Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
Valuation Summary - SIRE Financial Projections - Common Units
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$--
Discounted Cash Flow Analysis
EBITDA Exit Multiple Perpetuity Growth
Proposed I
Consideration: I
$19.00
$19.15
$14.56
EBITDA Exit Multiple:
5.5x - 8.0x
EVERCORE
$16.64
$13.63
Perpetuity Growth Rate:
0.5% -1.5%
Discount Rate:
WACC of 8.0% - 9.0%
2022E EBITDA
$26.51
$17.09
Peer Group Trading Analysis
2022E EBITDA Multipla
5.5x - 8.0x
2023E EBITDA
$24.82
$15.34
2023E EBITDA Multiple:
5.0x - 7.5x
16
2024E EBITDA
$21.05
$12.24
2024E EBITDA Multiple:
4.5x - 7.0x
Confidential - Preliminary and Subject to Change
I
Precedent M&A
Transactions
Analysis
2023E EBITDA
$28.61
$19.13
2023E EBITDA Multiple:
6.0x - 8.5x
Discounted
Distributions
Analysis
$19.52
$14.91
Terminal Yield of:
8.0% - 12.0%
Equity Cost of Capital of
9.0% - 11.0%
FOR
REFERENCE ONLY
Premiums Paid
Analysis
$23.27
$22.23
Range of
24.4% - 29.6%
SIRE Financial Projections
ŞİŞECAMView entire presentation