Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
SIRE Financial Projections vs. Sensitivity Case
EBITDA
Attributable to SIRE
DCF / LP Unit
% Gross Margin
$76.1 $71.7
2022E
$2.00 $2.00
2022E
40.9% 40.9%
2022E
$76.6
2023E
$2.40
$86.7
$2.72
2023E
39.3% 39.3%
Source: SIRE Financial Projections, SIRE management
EVERCORE
2023E
$71.2
$88.8
2024E
$2.21
$2.79
2024E
39.3% 39.3%
2024E
$55.9
$1.85
2025E
LO
$73.3
5
35.8% 37.1%
SIRE Financial Projections
$2.58
2025E
2025E
$51.8
$1.66
2026E
Confidential - Preliminary and Subject to Change
34.6%
$70.8
2026E
Sensitivity Case
($ in millions, except per unit am
$2.49
2026E
37.1%
$53.8
2027E
$1.74
$72.3
33.5%
$2.54
2027E
37.1%
2027E
$46.9
mounts)
$1.41
2028E
$70.6
30.8%
$2.47
2028E
37.1%
2028E
ŞİŞECAMView entire presentation