Bank of America Investment Banking Pitch Book
SIRE Situation Overview
Peer Benchmarking
Current Distribution Yield
15.0%
10.0%
5.0%
0.0%
12.0x
9.0x
EV / 2022E EBITDA
6.0x
3.0x
0.0x
11
11.2%
(1)
Source:
Note:
Sisecam Small-Cap MLPs Wholesale
Resources LP
8.5%
6.0x
Sisecam
Resources LP
7.0x
9.5%
Soda Ash
Peers
Large-Cap
Distribution Diversified MLPs
MLPs
6.4x
Small-Cap
MLPS
8.4%
8.8x
8.7x
6.4%
Refined
Products &
Crude MLPs
5.3%
Gathering &
Processing MLPs
8.6x
8.3x
LP DCF Yield 2022E
Wholesale Gathering &
Distribution Processing
MLPs
MLPs
45.0%
30.0%
15.0%
0.0%
3.00x
2.00x
Coverage 2022E
1.00x
15.4%
0.00x
Sisecam Small-Cap MLPs
Resources LP
1.06x
19.7%
(1)
Sisecam
Resources LP
1.99x
33.7%
Refined
Products &
Crude MLPs
2.44x
30.9%
1.95x
18.4%
Small-Cap MLPs Gathering & Large-Cap
Processing MLPs Diversified MLPs
Large-Cap Refined
Diversified Products &
MLPs Crude MLPs
Company filings and Factset as of July 1, 2022.
Soda Ash Peers includes: TROX, CMP, CC, OLN, SLCA, GEL, Tata Chemicals Limited; Small-Cap MLPs includes: MMLP, USDP, SNMP, SRLP and GPP; Large Cap MLPS includes: ET, EPD, MPLX and PAA; Refined
Products & Crude MLPS includes: MMP, NS, GEL, NGL, HEP, DKL, PBFX and MMLP; Gathering & Processing MLPS includes WES, DCP, HESM, CEQP, SMLP, SNMP; Wholesale Distribution MLPS includes: SUN, GLP,
CAPL and SRLP.
Based on distribution per unit projections developed prior to the distribution cut on 4/29/22.
Wholesale
Gathering & Large-Cap
Processing MLPs Diversified MLPs Distribution
MLPs
1.95x
Refined
Products &
Crude MLPs
ill
14.1%
1.57x
Wholesale
Distribution
MLPsView entire presentation