Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
1 SIRE Financial Projections vs. Sensitivity Case #1 & Case #3
3
EBITDA
Attributable to SIRE
DCF / LP Unit
% Gross Margin
$76.1 $77.7
$71.7
2022E
$2.00 $2.00 $2.00
2022E
40.9% 40.3% 40.9%
2022E
$76.6
$2.40
$92.6
2023E
$86.7
$2.90
Source: SIRE Financial Projections, SIRE management
EVERCORE
$2.72
2023E
39.3% 38.7% 39.3%
11
2023E
$71.2
$95.7
$2.21
2024E
$88.8
$3.00
$2.79
2024E
39.3% 38.8% 39.3%
2024E
SIRE Financial Projections
$55.9
$1.85
$84.2
2025E
$73.3
$2.96
$2.58
2025E
15
35.8% 36.0% 37.1%
2025E
Sensitivity Case #1
$51.8
Confidential - Preliminary and Subject to Change
$1.66
$81.5
2026E
$2.87
$70.8
($ in millions, except per unit amounts,
$2.49
2026E
34.6% 36.0% 37.1%
2026E
$53.8
$1.74
Sensitivity Case #3
$78.7
2027E
33.5%
$72.3
$2.76
$2.54
2027E
36.5% 37.1%
2027E
$46.9
$1.41
$77.0
2028E
30.8%
$70.6
$2.70
$2.47
2028E
36.5% 37.1%
2028E
ŞİŞECAMView entire presentation