Evercore Investment Banking Pitch Book
Executive Summary
Transaction Economics at Various Values
SIRE Common Unit Price
SIRE Units Outstanding¹
Total Equity Value - SIRE²
Noncontrolling Interest²
Total Equity Value - Sisecam Wyoming
Plus: Net Debt as of December 31, 2022
Consolidated Enterprise Value
SIRE Financial Projections - SIRE Consolidated EBITDA³
2022E
2023E
2024E
Consolidated Enterprise Value /SIRE Consolidated EBITDA
2022E
2023E
2024E
Initial
Proposal
$17.90
20.2
$361.6
347.4
$708.9
144.9
$853.8
$152.0
154.0
143.5
5.6x
5.5
6.0
Proposed Unit Price as of
Consideration 10/4/2022
$19.00
$21.01
20.2
20.2
$383.8
$424.4
368.7
407.7
$752.5
$832.1
144.9
144.9
$897.4
$977.0
$152.0
154.0
143.5
5.9x
5.8
6.3
$152.0
154.0
143.5
3
6.4x
6.3
6.8
Confidential - Preliminary and Subject to Change
($ in millions, except per unit amounts,
$23.00
Unit Price
$23.00
20.2
$464.6
446.4
$910.9
144.9
$1,055.8
$152.0
154.0
143.5
6.9x
6.9
7.4
$25.00
Unit Price
$25.00
20.2
$505.0
485.2
$990.1
144.9
$1,135.0
$152.0
154.0
143.5
7.5x
7.4
7.9
$27.00
Unit Price
$27.00
20.2
$545.4
524.0
$1,069.3
144.9
$1,214.2
$152.0
154.0
143.5
8.0x
7.9
8.5
Source: Partnership filings, FactSet, SIRE Financial Projections
1.
Reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata allocation of
equity value to Common Units and SIRE GP, with no incremental allocation to SIRE GP attributable to IDRs
2. SIRE's total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price
100% of Sisecam Wyoming EBITDA less SIRE G&A
3.
EVERCORE
Conflicts
Committee
Counter-
proposal
$29.50
20.2
$595.9
572.5
$1,168.4
144.9
$1,313.3
$152.0
154.0
143.5
8.6x
8.5
9.2
ŞİŞECAMView entire presentation