External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Low natural gas prices benefit AM and AR due to their low-cost structure and hedging program</li><li>AR has improved its financial position by reducing debt and improving liquidity</li><li>AM's partnership with AR provides stability and growth potential, making it an attractive investment option for investors looking for dividend yield and capital appreciation.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Low natural gas prices benefit AM and AR due to their low-cost structure and hedging programAR has improved its financial position by reducing debt and improving liquidityAM's partnership with AR provides stability and growth potential, making it an attractive investment option for investors looking for dividend yield and capital appreciation.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Antero Midstream Corp (AM) - Wednesday, May 1, 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Antero Midstream reported a robust performance in the first quarter of 2024, characterized by operational achievements and financial growth that suggest a stable and improving trajectory for the company.</li><li>During this period, significant capital projects were completed, operational efficiencies were realized, especially in the water business, and there were notable enhancements in natural gas and liquids transportation capacities that align with future throughput growth projections.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Antero Midstream reported a robust performance in the first quarter of 2024, characterized by operational achievements and financial growth that suggest a stable and improving trajectory for the company.During this period, significant capital projects were completed, operational efficiencies were realized, especially in the water business, and there were notable enhancements in natural gas and liquids transportation capacities that align with future throughput growth projections.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Antero Midstream Corporation: Why Are We Pessimistic Despite The Favorable Natural Gas Market Conditions? - Major Drivers

<ul><li>Antero Midstream's 2023 performance has been analytically described as financially and operationally successful, with record EBITDA earnings of $981 million and an 18% return on invested capital.</li><li>Since the Initial Public Offering in 2014, EBITDA has shown robust growth, with an 18% compound annual growth rate, reflecting the company’s high-quality assets and operational success.</li><li>The 2024 EBITDA is expected to reach an estimated midpoint of $1.04 billion from Antero Resources’ maintenance capital program.</li></ul>

Antero Midstream's 2023 performance has been analytically described as financially and operationally successful, with record EBITDA earnings of $981 million and an 18% return on invested capital.Since the Initial Public Offering in 2014, EBITDA has shown robust growth, with an 18% compound annual growth rate, reflecting the company’s high-quality assets and operational success.The 2024 EBITDA is expected to reach an estimated midpoint of $1.04 billion from Antero Resources’ maintenance capital program.

Antero Midstream Corporation: Initiation Of Coverage - Can It Really Have Sustained Earnings in the Coming Years? - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

United States

Antero Midstream Corporation owns, operates, and develops midstream energy assets. The Company offers gathering and compressions, water distribution, clearwater facility, fractionation, and pipeline safety services. Antero Midstream serves customers in the United States.

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Antero Midstream Corp (AM US)

Antero Midstream Corp (AM) - Wednesday, May 1, 2024

Low natural gas prices benefit AM and AR due to their low-cost structure and hedging program. AR has improved its financial position by reducing...

Value Investors Club

Antero Midstream Corporation: Why Are We Pessimistic Despite The Favorable Natural Gas Market Conditions? - Major Drivers

Antero Midstream reported a robust performance in the first quarter of 2024, characterized by operational achievements and financial growth that...

Baptista Research

Antero Midstream Corporation: Initiation Of Coverage - Can It Really Have Sustained Earnings in the Coming Years? - Major Drivers

Antero Midstream's 2023 performance has been analytically described as financially and operationally successful, with record EBITDA earnings of...

Baptista Research

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

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