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
($
in millions, except per unit amounts)
EBITDA
Attributable to SIRE
DCF/LP Unit
% Gross Margin
$76.6
$2.41
$86.7 $87.7
2023E
$2.73 $2.76
2023E
39.3% 39.3% 39.3%
I
2023E
$71.2
$2.22
$88.8 $90.9
2024E
Source: SIRE Financial Projections, SIRE management
EVERCORE
$2.80 $2.87
2024E
39.3% 39.3% 39.3%
$55.9
$1.86
$73.3
2025E
2024E
SIRE Financial Projections
$2.59
2025E
$82.4
35.8% 37.1% 37.1%
2025E
$2.91
$51.8
58
$1.67
34.6%
$70.8
2026E
$2.50
2026E
2026E
Sensitivity Case
$83.4
Confidential - Preliminary and Subject to Change
$2.94
37.1% 37.1%
$53.8
$1.75
33.5%
$72.3 $72.3
2027E
$2.55 $2.55
2027E
37.1%37.1%
2027E
IHS January 2023 Interim
Monthly Price Update Case
$46.9
$1.42
30.8%
$70.6 $70.6
2028E
$2.48 $2.48
2028E
37.1%37.1%
2028E
ŞİŞECAMView entire presentation