Oaktree Transaction Overview & Montana Renewables Carveout
Strong Multiples Even for Partial Renewable Diesel Exposure
EV/EBITDA Multiples
·
Publicly traded companies that produce
16.0x
Renewable Diesel include lower
multiple businesses including food,
14.0x
fossil, bio-diesel
12.0x
Strong EV/EBITDA multiples for
10.0x
companies with partial Renewable
Diesel exposure
8.0x
13.8x
6.0x
Potential for higher public market
10.2x
valuation for a pure-play Renewable
4.0x
8.6x
Diesel producer like Montana
Renewables
2.0x
•
Montana Renewables' growth
opportunities provide further upside
0.0x
RD + Food
RD + Biodiesel
RD + Fossil
© 2021 Calumet Specialty Products Partners, L.P. | 10
Source: Intrepid, Current Market Enterprise Value, 2023E EBITDA Projection (November 16, 2021)
CALUMET
SPECIALTY PRODUCTS PARTNERS, LPView entire presentation