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
ŞİŞECAMView entire presentation