Evercore Investment Banking Pitch Book
Financial Projections and Preliminary Valuation Detail - Sensitivity Case
Peer Group Trading Analysis - Sensitivity Case
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 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, SIRE management
1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
47
in millions, except per un it amounts
5.0x
$438.5
$379.5
$18.79
4.5x
$409.3
$350.3
$17.34
$87.7
(59.0)
20.2
$90.9
(59.0)
ts)
20.2
7.5x
$657.7
$598.7
$29.64
7.0x
$636.6
$577.6
$28.60
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