Evercore Investment Banking Pitch Book
Financial Projections and Preliminary Valuation Detail - Sensitivity Case
Discounted Distributions Analysis - Sensitivity Case
SIRE Distribution per LP Unit (Cash, As Paid)¹
Terminal Yield²
Terminal Value
Equity Cost of Capital Based on CAPM
Present Value @ 7.5% Cost of Equity
Present Value @ 8.5% Cost of Equity
Present Value @ 9.5% Cost of Equity
Present Value @ 10.5% Cost of Equity
Present Value @ 11.5% Cost of Equity
Implied SIRE Unit Value - Based on CAPM
2023E
$2.76
2024E
$2.87
For the Years Ending
December 31,
2025E
2026E
$2.91
Source: FactSet, SIRE Financial Projections, SIRE management
1. Values LP units based on LP unit distributions and does not consider GP distributions
2.
Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022
EVERCORE
49
$2.94
2027E
$2.55
2028E
$2.48
Low
Terminal Value
$2.48
12.0%
$20.67
$26.84
25.78
24.78
23.84
22.95
unit)
$23.84
per u
High
$2.48
8.0%
$31.00
$33.54
32.12
30.78
29.52
28.33
$32.12
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