Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
SIRE Financial Projections vs. Sensitivity Case vs. IHS January 2023 Interim Monthly Price Update Case
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$--
EBITDA Exit Multiple Perpetuity Growth
$19.77
$15.09
Discounted Cash Flow Analysis
EVERCORE
$29.66
$22.89
$30.59
$23.64
EBITDA Exit Multiple:
5.5x - 8.0x
$17.19
$14.15
$28.52
Discount Rate:
WACC of 8.0% - 9.0%
$23.34
$29.45
$24.10
Perpetuity Growth Rate:
0.5% -1.5%
2023E EBITDA
$25.52
Peer Group Trading Analysis
$16.04
$29.27
$18.54
$29.64
SIRE Financial Projections
$18.79
2023E EBITDA Multiple:
5.0x - 7.5x
2024E EBITDA
$21.75
$12.94
$27.86
$28.60
59
$16.87 $17.34
2024E EBITDA Multiple:
4.5x - 7.0x
Sensitivity Case
Confidential - Preliminary and Subject to Change
Precedent M&A
Transactions Analysis
2023E EBITDA
$29.32
$19.83
$33.56 $33.98
$22.83
$23.13
2023E EBITDA Multiple:
6.0x8.5x
Discounted
Distributions Analysis
$20.08
$15.29
$31.42
$23.19
$32.12
IHS January 2023 Interim
Monthly Price Update Case
$23.84
Terminal Yield of
8.0% - 12.0%
Equity Cost of Capital of
8.5% -10.5%
FOR
REFERENCE ONLY
Premiums Paid
Analysis
$24.23
$21.44
Consideration:
$24.00
1-Day Spot Premium
20,0% - 35.0%
30-Day VWAP Premium
20.0%-30.0%
ŞİŞECAMView entire presentation