Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
Sensitivity Case - Assumptions
Net Realized
Pricing
Soda Ash
Volumes
Operating
Costs
Capital
Expenditures
Debt
Domestic and export net pricing reflects IHS netback forecasts less $26.00 and $39.00 per metric ton,
respectively, from 2022E to 2028E
► Discounts informed by the 2018A-2020A average difference between IHS pricing and SIRE
realized pricing
Same as SIRE Financial Projections
Non-freight operating costs as a percentage of net revenue are assumed to be:
Consistent with SIRE Financial Projections as a percentage of net revenue for 2022E, 2023E and
2024E; resulting in gross margins of 40.9%, 39.3% and 39.3%, respectively
Confidential - Preliminary and Subject to Change
▸ Adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin
through 2022E
Same as SIRE Financial Projections
Same as SIRE Financial Projections
Source: SIRE Financial Projections, SIRE management
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