Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

Preliminary Valuation Detail - SIRE Financial Projections Peer Group Trading Analysis (cont'd) 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 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 23 in millions, except per unit amounts 5.5x $418.5 $345.3 $17.09 5.0x $383.0 $309.8 $15.34 4.5x $320.4 $247.2 $12.24 $76.1 (73.2) 20.2 $76.6 (73.2) 20.2 $71.2 (73.2) ts) 20.2 8.0x $608.8 $535.5 $26.51 7.5x $574.5 $501.3 $24.82 7.0x $498.4 $425.2 $21.05 ŞİŞECAM
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