Evercore Investment Banking Pitch Book
Confidential - Preliminary and Subject to Change
Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3
3 Discounted Distributions Analysis - Sensitivity Case #3
SIRE Distribution per LP Unit (Cash, As Paid)¹
Terminal Yield²
Terminal Value
Equity Cost of Capital Based on CAPM
Present Value @ 8.0% Cost of Equity
Present Value @ 9.0% Cost of Equity
Present Value @ 10.0% Cost of Equity
Present Value @ 11.0% Cost of Equity
Present Value @ 12.0% Cost of Equity
Implied SIRE Unit Value - Based on CAPM
2023E
$2.80
2024E
$2.86
For the Years Ending
December 31,
2025E
2026E
$2.65
$2.56
Source: FactSet, SIRE Financial Projections
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 9.4% and mean of 10.0%. Current yield is 9.5% as of October 4, 2022
EVERCORE
45
2027E
$2.61
2028E
$2.55
Terminal Value
Low
$2.55
12.0%
$21.24
$26.29
25.26
24.28
23.35
22.48
$23.35
per unit)
-
High
$2.55
8.0%
$31.86
$32.99
31.59
30.27
29.03
27.86
$31.59
ŞİŞECAMView entire presentation