Antero Midstream Corporation (AM) vs Frontline PLC (FRO)

Antero Midstream Corporation and Frontline PLC are both Oil & Gas Midstream companies. Antero Midstream Corporation and Frontline PLC are of similar size ($10.5B and $10.1B). Frontline PLC trades at the lower P/E: 7.1× against 24.9×. Frontline PLC grew revenue faster over the last twelve months: 63.5% against 6.87%. Frontline PLC has the higher net margin (49.4% vs 32.4%) and the higher return on invested capital (19.4% vs 7.39%). Both pay a dividend; Frontline PLC yields more (10.4% vs 7.56%). Across the 23 metrics below, Frontline PLC leads on 19 and Antero Midstream Corporation on 4.

Valuation

Metric AM FRO Oil & Gas Midstream median
P/E 24.92 7.14 13.19
P/S 8.06 3.52 2.60
P/B 5.11 3.36 2.08
Price to free cash flow 8.61 6.27 10.14
EV/EBITDA 15.10 7.80 8.11
EV/Sales 10.74 4.22 3.89
Earnings yield 4.01% 14.01% 6.83%
Free cash flow yield 11.61% 15.96% 6.94%

Profitability

Metric AM FRO Oil & Gas Midstream median
Gross margin 78.34% 66.67% 58.81%
Operating margin 52.83% 54.14% 32.14%
Net margin 32.36% 49.37% 21.16%
Free cash flow margin 93.59% 56.19% 10.15%
Return on equity 19.80% 53.85% 11.30%
Return on assets 6.60% 24.94% 5.00%
Return on invested capital 7.39% 19.35% 6.13%

Growth

Metric AM FRO Oil & Gas Midstream median
Revenue growth (TTM) 6.87% 63.48% 15.44%
EPS growth (last fiscal year) 3.61% (23.77%) —
Revenue growth, 5-year CAGR 5.70% 10.05% 8.96%
Net income growth, 5-year CAGR 0.00% (1.69%) 0.00%

Health

Metric AM FRO Oil & Gas Midstream median
Debt to equity 1.83 0.77 0.78
Current ratio 0.84 1.87 1.19
Net debt to EBITDA 3.46 3.03 3.42

Dividend

Metric AM FRO Oil & Gas Midstream median
Dividend yield 7.56% 10.43% 7.29%
Payout ratio — 0.47 0.64

Size

Metric AM FRO Oil & Gas Midstream median
Market cap 10.08b 10.54b 3.61b

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