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  "notes": "Standard investment banking valuation output (Precedent Transactions Analysis).",
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      "text": "Baird selected a group of corporate midstream transactions (for which data were publicly available) that we deemed relevant valuation benchmarks",
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      "text": "Source: Antero management, partnership filings and S&P Capital IQ. (1) IDR cash flow excluded from AM metric. (2) Based on range of precedent transactions (see previous page). Excludes lowest and highest metrics to remove the impact of potential outlier effects from the analysis. (3) Represents estimated net debt and fully diluted common units outstanding as of September 30, 2018.",
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      "text": "Metric: Transaction Value / Forward EBITDA; AM NTM Adj. EBITDA: $705; Selected Preced. Trans. Multiples: 10.0x - 13.7x; Implied AM Valuation Range: $7,045 - $9,652; Less: Net Debt: (1,522); Implied AM Equity Value: $5,523 - $8,130; AM Total Common Units Outstanding: 188.1; Implied AM Common Unit Price - AM Management Case: $29.36 - $43.22; Implied AM Common Unit Price - AM Modified Coverage Case: $29.50 - $43.40",
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      "text": "1 AM PRECEDENT TRANSACTIONS ANALYSIS",
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