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
34
in millions, except per unit amounts
5.5x
$427.3
$354.5
$17.55
5.0x
$462.9
$390.1
$19.31
4.5x
$430.6
$357.9
$17.72
$77.7
(72.7)
20.2
$92.6
(72.7)
20.2
$95.7
(72.7)
ts)
20.2
8.0x
$621.5
$548.7
$27.17
7.5x
$694.3
$621.6
$30.77
7.0x
$669.8
$597.1
$29.56
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