Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 ($ in millions, except per unit amounts, Perpetuity Exit Multiple Growth 3 Discounted Cash Flow Analysis - Sensitivity Case #3 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization² EBIT Less: Cash Taxes³ EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate Implied Terminal Value Present Value of Terminal Value @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% Discount Rate Implied Enterprise Value Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied Equity Value SIRE LP Units Outstanding Implied SIRE LP Unit Value Unit Price Sensitivity Analysis WACC 7.75% 8.25% 8.75% 9.25% 9.75% 4.25x $20.71 20.14 19.59 19.07 18.57 Terminal Exit Multiple 5.50x 6.75x $23.61 $26.41 23.04 25.82 22.41 25.24 21.82 24.56 21.25 23.92 2023E $177.8 (599.2) ($421.4) $160.3 $182.0 (21.7) 599.2 (25.6) 0.4 (9.5) ($421.4) $150.8 $152.6 51.0% $77.8 (4.0) $73.8 For the Years Ending December 31, 2025E 2026E 8.00x $29.20 28.54 2024E 27.89 27.27 26.58 21.7 (26.1) 15.7 $162.1 51.0% $82.7 (4.0) $78.7 9.25x $32.00 31.26 30.54 29.84 29.16 $151.5 (39.8) $111.8 (6.6) $105.2 39.8 (26.7) 8.2 $126.4 51.0% $64.5 (4.0) $60.5 WACC $146.6 (53.8) $92.8 (6.9) 7.75% 8.25% 8.75% 9.25% 9.75% $86.0 53.8 (27.3) 0.8 $113.2 51.0% $57.7 (4.0) $53.7 2027E $149.6 (63.2) $86.4 (6.4) $80.0 63.2 (27.9) (9.8) $105.4 51.0% --% $25.14 23.77 22.43 21.24 20.17 $53.8 (4.0) $49.8 2028E $146.4 (67.7) $78.7 (6.8) $71.9 67.7 (28.6) (1.0) $110.0 51.0% $56.1 (4.0) $52.1 1.0% $27.34 25.66 24.17 22.74 21.48 $70.6¹ 6.75x $476.8 288.3 $584.4 $509.7 Perpetuity Growth Rate 0.5% $26.17 24.65 23.25 21.95 20.79 $25.24 296.2 (74.7) 20.2 1.5% $28.71 26.81 25.16 23.64 22.25 $146.4 (28.6) $117.8 (43.6) $74.2 28.6 (28.6) $74.2 51.0% $37.8 (4.0) $33.8 1.0% $441.1 266.6 $562.8 $488.1 $24.17 2.0% $30.32 28.15 26.29 24.66 23.13 Source: SIRE Financial Projections, SIRE management 1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2. 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) 3. Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 43 ŞİŞECAM
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