Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Discounted Distributions Analysis
SIRE Distribution per LP Unit (Cash, As Paid)¹
Terminal Yield²
Terminal Value
Equity Cost of Capital Based on CAPM
Present Value @ 8.0% Cost of Equity
Present Value @ 9.0% Cost of Equity
Present Value @ 10.0% Cost of Equity
Present Value @ 11.0% Cost of Equity
Present Value @ 12.0% Cost of Equity
Implied SIRE Unit Value - Based on CAPM
2023E
$2.40
2024E
$2.21
For the Years Ending
December 31,
2025E
$1.85
2026E
$1.66
Confidential - Preliminary and Subject to Change
Source: FactSet, SIRE Financial Projections
1. Values LP units based on LP unit distributions and does not consider GP distributions
2.
Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022
EVERCORE
25
2027E
$1.74
2028E
$1.41
Terminal Value
Low
$1.41
12.0%
$11.75
$16.63
16.02
15.45
14.91
14.39
$14.91
-
per unit)
-
High
$1.41
8.0%
$17.63
$20.33
19.52
18.76
18.05
17.37
$19.52
ŞİŞECAMView entire presentation