Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis
Partnership / Corporation
Chemical Companies with Soda Ash Operations
Ciech SA
$10.93
11.14
115.28
11.72
2.15
Genesis Energy, L.P.
Solvay SA
Tata Chemicals Limited
Türkiye Sise ve Cam Fabrikalari A.S.
Mean
Median
Other MLPs
Alliance Resource Partners, L.P.
Natural Resource Partners L.P.
Price
1/30/23
Mean
Median
$22.54
52.99
Source: Public filings and FactSet
Note: No peer group company is directly comparable to SIRE
1. As of January 30, 2023
EVERCORE
% of 52-Week Equity Enterprise
1
Value
Value
High
96.3%
82.9%
90.0%
77.7%
86.4%
81.6%
96.4%
$576
1,366
11,892
2,985
6,376
$2,949
728
36
$898
5,982
14,635
3,814
8,430
$3,108
1,490
2022E
($ in millions, except per share/unit amounts)
4.6x
8.5
4.2
9.2
7.3
6.8x
7.3
3.4x
NM
3.4x
3.4
EV / EBITDA
2023E
5.1x
7.9
5.1
8.4
6.1
6.5x
6.1
2.8x
NM
2.8x
2.8
2024E
4.8x
7.4
4.9
8.1
5.2
6.1x
5.2
2.4x
NM
2.4x
2.4
Net Debt /
2023E EBITDA
1.6x
4.8
0.8
1.7
1.1
2.0x
1.6
0.2x
NM
0.2x
0.2
Soda Ash
% Revenue
40.9%
30.3%
15.4%
52.4%
30.0%
33.8%
30.3%
--%
14.7%
7.3%
7.3%
ŞİŞECAMView entire presentation