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  "authorName": "Baird",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide uses a standard investment banking valuation methodology (Public Comps) to derive an implied equity value range.",
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      "text": "Baird applied the range of valuation multiples derived from the high growth MLPs in its Selected Public Comparables Analysis in recognition of AM's current growth rate",
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      "text": "Source: Antero management. (1) IDR cash flow excluded from AM metric. (2) Based on range of high growth midstream MLP peers (see previous page). (3) Median of 2019E and 2020E values. (4) Defined as Price per LP unit divided by cash available for distribution to the LP unit holders under a full payout scenario. (5) Represents estimated net debt and fully diluted common units outstanding as of September 30, 2018. (6) Applies equal weighting to each respective summary range.",
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      "text": "1 AM SELECTED PUBLIC COMPARABLES ANALYSIS",
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