Antero Midstream Corporation

AI-generated fair value estimate for this company.

Method: 10-year FCFE DCF: base FCF-to-equity (post-interest, post-capex, pre-dividend) run-rate of $744M/yr (Q2'26 company-reported $186M/quarter, annualized); growth 4%/yr yrs 1-5, 2.5%/yr yrs 6-10; 9% cost of equity; 2% terminal growth; 474.7M diluted shares. Net debt ($3.592B) not subtracted separately since FCFE is already post-interest.

Reasoning: AM is a fee-based, take-or-pay-contracted gathering/processing/water midstream JV tied to Antero Resources' Marcellus/Utica drilling, with stable high-margin cash flows better suited to a direct FCFE model than an unlevered enterprise DCF; the JV structure and long-term dedicated acreage are the moat.