Evercore Investment Banking Pitch Book
SIRE Situation Analysis
Total Units Outstanding
Common Unit Price
Total Equity Value
Plus: Net Debt²
Plus: Noncontrolling Interest (Market Value)³
Enterprise Value
Distribution Yield
Current
2023E
2024E
EV / EBITDA*
2022E
2023E
2024E
Unit Price
$30.00
2.
3.
4.
$25.00
$20.00
Public Trading Statistics
As of January 30, 2023
$15.00
$10.00
$5.00
1/30/21
Common Unit Price and Distribution Information
SIRE Financial
Metric
9/30/21
Distribution per Unit
5/31/22
$2.00
2.41
2.22
Source: Public filings, FactSet, SIRE Financial Projections
1. As of January 24, 2023; includes 2.0% general partner interest
$152
154
143
Unit Price
20.2
$23.96
$484.1
115.7
465.1
$1,064.9
Projections
Yield/Multiple
1/30/23
8.3%
10.1%
9.3%
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
7.0x
6.9
7.4
Distribution per Unit
12
Balance Sheet and Credit Data
Cash and Marketable Securities
Short-Term Debt
Long-Term Debt
Total Debt
($ in millions, except per unit amounts,
Net Debt
Plus: Noncontrolling Interest (Book Value)
Plus: Partners' Capital
Net Book Capitalization
Revolver Availability / Total Revolver Capacity
Net Debt / Net Book Cap
Net Debt / 2022E EBITDA
Quarterly Distribution per LP Unit
As of December 31, 2022
% to LP % to GP
98.0% 2.0%
98.0%
85.0%
LP Quarterly
Distribution
Range
$--
2.0% 0.5000
15.0% 0.5750
75.0% 25.0% 0.6250
50.0% 50.0% 0.7500
General Partner Incentive Distribution Rights
$0.5000
0.5750
0.6250
0.7500
$0.5000
As of December 31, 2022
Implied market value of the 49% interest in Sisecam Wyoming owned by NRP LLC, calculated as the Partnership's Total Equity Value divided by 51% multiplied by 49%
SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A
EVERCORE
Total
Total
Quarterly
Quarterly Distribution Total Quarterly Quarterly
Distribution
Within Range
$0.5000
to GP
LP Units
per LP Unit Outstanding
$0.0102
19.8
Distribution Distribution
to LPs
to GP
$0.2
$9.9
19.8
19.8
19.8
19.8
$9.9
$0.2
% of Total Distributions to the GP
% of Total Distributions to the IDRS
$21.3
8.8
$130 / $225
21.6%
128.2
$137.0
$115.7
187.2
233.0
$535.9
$39.6
0.8x
Total
Total
Annual Annual
Distribution Distribution
to LPs
to GP
$39.6
$0.8
$0.8
2.0%
--%
ŞİŞECAMView entire presentation