Evercore Investment Banking Pitch Book
Confidential - Preliminary and Subject to Change
Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3
3 Peer Group Trading Analysis - Sensitivity Case #3
2022E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2022E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE'S 51% Share)
Implied SIRE Equity Value
SIRE LP Units Outstanding¹
Implied SIRE Unit Price Range - 2022E Adjusted EBITDA
2023E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2023E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied SIRE Equity Value
1
SIRE LP Units Outstanding'
Implied SIRE Unit Price Range - 2023E Adjusted EBITDA
2024E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2024E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied SIRE Equity Value
SIRE LP Units Outstanding¹
Implied SIRE Unit Price Range - 2024E Adjusted EBITDA
Source: SIRE Financial Projections
1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
43
in millions, except per unit amounts
5.5x
$407.8
$333.9
$16.53
5.0x
$446.0
$372.1
$18.42
4.5x
$410.4
$336.5
$16.66
$74.2
(73.9)
20.2
$89.2
(73.9)
20.2
$91.2
(73.9)
ts)
20.2
8.0x
$593.2
$519.3
$25.71
7.5x
$669.0
$595.1
$29.46
7.0x
$638.3
$564.4
$27.94
ŞİŞECAMView entire presentation