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  "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
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  "notes": "Includes two sensitivity tables for 'AM Modified Coverage Case' and 'AM Management Case'.",
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      "text": "Source: Antero management. Assumes present value date as of October 5, 2018. (1) Represents IDR payments implied by a full payout scenario. (2) Represents midpoint of Baird's selected AM WACC sensitivity range (see page 31). (3) Represents midpoint of comparable transaction multiples (see page 43). (4) Based on 2022E adjusted EBITDA of $1,017 million. (5) Represents estimated net debt and fully diluted common units outstanding as of September 30, 2018.",
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      "text": "1 AM DISCOUNTED CASH FLOW ANALYSIS",
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