Bank of America Investment Banking Pitch Book
SIRE Take Private Analysis
Analysis at Various Prices
Illustrative Unit Price
Premium/(Discount) to:
Total Equity Value
Net Debt (incl. pension liabilities)
Enterprise Value (100% Interest)
Total Return Since IPO (Sept. 13, 2013)
LP Units Outstanding (MM)
SIRE LP Equity Value (51% of Sisecam Wyoming)
Minority Interest (49% of Sisecam Wyoming)
Illustrative GP Value
Current:
52-Week High:
52-Week Low:
EV/ 2022E EBITDA
Current Distribution Yield
2022E LP DCF Yield
10-Day VWAP:
30-Day VWAP:
60-Day VWAP:
Less: Minority Interest
Less: CWHC's Equity Interest in CINR
Illustrative Equity Purchase Price (26.0% Public Float)
Valuation Metrics
12
Credit Metrics
Net Debt (incl. pension liabilities) / LTM EBITDA
Credit Ratings (Moody's / S&P)
$17.78
$22.75
$12.13
$17.23
$17.92
$18.71
Metric
Source: Company materials, company disclosures and FactSet as of July 1, 2022.
$146
2.00
2.73
$180
Current
$17.78
0.0%
(21.8%) i
46.6%
3.2%
(0.8%) !
(4.9%) I
83%
19.8 I
$352
$338 I
$7
$697 I
180
$877
(338)
(266)
$93
Multiples
6.0x
11.2%
15.4%
1.6x
NR/NR I
$16.89
(5.0%)
(25.8%)
39.2%
(1.9%)
(5.7%)
(9.7%)
74%
19.8
$334
$338
$7
$680
180
$860
(338)
(253)
$89
5.9x
11.8%
16.2%
1.6x
NR / NR
$17.78
0.0%
(21.8%)
46.6%
3.2%
(0.8%)
(4.9%)
83%
19.8
$352
$338
$7
$697
180
$877
(338)
(266)
$93
6.0x
11.2%
15.4%
Illustrative Premium to Current Price
$18.67
5.0%
(17.9%)
53.9%
8.4%
4.2%
(0.2%)
92%
19.8
$370
$338
$7
$715
180
$895
(338)
(279)
$98
6.1x
10.7%
14.6%
$19.56
10.0%
(14.0%)
61.2%
13.5%
9.1%
4.6%
101%
19.8
$387
$338
$7
$733
180
$913
(338)
(292)
$103
Multiples
6.3x
10.2%
14.0%
$20.45
15.0%
(10.1%)
68.6%
18.7%
14.1%
9.3%
110%
19.8
$405
$338
$7
$750
180
$930
(338)
(305)
$107
6.4x
9.8%
13.4%
$21.34
20.0%
(6.2%)
75.9%
23.9%
19.1%
14.1%
119%
19.8
$422
$338
$7
$768
180
$948
(338)
(318)
$112
6.5x
9.4%
12.8%
$22.23
25.0%
(2.3%)
83.2%
29.0%
24.0%
18.8%
128%
19.8
$440
$338
$7
$785
180
$965
(338)
(330)
$117
6.6x
9.0%
12.3%View entire presentation