Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 Precedent M&A Transactions Analysis - Sensitivity Case #3 ($ in millions, except per unit amounts SIRE Share of 2023E EBITDA (Post - SIRE G&A) Relevant EBITDA Multiple Precedent M&A Transaction Analysis Implied Enterprise Value Based on 2023E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE'S 51% Share) Implied Equity Value SIRE LP Units Outstanding" Implied SIRE Unit Price Range - 2023E Adjusted EBITDA Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 45 6.0x $520.1 $445.4 $22.05 $86.7 (74.7) 20.2 8.5x $736.8 $662.1 $32.78 ŞİŞECAM
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