Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis (cont'd)
2023E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2023E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE'S 51% Share)
Implied SIRE Equity Value
SIRE LP Units Outstanding¹
Implied SIRE Unit Price Range - 2023E Adjusted EBITDA
2024E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2024E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied SIRE Equity Value
SIRE LP Units Outstanding¹
Implied SIRE Unit Price Range - 2024E Adjusted EBITDA
Confidential - Preliminary and Subject to Change
Source: SIRE Financial Projections
1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
37
in millions, except per unit amounts
5.0x
$383.0
$324.0
$16.04
4.5x
$320.4
$261.4
$12.94
$76.6
(59.0)
20.2
$71.2
(59.0)
ts)
20.2
7.5x
$574.5
$515.5
$25.52
7.0x
$498.4
$439.4
$21.75
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