Financials Antero Resources Corporation

Equities

AR

US03674X1063

Oil & Gas Exploration and Production

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
33.8 ^USD	+1.23%		+15.40%	+49.03%

Apr. 26	Truist Raises Antero Resources' PT to $29 From $27 After Q1 Beat, Higher Full-Year 2024 Guidance; Keeps Hold Rating	MT
Apr. 25	Transcript : Antero Resources Corporation, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	848.3	1,464	5,494	9,301	6,816	10,505	-	-
Enterprise Value (EV) ¹	4,607	4,466	7,619	10,485	8,354	11,797	11,461	11,437
P/E ratio	-2.57 x	-1.17 x	-28.7 x	5.37 x	29.1 x	49.8 x	12.8 x	12.8 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.19 x	0.42 x	1.19 x	1.3 x	1.46 x	2.38 x	2.02 x	1.95 x
EV / Revenue	1.05 x	1.28 x	1.65 x	1.47 x	1.78 x	2.68 x	2.2 x	2.13 x
EV / EBITDA	3.69 x	4.46 x	4.71 x	3.38 x	7.46 x	10.3 x	5.64 x	5.63 x
EV / FCF	74.3 x	-32.2 x	8.03 x	4.97 x	-36.5 x	47.7 x	11.1 x	10.7 x
FCF Yield	1.35%	-3.11%	12.5%	20.1%	-2.74%	2.1%	9%	9.38%
Price to Book	0.13 x	0.26 x	0.94 x	1.41 x	0.99 x	1.44 x	1.31 x	-
Nbr of stocks (in thousands)	297,648	268,672	313,930	300,136	300,544	310,807	-	-
Reference price ²	2.850	5.450	17.50	30.99	22.68	33.80	33.80	33.80
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,409	3,492	4,619	7,138	4,682	4,408	5,210	5,381
EBITDA ¹	1,248	1,002	1,617	3,103	1,121	1,140	2,033	2,033
EBIT ¹	-987	-953.4	23.86	2,574	453.1	364.3	1,210	1,154
Operating Margin	-22.39%	-27.31%	0.52%	36.06%	9.68%	8.26%	23.22%	21.44%
Earnings before Tax (EBT) ¹	-367.2	-1,658	-228.2	2,475	417.8	254.1	1,079	1,303
Net income ¹	-340.1	-1,268	-186.9	1,899	242.9	145.9	781.3	828
Net margin	-7.71%	-36.31%	-4.05%	26.6%	5.19%	3.31%	14.99%	15.39%
EPS ²	-1.110	-4.650	-0.6100	5.770	0.7800	0.6788	2.648	2.638
Free Cash Flow ¹	61.97	-138.7	949.3	2,108	-228.6	247.3	1,031	1,072
FCF margin	1.41%	-3.97%	20.55%	29.53%	-4.88%	5.61%	19.79%	19.93%
FCF Conversion (EBITDA)	4.97%	-	58.7%	67.93%	-	21.69%	50.72%	52.74%
FCF Conversion (Net income)	-	-	-	111%	-	169.43%	131.98%	129.5%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,394	786.8	2,202	2,065	2,085	1,408	953.3	1,126	1,194	1,122	963.9	1,086	1,265	1,358	1,244
EBITDA ¹	420.3	706.9	953.3	878.1	564.7	413.8	113.1	271.2	322.4	262.1	181.7	262.9	419.3	511.8	414.7
EBIT ¹	1,256	-204.6	1,062	774.2	942.8	331.5	-88.94	55.73	154.8	65.16	-20.59	83.49	249.6	308.2	212.6
Operating Margin	52.47%	-26%	48.21%	37.5%	45.21%	23.54%	-9.33%	4.95%	12.97%	5.81%	-2.14%	7.69%	19.73%	22.71%	17.09%
Earnings before Tax (EBT) ¹	1,222	-227.8	1,038	730.3	934.5	323.4	-97.77	46.3	145.9	58.32	-54.16	55.68	187.9	285.6	216.9
Net income ¹	901.4	-156.4	765.1	559.8	730.3	213.4	-83.08	17.81	94.76	36.34	-43.61	25.95	155.9	219.2	146.4
Net margin	37.65%	-19.88%	34.75%	27.11%	35.02%	15.15%	-8.72%	1.58%	7.94%	3.24%	-4.52%	2.39%	12.32%	16.15%	11.76%
EPS ²	2.650	-0.5000	2.290	1.720	2.310	0.6900	-0.2800	0.0600	0.3000	0.1200	-0.1311	0.1050	0.5207	0.7700	0.4700
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/16/22	4/27/22	7/27/22	10/26/22	2/15/23	4/26/23	7/26/23	10/25/23	2/14/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,759	3,002	2,125	1,183	1,538	1,292	955	932
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.013 x	2.996 x	1.314 x	0.3814 x	1.372 x	1.134 x	0.4699 x	0.4584 x
Free Cash Flow ¹	62	-139	949	2,108	-229	247	1,031	1,072
ROE (net income / shareholders' equity)	-0.38%	-2.38%	7.71%	28.5%	3.54%	2.47%	13.1%	11.3%
ROA (Net income/ Total Assets)	-0.18%	-1.07%	-1.38%	13.6%	1.75%	1.27%	6.84%	5.3%
Assets ¹	189,910	118,539	13,524	14,007	13,868	11,459	11,427	15,623
Book Value Per Share ²	22.80	21.20	18.70	22.00	23.00	23.40	25.80	-
Cash Flow per Share ²	3.490	3.100	5.020	9.340	2.930	3.070	5.970	6.660
Capex ¹	1,333	874	716	944	1,132	763	832	825
Capex / Sales	30.25%	25.04%	15.5%	13.22%	24.17%	17.3%	15.96%	15.33%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Antero Resources Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

33.8 USD

Average target price

32.98 USD

Spread / Average Target

-2.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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