Evercore Investment Banking Pitch Book
Confidential - Preliminary and Subject to Change
Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1
1 Peer Group Trading Analysis - Sensitivity Case #1
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
33
in millions, except per unit amounts
5.5x
$429.1
$356.5
$17.65
5.0x
$478.3
$405.6
$20.08
4.5x
$423.3
$350.7
$17.36
$78.0
(72.6)
20.2
$95.7
(72.6)
20.2
$94.1
(72.6)
ts)
20.2
8.0x
$624.1
$551.5
$27.30
7.5x
$717.4
$644.8
$31.92
7.0x
$658.5
$585.9
$29.01
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