Investor Presentaiton
Delek US - Illustrative Sum-of-the-Parts Analysis
Refining + Corp
Other
+
Retail
+
DKL
= DK (Consolidated)
$ in millions except per share
Illustrative Multiple
4.0x - 5.0x
9.0x - 11.0x
2023E EBITDA
(1)
504
(1)
49
939
(1)
Implied Enterprise Value
2,016 - 2,520
441 - 539
(-) Total Debt
(1,392)
(3,054)
(+) Cash and Cash Equivalents
833
833
DK's Implied Equity Value
$1,457 $1,961
$441 - $539
$1,696
$3,594 $4,196
DK Fully Diluted Shares Outstanding
69
69
69
69
Implied $/Share
$21.20 - $28.55
$6.42 - $7.85
$24.68
DKL Liquidity Discount (20%)
$19.75
$47.38 - $56.14
$23.14
DK Current Share Price
Implied Upside
Net Debt/2023E EBITDA
Consensus and pricing taken as of 3/29/2023
All Debt, Cash, shares outstanding numbers as of 12/31/2022 financial statements
1.0x
4.3x
105% - 143%
2.4x
(1) DK consolidated EBITDA of $939MM per FactSet consensus as of 3/29/23; Retail EBITDA of $49 MM, average of select sell sidefirms as of 3/29/23; DKL EBITDA of $386 MM per FactSet as of 3/29/23; Refining + Corp Other EBITDA of $504MM = $939MM - $386 MM - $49MM
(2) DKL implied equity value reflects the actual equity of DK's 79% interest based on a unit price of $49.44 as of 3/29/2023.
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