Evercore Investment Banking Pitch Book
Confidential - Preliminary and Subject to Change
Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3
3 Peer Group Trading Analysis - Sensitivity Case #3
2022E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2022E 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 - 2022E Adjusted EBITDA
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
1
SIRE LP Units Outstanding'
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
Source: SIRE Financial Projections
1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
44
in millions, except per un it amounts
5.5x
$394.6
$319.9
$15.84
5.0x
$433.4
$358.7
$17.76
4.5x
$399.7
$325.0
$16.09
$71.7
(74.7)
20.2
$86.7
(74.7)
20.2
$88.8
(74.7)
ts)
20.2
8.0x
$574.0
$499.3
$24.72
7.5x
$650.1
$575.4
$28.49
7.0x
$621.7
$547.0
$27.08
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