Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
SIRE Financial Projections vs. Sensitivity Case
$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
$18.71
$14.18
$28.21
EVERCORE
$21.54
Perpetuity Growth 2022E EBITDA
$15.61
$12.92
$25.96
EBITDA Exit Multiple: Perpetuity Growth Rate:
5.5x8.0x
0.5% -1.5%
Discount Rate:
WACC or 8.5% -9.5%
$21.35
$26.51
Peer Group Trading Analysis
$17.09
2023E EBITDA
$24.72 $24.82
$15.84
$15.34
$28.49
$17.76
SIRE Financial Projections
2024E EBITDA
16
$21.05
$12.24
$27.08
$16.09
Confidential - Preliminary and Subject to Change
Sensitivity Case
Precedent M&A
Transactions
Analysis
2023E EBITDA
$28.61
$19.13
2022E EBITDA Multiple: 2023E EBITDA Multiple: 2024E EBITDA Multiple: 2023E EBITDA Multiple:
5.5x - 8.0x
5.0x - 7.5x
4.5x - 7.0x
6.0x8.5x
$32.78
$22.05
Discounted
Distributions
Analysis
$29.33
$18.76 $21.79
$14.39
Terminal Yield of
8.0% - 12.0%
Equity Cost or Capital or
10.0% - 12.0%
FOR
REFERENCE ONLY
Premiums Paid
Analysis
$23.27
$22.23
Third
Proposal:
$22.00
Range of
24.4% -29.6%
ŞİŞECAMView entire presentation