Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis
Partnership / Corporation
Chemical Companies with Soda Ash Operations
Ciech SA
$6.96
10.05
1.47
86.42
Genesis Energy, L.P.
Türkiye Sise ve Cam Fabrikalari A.S.
Solvay SA
Tata Chemicals Limited
Mean
Median
Other MLPs
Alliance Resource Partners, L.P.
Natural Resource Partners L.P.
Mean
Median
Sisecam Resources LP ²
Price
10/4/22
Source: Public filings and FactSet
Note: No peer group company is directly comparable to SIRE
1. As of October 4, 2022
2.
Based on SIRE Financial Projections
EVERCORE
14.00
$24.13
42.00
$21.05
% of 52-Week Equity Enterprise
High 2
Value
Value
61.6%
74.6%
95.0%
67.5%
91.1%
87.3%
82.7%
89.5%
$367
1,232
4,394
8,915
3,568
$3,157 $3,491
558
1,262
$425
$670
5,683
6,290
12,440
4,447
21
$985
($ in millions, except per share/unit amounts)
Net Debt /
2022E EBITDA
2022E
4.1x
8.4
5.7
4.5
11.0
6.7x
5.7
3.6x
3.9
Confidential - Preliminary and Subject to Change
3.8x
3.8
6.5x
EV / EBITDA
2023E
4.2x
7.7
4.8
5.1
10.1
6.4x
5.1
3.1x
NM
3.1x
3.1
6.4x
2024E
4.0x
7.2
4.3
4.9
9.6
6.0x
4.9
2.7x
NM
2.7x
2.7
6.9x
1.9x
5.0
1.1
1.2
1.9
2.2x
1.9
0.3x
0.7
0.5x
0.5
1.0x
Soda Ash
% Revenue
40.9%
30.3%
30.0%
15.4%
15.0%
26.3%
30.0%
--%
14.7%
7.3%
7.3%
100.0%
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