Discounted Cash Flow (DCF) Analysis Levered
Antero Resources Corporation (AR)
$24.985
+0.71 (+2.95%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,652.89 | 3,648.35 | 3,083.90 | 5,790.76 | 8,294.75 | 10,688.18 | 13,772.23 | 17,746.18 | 22,866.79 | 29,464.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,081.99 | 1,103.46 | 735.64 | 1,660.12 | 3,051.34 | 3,773.99 | 4,862.97 | 6,266.17 | 8,074.26 | 10,404.07 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -722.01 | -168.04 | -48.09 | -114.76 | -163.32 | -638.76 | -823.07 | -1,060.57 | -1,366.59 | -1,760.92 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,359.97 | 935.42 | 687.55 | 1,545.36 | 2,888.02 | 3,135.24 | 4,039.90 | 5,205.60 | 6,707.67 | 8,643.15 |
Weighted Average Cost Of Capital
| Share price | $ 24.985 |
|---|---|
| Beta | 3.500 |
| Diluted Shares Outstanding | 329.22 |
| Cost of Debt | |
| Tax Rate | 23.27 |
| After-tax Cost of Debt | 2.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 21.144 |
| Total Debt | 4,629.97 |
| Total Equity | 8,225.64 |
| Total Capital | 12,855.60 |
| Debt Weighting | 36.02 |
| Equity Weighting | 63.98 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,652.89 | 3,648.35 | 3,083.90 | 5,790.76 | 8,294.75 | 10,688.18 | 13,772.23 | 17,746.18 | 22,866.79 | 29,464.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,081.99 | 1,103.46 | 735.64 | 1,660.12 | 3,051.34 | 3,773.99 | 4,862.97 | 6,266.17 | 8,074.26 | 10,404.07 |
| Capital Expenditure | -722.01 | -168.04 | -48.09 | -114.76 | -163.32 | -638.76 | -823.07 | -1,060.57 | -1,366.59 | -1,760.92 |
| Free Cash Flow | 1,359.97 | 935.42 | 687.55 | 1,545.36 | 2,888.02 | 3,135.24 | 4,039.90 | 5,205.60 | 6,707.67 | 8,643.15 |
| WACC | ||||||||||
| PV LFCF | 1,407.50 | 1,587.01 | 1,789.41 | 2,017.62 | 2,274.94 | |||||
| SUM PV LFCF | 17,691.66 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.28 |
| Free cash flow (t + 1) | 8,816.02 |
| Terminal Value | 71,791.66 |
| Present Value of Terminal Value | 36,831.79 |
Intrinsic Value
| Enterprise Value | 54,523.44 |
|---|---|
| Net Debt | 8,076.46 |
| Equity Value | 46,446.99 |
| Shares Outstanding | 329.22 |
| Equity Value Per Share | 141.08 |