Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis
Partnership / Corporation
Chemical Companies with Soda Ash Oper
Ciech SA
Genesis Energy, L.P.
Türkiye Sise ve Cam Fabrikalari A.S.
Solvay SA
Tata Chemicals Limited
Mean
Median
Other MLPs
Alliance Resource Partners, L.P.
Natural Resource Partners L.P.
Mean
Median
Sisecam Resources LP ²
Price
10/7/22
Based on SIRE Financial Projections
Source: Public filings and FactSet
Note: No peer group company is directly comparable to SIRE
1. As of October 7, 2022
2.
EVERCORE
erations
$6.68
10.15
1.60
82.30
14.36
$24.31
40.99
$20.56
% of 52-Week Equity Enterprise
High 2
Value
Value
59.2%
75.3%
98.3%
64.3%
93.4%
88.0%
80.7%
87.4%
$352
1,244
4,778
8,490
3,658
$3,181
542
$415
22
$647
5,695
6,674
11,954
4,528
$3,515
1,246
$965
($ in millions, except per share/unit amounts)
Net Debt /
2022E EBITDA
2022E
4.1x
8.4
6.0
4.3
11.4
6.8x
6.0
3.6x
3.8
Confidential - Preliminary and Subject to Change
3.7x
3.7
6.4x
EV / EBITDA
2023E
4.1x
7.7
5.0
5.0
10.4
6.5x
5.0
3.1x
NM
3.1x
3.1
6.3x
2024E
4.0x
7.2
4.5
4.8
9.9
6.1x
4.8
2.7x
NM
2.7x
2.7
6.7x
1.9x
5.0
1.1
1.2
1.9
2.2x
1.9
0.3x
0.7
0.5x
0.5
1.0x
Soda Ash
% Revenue
40.9%
30.3%
30.0%
15.4%
15.0%
26.3%
30.0%
--%
14.7%
7.3%
7.3%
100.0%
ŞİŞECAMView entire presentation