Evercore Investment Banking Pitch Book
Financial Projections and Preliminary Valuation Detail - Sensitivity Case
Discounted Cash Flow Analysis - Sensitivity Case
Sisecam Wyoming EBITDA
Less: Tax Depreciation and Amortization²
EBIT
Less: Cash Taxes³
EBIAT
Plus: Tax Depreciation and Amortization
Less: Capital Expenditures
Less: Changes in NWC
Sisecam Wyoming Unlevered Free Cash Flow
SIRE Interest in Sisecam Wyoming
SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow
Less: SIRE G&A
SIRE Unlevered Free Cash Flow
EBITDA Multiple / Perpetuity Growth Rate
Implied Terminal Value
Present Value of Terminal Value @ 9.00% Discount Rate
Plus: Present Value of Unlevered Free Cash Flow @ 9.00% Discount Rate
Implied Enterprise Value
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied Equity Value
SIRE LP Units Outstanding
Implied SIRE LP Unit Value
Unit Price
Sensitivity
Analysis
WACC
8.00%
8.50%
9.00%
9.50%
10.00%
4.25x
$20.42
19.86
19.33
18.82
18.33
Terminal Exit Multiple
6.75x
$26.11
25.53
24.89
24.24
23.61
5.50x
$23.36
22.72
22.11
21.54
20.98
2023E
$177.8
(588.3)
($410.5)
($410.5)
588.3
(25.6)
0.4
$152.6
51.0%
$77.8
(4.0)
$73.8
8.00x
$28.87
28.21
27.58
26.94
26.23
2024E
For the Years Ending December 31,
2025E
2026E
$182.0
(21.7)
$160.3
(9.5)
$150.8
21.7
(26.1)
15.7
$162.1
51.0%
$82.7
(4.0)
$78.7
9.25x
$31.62
30.89
30.19
29.50
28.83
$151.5
(39.8)
$111.8
(6.6)
$105.2
WACC
39.8
(26.7)
8.2
$126.4
51.0%
$64.5
(4.0)
Confidential - Preliminary and Subject to Change
$60.5
8.00%
8.50%
9.00%
9.50%
10.00%
($ in millions, except per unit amounts,
$146.6
(53.8)
$92.8
(6.9)
$86.0
53.8
(27.3)
0.8
$113.2
51.0%
$57.7
(4.0)
$53.7
2027E
--%
$24.44
23.08
21.82
20.69
19.67
$149.6
(63.2)
$86.4
(6.4)
$80.0
63.2
(27.9)
(9.8)
$105.4
51.0%
$53.8
(4.0)
$49.8
2028E
$146.4
(67.7)
$78.7
(10.8)
$67.8
67.7
(28.6)
(1.0)
$106.0
51.0%
$54.0
(4.0)
$50.0
Perpetuity Growth Rate
0.5%
$25.39
23.96
22.58
21.35
20.25
1.0%
$26.47
24.90
23.43
22.09
20.90
Exit
Multiple
$70.6¹
6.75x
$476.8
284.3
$577.5
$502.8
$24.89
293.2
(74.7)
20.2
Perpetuity
Growth
1.5%
$27.72
25.96
24.40
22.92
21.62
$146.4
(28.6)
$117.8
(43.6)
$74.2
28.6
(28.6)
$74.2
51.0%
$37.8
(4.0)
$33.8
1.0%
$427.3
254.8
$548.0
$473.3
$23.43
2.0%
$29.19
27.18
25.46
23.87
22.43
Source: SIRE Financial Projections, SIRE management
1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A
2. 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital
expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%)
3. Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter
4.
Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
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