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
$2.90
2024E
$3.00
For the Years Ending
December 31,
2025E
2026E
$2.96
$2.87
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 9.7% as of October 7, 2022
EVERCORE
36
2027E
$2.76
2028E
$2.70
Terminal Value
Low
$2.70
12.0%
$22.46
$27.97
26.87
25.83
24.84
23.91
$24.84
-
-
per unit)
-
High
$2.70
8.0%
$33.69
$35.05
33.56
32.16
30.85
29.60
$33.56
ŞİŞECAMView entire presentation