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Antero Midstream

DB:5711
Snowflake Description

Reasonable growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
5711
DB
$1B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Antero Midstream Corporation owns and operates midstream energy assets. The last earnings update was 48 days ago. More info.


Add to Portfolio Compare Print
  • Antero Midstream has significant price volatility in the past 3 months.
5711 Share Price and Events
7 Day Returns
-3.7%
DB:5711
18.1%
DE Oil and Gas
7.3%
DE Market
1 Year Returns
-83.1%
DB:5711
21.9%
DE Oil and Gas
-17.7%
DE Market
5711 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Antero Midstream (5711) -3.7% -44.4% -68.7% -83.1% - -
DE Oil and Gas 18.1% -15.9% -28.7% 21.9% -25.6% 137.4%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • 5711 underperformed the Oil and Gas industry which returned 21.9% over the past year.
  • 5711 underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
5711
Industry
5yr Volatility vs Market

5711 Value

 Is Antero Midstream undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Antero Midstream to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Antero Midstream.

DB:5711 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:5711
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.808 (1 + (1- 21%) (274.07%))
2.044
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 5.44%)
10.49%

Discounted Cash Flow Calculation for DB:5711 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Antero Midstream is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:5711 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.49%)
2020 346.25 Analyst x4 313.38
2021 455.48 Analyst x4 373.10
2022 645.40 Analyst x1 478.48
2023 668.00 Analyst x1 448.21
2024 749.90 Analyst x1 455.40
2025 804.69 Est @ 7.31% 442.28
2026 844.91 Est @ 5% 420.29
2027 873.48 Est @ 3.38% 393.25
2028 893.13 Est @ 2.25% 363.92
2029 906.15 Est @ 1.46% 334.17
Present value of next 10 years cash flows $4,022.00
DB:5711 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $906.15 × (1 + -0.39%) ÷ (10.49% – -0.39%)
$8,296.15
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,296.15 ÷ (1 + 10.49%)10
$3,059.47
DB:5711 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,022.00 + $3,059.47
$7,081.47
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $7,081.47 / 484.08
$14.63
DB:5711 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:5711 represents 0.9633x of NYSE:AM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9633x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 14.63 x 0.9633
€14.09
Value per share (EUR) From above. €14.09
Current discount Discount to share price of €2.10
= -1 x (€2.10 - €14.09) / €14.09
85.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Antero Midstream is available for.
Intrinsic value
>50%
Share price is €2.1 vs Future cash flow value of €14.09
Current Discount Checks
For Antero Midstream to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Antero Midstream's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Antero Midstream's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Antero Midstream's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Antero Midstream's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:5711 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $-0.80
NYSE:AM Share Price ** NYSE (2020-03-30) in USD $2.18
Europe Oil and Gas Industry PE Ratio Median Figure of 105 Publicly-Listed Oil and Gas Companies 5.67x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Antero Midstream.

DB:5711 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AM Share Price ÷ EPS (both in USD)

= 2.18 ÷ -0.80

-2.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Antero Midstream is loss making, we can't compare its value to the Europe Oil and Gas industry average.
  • Antero Midstream is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Antero Midstream's expected growth come at a high price?
Raw Data
DB:5711 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
101.6%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 65 Publicly-Listed Oil and Gas Companies 0.17x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Antero Midstream, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Antero Midstream's assets?
Raw Data
DB:5711 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $6.49
NYSE:AM Share Price * NYSE (2020-03-30) in USD $2.18
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 0.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:5711 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AM Share Price ÷ Book Value per Share (both in USD)

= 2.18 ÷ 6.49

0.34x

* Primary Listing of Antero Midstream.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Antero Midstream is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Antero Midstream's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Antero Midstream has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

5711 Future Performance

 How is Antero Midstream expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
101.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Antero Midstream expected to grow at an attractive rate?
  • Antero Midstream's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Antero Midstream's earnings growth is expected to exceed the Germany market average.
  • Antero Midstream's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:5711 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:5711 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 101.6%
DB:5711 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 11.6%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:5711 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:5711 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 1,072 725 400 5
2020-12-31 976 678 359 4
2020-03-31
DB:5711 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 850 622 -356
2019-09-30 736 456 -193
2019-06-30 463 301 114
2019-03-31 199 130 59
2018-12-31 84 61
2018-09-30 24 72 49
2018-06-30 43 61 34
2018-03-31 58 44 19
2017-12-31 28 6
2017-09-30 54 18 6
2017-06-30 39 9 5
2017-03-31 27 16 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Antero Midstream's earnings are expected to grow significantly at over 20% yearly.
  • Antero Midstream's revenue is expected to grow by 11.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:5711 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Antero Midstream Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:5711 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 0.87 1.06 0.74 3.00
2020-12-31 0.76 0.82 0.73 3.00
2020-03-31
DB:5711 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 -0.80
2019-09-30 -0.53
2019-06-30 0.40
2019-03-31 0.29
2018-12-31 0.33
2018-09-30 0.26
2018-06-30 0.18
2018-03-31 0.10
2017-12-31 0.03
2017-09-30 0.03
2017-06-30 0.03
2017-03-31 0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Antero Midstream will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Antero Midstream's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Antero Midstream has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

5711 Past Performance

  How has Antero Midstream performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Antero Midstream's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Antero Midstream does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Antero Midstream's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Antero Midstream's 1-year growth to the Europe Oil and Gas industry average as it is not currently profitable.
Earnings and Revenue History
Antero Midstream's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Antero Midstream Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:5711 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 849.60 -355.56 123.51
2019-09-30 735.61 -193.19 92.51
2019-06-30 462.95 113.85 71.21
2019-03-31 198.80 58.60 48.10
2018-12-31 61.37 43.85
2018-09-30 23.77 48.83 40.82
2018-06-30 42.84 34.37 38.95
2018-03-31 58.17 18.87 40.27
2017-12-31 6.48 41.13
2017-09-30 53.50 5.63 32.62
2017-06-30 39.24 5.43 23.89
2017-03-31 26.65 8.60 11.20
2016-12-31 16.94 9.71 0.81
2016-09-30 10.36 6.04 0.39
2015-12-31 1.26 0.78

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Antero Midstream has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Antero Midstream has efficiently used its assets last year compared to the Europe Oil and Gas industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Antero Midstream improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Antero Midstream's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Antero Midstream has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

5711 Health

 How is Antero Midstream's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Antero Midstream's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Antero Midstream's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Antero Midstream's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Antero Midstream's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Antero Midstream Company Filings, last reported 3 months ago.

DB:5711 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,143.41 2,892.25 1.24
2019-09-30 3,523.03 2,657.75
2019-06-30 3,972.36 2,526.33 7.79
2019-03-31 4,035.55 2,389.99 1.97
2018-12-31 30.86 0.00 2.82
2018-09-30 25.13 0.00 4.25
2018-06-30 23.08 0.00 5.30
2018-03-31 21.44 0.00 14.48
2017-12-31 15.61 0.00 5.99
2017-09-30 8.68 0.00 2.42
2017-06-30 18.94 0.00 11.39
2017-03-31 14.65 0.00 16.76
2016-12-31 10.27 0.00 9.61
2016-09-30 5.99 0.00 5.19
2015-12-31 0.56 0.00 0.07
  • Antero Midstream's level of debt (92%) compared to net worth is high (greater than 40%).
  • Unable to establish if Antero Midstream's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Antero Midstream has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Antero Midstream has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -80.9% per year.
X
Financial health checks
We assess Antero Midstream's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Antero Midstream has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

5711 Dividends

 What is Antero Midstream's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
56.42%
Current annual income from Antero Midstream dividends. Estimated to be 56.42% next year.
If you bought €2,000 of Antero Midstream shares you are expected to receive €1,128 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Antero Midstream's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Antero Midstream's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:5711 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 9.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:5711 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 1.23 2.00
2023-12-31 1.23 2.00
2022-12-31 1.23 2.00
2021-12-31 1.23 7.00
2020-12-31 1.23 7.00
2020-03-31
DB:5711 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-12 1.230 37.665
2019-10-16 1.230 20.547
2019-07-10 1.230 15.621
2019-04-11 1.210 9.690
2019-01-16 0.656 4.936
2018-10-17 0.576 4.117
2018-08-01 0.500 2.799
2018-04-18 0.432 2.346
2018-01-16 0.300 1.645
2017-10-11 0.236 1.263
2017-07-13 0.186 0.940

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Antero Midstream has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Antero Midstream only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Antero Midstream's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Antero Midstream's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Antero Midstream afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Antero Midstream has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

5711 Management

 What is the CEO of Antero Midstream's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paul Rady
COMPENSATION $9,143,022
AGE 65
TENURE AS CEO 3.2 years
CEO Bio

Mr. Paul M. Rady serves as Chief Executive Officer of the company TEP Rocky Mountain LLC. He has been Chairman and Chief Executive Officer of Antero Midstream Partners GP LLC, the General Partner of Antero Midstream Partners LP since April 11, 2017. Mr. Rady has been Chairman and Chief Executive Officer of AMGP GP LLC, the General Partner of Antero Midstream GP LP since April 2017 and January 2017 respectively. Mr. Rady co-founded Antero Resources Corporation (a/k/a, Antero Resources LLC) in June 2002 and has been its Chief Executive Officer and Chairman since May 2004. Mr. Rady served as the Chief Executive Officer of Antero Resources Midstream Management LLC (now Antero Midstream GP LP) since February 2014 until April 11, 2017. Mr. Rady was a co-founder and served as Chief Executive Officer and Chairman of the Board of Directors of Antero Resources since May 2004 and of its predecessor company from its founding in 2002 to its sale to XTO Energy, Inc. in April 2005. He served as Chief Executive Officer, President and Chairman of Pennaco Energy from 1998 until its sale to Marathon in early 2001. Prior to joining Pennaco in 1998, Mr. Rady was with Barrett Resources Corporation from 1990 to 1998, where he initially was recruited as Chief Geologist in 1990, then served as Exploration Manager, Executive Vice President of Exploration, President, Chief Operating Officer and Chief Executive Officer. Prior to joining Barrett, he was with Amoco Production Company for approximately ten years focused on Rockies and Mid-Continent. He served as Chairman of Antero Resources Midstream Management LLC since February 2014 until April 11, 2017 and served as its Director until April 11, 2017. Mr. Rady serves as a Director of Antero Resources Corporation (formerly Antero Resources LLC). He serves as the managing member of Salisbury Investment Holdings, LLC. He served as a Director of Pennaco Energy Inc. from June 1998 to 2001 and Patina Oil & Gas Corp. since April 2001. He served as a Director of Meg Energy Corp. He served as a Director of Barrett Resources Corporation. Mr. Rady received a B.A. in Geology from Western States College of Colorado and a Master of Science Degree in Geology from Western Washington University.

CEO Compensation
  • Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Paul's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Antero Midstream management team in years:

3
Average Tenure
60
Average Age
  • The tenure for the Antero Midstream management team is about average.
Management Team

Paul Rady

TITLE
Chairman & CEO of AMGP GP LLC
COMPENSATION
$9M
AGE
65
TENURE
3.2 yrs

Glen Warren

TITLE
President
COMPENSATION
$4M
AGE
63
TENURE
3.2 yrs

Michael Kennedy

TITLE
CFO & Senior VP of Finance AMGP GP LLC
COMPENSATION
$2M
AGE
44
TENURE
2.8 yrs

Alvyn Schopp

TITLE
Chief Administrative Officer & Regional Senior VP
COMPENSATION
$2M
AGE
60
TENURE
2.8 yrs

Diana Hoff

TITLE
Senior Vice President of Operations
TENURE
2.2 yrs

K. Yoo

TITLE
VP of Accounting & Chief Accounting Officer
TENURE
2.2 yrs

Yvette Schultz

TITLE
VP of Legal & General Counsel
TENURE
3.2 yrs

John Giannaula

TITLE
Vice President of Human Resources & Administration
AGE
55

W. Ash

TITLE
Senior Vice President of Reserves
AGE
40

Brian Kuhn

TITLE
Senior Vice President of Land
AGE
60
TENURE
4.2 yrs
Board of Directors Tenure

Average tenure and age of the Antero Midstream board of directors in years:

2.3
Average Tenure
62.5
Average Age
  • The average tenure for the Antero Midstream board of directors is less than 3 years, this suggests a new board.
Board of Directors

Glen Warren

TITLE
President
COMPENSATION
$4M
AGE
63
TENURE
2.8 yrs

Rose Robeson

TITLE
Independent Director
COMPENSATION
$220K
AGE
59
TENURE
3.2 yrs

Paul Rady

TITLE
Chairman & CEO of AMGP GP LLC
COMPENSATION
$9M
AGE
65
TENURE
2.8 yrs

David Keyte

TITLE
Independent Director
AGE
62
TENURE
0.8 yrs

Brooks Klimley

TITLE
Lead Independent Director
COMPENSATION
$218K
AGE
61
TENURE
1 yrs

William Keenan

TITLE
Director of AMGP GP LLC
COMPENSATION
$170K
AGE
68
TENURE
2.8 yrs

Peter Dea

TITLE
Director of AMGP GP LLC
COMPENSATION
$126K
AGE
65
TENURE
1.8 yrs

John Mollenkopf

TITLE
Director of Antero Midstream Partners GP LLC
AGE
57
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Dec 19 Sell K. Yoo Individual 16. Dec 19 16. Dec 19 -97,395 €5.43 €-528,878
13. Nov 19 Sell Yorktown Partners LLC Company 12. Nov 19 12. Nov 19 -3,000,000 €5.92 €-17,760,480
13. Nov 19 Sell Warburg Pincus LLC Company 12. Nov 19 12. Nov 19 -22,965,437 €5.92 €-135,959,062
09. Sep 19 Sell Warburg Pincus LLC Company 05. Sep 19 05. Sep 19 -402,481 €6.16 €-2,480,785
09. Sep 19 Sell Yorktown Partners LLC Company 05. Sep 19 05. Sep 19 -2,855,848 €6.16 €-17,602,679
07. Sep 19 Sell Warburg Pincus LLC Company 05. Sep 19 05. Sep 19 -16,613,104 €6.16 €-24,854,111
24. May 19 Sell Yorktown Partners LLC Company 21. May 19 21. May 19 -4,000,000 €11.29 €-45,179,108
24. May 19 Sell K. Yoo Individual 23. May 19 23. May 19 -20,000 €11.79 €-235,823
24. May 19 Sell Warburg Pincus LLC Company 21. May 19 21. May 19 -15,000,000 €11.29 €-169,421,655
24. May 19 Sell Yorktown Partners LLC Company 21. May 19 21. May 19 -507,600 €11.29 €-5,733,229
24. May 19 Sell Yorktown Partners LLC Company 21. May 19 21. May 19 -483,200 €11.29 €-5,457,636
24. May 19 Sell Yorktown Partners LLC Company 21. May 19 21. May 19 -1,825,600 €11.29 €-20,619,745
24. May 19 Sell Yorktown Partners LLC Company 21. May 19 21. May 19 -1,183,600 €11.29 €-13,368,498
X
Management checks
We assess Antero Midstream's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Antero Midstream has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

5711 News

Simply Wall St News

5711 Company Info

Description

Antero Midstream Corporation owns and operates midstream energy assets. It owns and operates natural gas gathering pipelines, compression stations, processing and fractionation plants, and water handling and treatment assets in the Marcellus Shale and Utica Shale basins. The company was founded in 2013 and is headquartered in Denver, Colorado.

Details
Name: Antero Midstream Corporation
5711
Exchange: DB
Founded: 2013
$956,527,781
484,084,523
Website: http://www.anteromidstream.com
Address: Antero Midstream Corporation
1615 Wynkoop Street,
Denver,
Colorado, 80202,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AM Common Stock New York Stock Exchange US USD 04. May 2017
DB 5711 Common Stock Deutsche Boerse AG DE EUR 04. May 2017
Number of employees
Current staff
Staff numbers
547
Antero Midstream employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 00:18
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/02/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.