Evercore Investment Banking Pitch Book
Confidential - Preliminary and Subject to Change
Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1
1 Discounted Distributions Analysis - Sensitivity Case #1
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
$3.00
2024E
$2.95
For the Years Ending
December 31,
2025E
2026E
$2.60
$2.51
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 9.5% as of October 4, 2022
EVERCORE
35
2027E
$2.71
2028E
$2.64
Terminal Value
Low
$2.64
12.0%
$22.02
$27.09
26.03
25.02
24.06
23.16
$24.06
per unit)
-
High
$2.64
8.0%
$33.03
$34.03
32.59
31.23
29.95
28.74
$32.59
ŞİŞECAMView entire presentation