Evercore Investment Banking Pitch Book slide image

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 ŞİŞECAM
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