Evercore Investment Banking Pitch Book
Financial Projections and Preliminary Valuation Detail - Sensitivity Case
Discounted Cash Flow Analysis - Sensitivity Case
Sisecam Wyoming EBITDA
Less: Tax Depreciation and Amortization²
EBIT
Less: Cash Taxes³
EBIAT
Plus: Tax Depreciation and Amortization
Less: Capital Expenditures
Less: Changes in NWC
Sisecam Wyoming Unlevered Free Cash Flow
SIRE Interest in Sisecam Wyoming
SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow
Less: SIRE G&A
SIRE Unlevered Free Cash Flow
EBITDA Multiple / Perpetuity Growth Rate
Implied Terminal Value
Present Value of Terminal Value @ 8.5% Discount Rate
Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate
Implied Enterprise Value
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied Equity Value
SIRE LP Units Outstanding
Implied SIRE LP Unit Value
Unit Price
Sensitivity
Analysis
WACC
7.5%
8.0%
8.5%
9.0%
9.5%
4.25x
$21.76
21.18
20.64
20.12
19.63
Terminal Exit Multiple
5.50x
6.75x
$24.67
$27.50
24.11
23.48
22.89
22.32
26.90
26.33
25.65
25.00
2023 E
$177.8
(594.2)
($416.4)
($416.4)
594.2
(25.6)
0.4
$152.6
51.0%
$77.8
(4.0)
$73.8
8.00x
$30.33
29.66
29.01
28.37
27.69
2024E
For the Years Ending December 31,
2025E
2026E
$182.0
(58.0)
$124.0
(7.3)
$116.6
58.0
(26.1)
15.7
$164.2
51.0%
$83.8
(4.0)
$79.8
9.25x
$33.16
32.41
31.69
30.98
30.29
$151.5
(51.4)
$100.1
WACC
(5.9)
$94.2
51.4
(26.7)
8.2
$127.1
51.0%
$64.8
(4.0)
Confidential - Preliminary and Subject to Change
$60.8
7.5%
8.0%
8.5%
9.0%
9.5%
($ in millions, except per unit amounts
ts)
$146.6
(48.9)
$97.7
(7.2)
$90.5
48.9
(27.3)
0.8
$112.8
51.0%
$57.5
(4.0)
$53.5
--%
$26.68
25.23
23.83
22.58
21.46
2027 E
$149.6
(47.1)
$102.5
(7.6)
$94.9
47.1
(27.9)
(9.8)
$104.3
51.0%
$53.2
(4.0)
$49.2
2028E
26.18
24.70
23.34
22.12
$146.4
(50.5)
$95.9
(7.1)
$88.8
50.5
(28.6)
(1.0)
$109.7
51.0%
$55.9
(4.0)
$51.9
Perpetuity Growth Rate
0.5%
$27.79
1.0%
$29.07
27.26
25.69
24.19
22.86
Exit
Multiple
$70.6¹
6.8x
$476.8
292.3
$590.8
$531.8
$26.33
298.5
(59.0)
20.2
1.5%
$30.57
Perpetuity
Growth
28.52
26.75
25.15
23.69
$146.4
(28.6)
$117.8
(43.6)
$74.2
28.6
(28.6)
$74.2
51.0%
$37.8
(4.0)
$33.8
1.0%
$455.8
279.4
$577.9
$518.9
$25.69
2.0%
$32.34
29.98
27.97
26.25
24.63
Source: SIRE Financial Projections
1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A
2. 2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital
expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)
3. Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter
4.
Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
46
ŞİŞECAMView entire presentation