Baird Investment Banking Pitch Book
COMPARATIVE COMPANY ANALYSIS (CONT.)
Select Gas Weighted Operators
($ in millions, except per
share data)
Gas Weighted-Focused
CN.X
EQT
Gulfport
RI
BARUGA IN FONALAS
Swn
Sunt Fing!
Antero
Share
Price
03/16/18
$24.99 $11,515
15.50
50.45
10.25
15.11
Equity
Market
Cap
Median
3,468
13,343
1,877
3,755
2,618
Market Data
Net
Debt
$277
1,738
7,184
1,939
4,108
3,475
$3,612 $2,707
Total
Enterprise 2018E
Value EBITDA (2)
$11,792
5,206
25,622
3,816
7,864
6,093
$6,093
$20.40 $6,457 $4,772 $11,956
$1,257
3,613
901
1,269
1,360
$1,263
$1,959
2019E
EBITDA (2)
$1,701
997
4,135
932
1,397
1,406
$1,402
$2,319
Financial / Valuation Metrics (1)
Total Enterprise Value /
Proved
Current
2018E
Reserves
Prod.
Prod.
(S/Mcfe) (2) (S/Mcfe/d) (2) ($/Mcfe/d) (2)
$1.14
0.66
1.15
0.66
0.43
0.00
$0.66
$0.59
$6,505
3,778
7,842
2,985
2,165
$3,381
$4,434
$5,498
3,433
5,827
2,919
2,180
$3,176
$3,833
2018E
EBITDA (2)
Confidential
9.4x
5.9x
7.1x
6.2x
6.0x
6.1x
Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018.
Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings.
(1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1.
(2)
Wall Street consensus estimates.
2019E
EBITDA (2)
6.9x
5.2x
6.2x
5.6x
5.4x
5.2x
BAIRD
Net Debt /
2018E
EBITDA (2)
0.2x
2.0x
3.2x
2.1x
2.4x
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