Baird Investment Banking Pitch Book
AM MARKET AND VALUATION DATA
PRICE PERFORMANCE SINCE 01/01/18
20%
15%
10%
5%
0%
(5%)
(10%)
(15%)
(20%)
(25%)
(1)
(2)
AM
Sailing Stone
! 13-D: 01/29/18 !
AMZ
2018 KEY EVENTS
01/18/18 Antero hosts Analyst Day
01/29/18 Sailing Stone Files 13-D
02/13/18
02/26/18
AMGP
01/01/18 01/22/18 02/12/18 03/05/18 03/26/18 04/17/18
(5%)
(7%)
(13%)
Antero Family reports 4Q and full year 2017 results
Announced formation of Special Committees
Source: S&P Capital IQ, Bloomberg and Wall Street Research as of April 17, 2018.
Defined as Distributable Cash Flow, per Wall Street consensus estimates, divided by Equity Market Cap.
Wall Street consensus estimates.
EBITDA less IDR distributions to sponsor.
AM MARKET AND VALUATION METRICS
(in millions, except per unit data)
Unit Price
Equity Market Cap.
Enterprise Value
Current Yield
2018E DCF Yield
2019E DCF Yield
EV / 2018E Adj. EBITDA
EV/2019E Adj. EBITDA
Net Debt / 2018E EBITDA
(1)
2018E DCF / Current Dist.
2018E Adj. EBITDA
2019E Adj. EBITDA
Distribution CAGR
2017A-2020E
2018E-2021E
(2)(3)
(2)(3)
Confident
(2)
Pre-Sailing
Stone 13-D
01/26/18
$33.13
$6,193
$7,381
9.8%
11.8%
11.8x
8.8x
1.65x
1.64x
$624
$835
27.5%
21.7%
3
BAIRD
Current
04/17/18
$26.92
$5,032
$6,220
5.4%
11.6%
14.9%
10.0x
7.4x
1.65x
1.58x
$624
$835
27.9%
21.8%
Project Bronco | Page 16.View entire presentation