) $0.68 (-1.4%)
2023 $1.0b (13.2%) $371.8m (14.0%) $595.1m (223.5%) 35.7% (0.6%) $0.77 (13.2%)
2024 $1.1b (6.2%) $400.9m (7.8%) $601.7m (1.1%) 36.2% (1.5%) $0.83 (7.8%)
2025 $1.2b (7.4%) $413.2m (3.1%) $770.2m (28.0%) 34.8% (-4.1%) $0.86 (3.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model