Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
SIRE Financial Projections vs. Sensitivity Case
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$--
Discounted Cash Flow Analysis
EBITDA Exit Multiple Perpetuity Growth
$18.93
$14.37
$28.54
$21.82
Proposed
Consideration: I
$19.00
I
EVERCORE
EBITDA Exit Multiple:
5.5x8.0x
$16.12
$13.26
$26.81
Discount Rate:
WACC or 8.25% - 9.25%
$21.95
Perpetuity Growth Rate:
0.5% -1.5%
2022E EBITDA
$26.51
$17.09
$24.72
$15.84
Peer Group Trading Analysis
2023E EBITDA
$24.82
$15.34
SIRE Financial Projections
$28.49
2022E EBITDA Multiple: 2023E EBITDA Multiple:
5.5x - 8.0x
5.0x - 7.5x
6
$17.76
2024E EBITDA
$21.05
$12.24
Confidential - Preliminary and Subject to Change
I
Sensitivity Case
$27.08
$16.09
2024E EBITDA Multiple:
4.5x - 7.0x
Precedent M&A
Transactions Analysis
2023E EBITDA
$28.61
$19.13
I
$32.78
$22.05
2023E EBITDA Multiple:
6.0x - 8.5x
Discounted
Distributions Analysis
$19.52
$14.91
$30.61
$22.64
Terminal Yield of
8.0% - 12.0%
Equity Cost or Capital or
9.0% - 11.0%
ŞİŞECAMView entire presentation