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
$2.73
2024E
$2.80
For the Years Ending
December 31,
2025E
2026E
$2.59
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
Confidential - Preliminary and Subject to Change
$2.50
2027E
$2.55
2028E
$2.48
Low
Terminal Value
$2.48
12.0%
$20.65
$26.13
25.09
24.11
23.19
22.31
($.
$23.19
-
-
per unit)
-
High
$2.48
8.0%
$30.98
$32.82
31.42
30.10
28.86
27.69
$31.42
ŞİŞECAMView entire presentation