Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis
Partnership / Corporation
Chemical Companies with Soda Ash Operations
Ciech SA
$11.16
Genesis Energy, L.P.
11.85
Solvay SA
114.67
Tata Chemicals Limited
11.65
Türkiye Sise ve Cam Fabrikalari A.S.
2.20
Mean
Median
Other MLPs
Alliance Resource Partners, L.P.
Natural Resource Partners L.P.
Price
1/26/23
Mean
Median
$20.52
54.16
Source: Public filings and FactSet
Note: No peer group company is directly comparable to SIRE
1. As of January 26, 2023
EVERCORE
% of 52-Week Equity Enterprise
1
Value
Value
High
98.4%
88.2%
89.6%
77.3%
88.3%
74.3%
98.6%
$588
1,453
11,829
2,969
6,512
$2,685
746
36
$910
6,069
14,568
3,797
8,567
$2,843
1,508
2022E
($ in millions, except per share/unit amounts)
Net Debt /
2023E EBITDA
4.6x
8.6
4.2
9.2
7.5
6.8x
7.5
Confidential - Preliminary and Subject to Change
3.1x
NM
3.1x
3.1
EV / EBITDA
2023E
5.2x
8.0
5.1
8.4
6.2
6.6x
6.2
2.6x
NM
2.6x
2.6
2024E
4.9x
7.5
4.9
8.0
5.3
6.1x
5.3
2.2x
NM
2.2x
2.2
1.6x
4.8
0.8
1.7
1.1
2.0x
1.6
0.2x
NM
0.2x
0.2
Soda Ash
% Revenue
40.9%
30.3%
15.4%
52.4%
30.0%
33.8%
30.3%
--%
14.7%
7.3%
7.3%
ŞİŞECAMView entire presentation