Evercore Investment Banking Pitch Book
SIRE Situation Analysis
Total Units Outstanding
Common Unit Price
Total Equity Value
Plus: Net Debt
Plus: Noncontrolling Interest (Market Value)²
Enterprise Value
Distribution Yield
Current
2023E
2024E
EV / EBITDA ³
2022E
2023E
2024E
Unit Price
Public Trading Statistics
As of October 4, 2022
$25.00
$20.00
$15.00
$10.00
$5.00
10/4/20
Management Projections
6/4/21
Metric
Common Unit Price and Distribution Information
$2.00
2.40
2.21
2/2/22
$152
154
143
20.2
$21.05
$425.2
150.9
Unit Price
408.5
$984.6
Yield/Multiple
9.5%
11.4%
10.5%
$3.00
$2.50
$2.00
- $1.50
- $1.00
$0.50
$--
10/4/22
6.5x
6.4
6.9
Distribution per Unit
5
Confidential - Preliminary and Subject to Change
Balance Sheet and Credit Data
Cash and Marketable Securities
Short-Term Debt
Long-Term Debt
Total Debt
($ in millions, except per unit amounts,
Net Debt
Plus: Noncontrolling Interest (Book Value)
Plus: Partners' Capital
Net Book Capitalization
Quarterly Distribution per LP Unit
Revolver Availability / Total Revolver Capacity
Net Debt / Net Book Cap
Net Debt / 2022E EBITDA
% to LP % to GP
98.0% 2.0%
98.0%
LP Quarterly
Distribution
Range
$--
2.0% 0.5000
85.0% 15.0% 0.5750
75.0% 25.0% 0.6250
50.0% 50.0% 0.7500
As of June 30, 2022
General Partner Incentive Distribution Rights
$0.5000
0.5750
0.6250
0.7500
$0.5000
Distribution per Unit
Source: Public filings, FactSet, SIRE Financial Projections
1. Includes General Partner 2.0% interest
2. Implied market value of the 49% interest in Sisecam Wyoming owned by NRP LLC, calculated as the Partnership's Total Equity Value divided by 51% multiplied by 49%
3. SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A
EVERCORE
Quarterly
Quarterly Distribution Total
Distribution to GP
LP Units
Within Range per LP Unit Outstanding
$0.5000 $0.0102
19.8
19.8
19.8
19.8
19.8
Total
Total
Quarterly Quarterly
Distribution Distribution
to LPs
to GP
$9.9
$0.2
$9.9
$0.2
% of Total Distributions to the GP
% of Total Distributions to the IDRs
$120 / $225
29.7%
1.0x
$3.4
8.7
145.6
$154.3
$150.9
156.4
201.2
$508.5
Total
Total
Annual Annual
Distribution Distribution
to LPs
to GP
$39.6
$0.8
$39.6
$0.8
2.0%
--%
ŞİŞECAMView entire presentation