Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis
Partnership / Corporation
Chemical Companies with Soda Ash Oper
erations
Ciech SA
$6.27
10.14
1.69
87.47
14.00
Genesis Energy, L.P.
Türkiye Sise ve Cam Fabrikalari A.S.
Solvay SA
Tata Chemicals Limited
Mean
Median
Other MLPs
Alliance Resource Partners, L.P.
Natural Resource Partners L.P.
Mean
Median
Sise cam Resources LP²
Price % of 52-Week Equity Enterprise
10/20/22 High¹
Value
Value
Source: Public filings and FactSet
Note: No peer group company is directly comparable to SIRE
As of October 20, 2022
Based on SIRE Financial Projections
1.
2.
EVERCORE
$22.65
40.64
$22.10
55.5%
75.2%
98.6%
68.3%
92.8%
82.0%
80.0%
93.9%
$330
$632
1,243
5,694
5,031
6,925
9,023 12,508
3,567
4,433
$2,964 $3,298
537
1,241
$446 $1,026
19
($ in millions, except per share/unit amounts)
Net Debt / Soda Ash
2022E EBITDA % Revenue
2022E
3.9x
8.4
6.1
4.5
11.1
6.8x
6.1
3.3x
3.8
Confidential - Preliminary and Subject to Change
3.6x
3.6
6.8x
EV / EBITDA
2023E
3.9x
7.7
5.2
5.2
10.1
6.4x
5.2
2.7x
NM
2.7x
2.7
6.7x
2024E
3.8x
7.2
4.2
5.0
9.7
6.0x
5.0
2.6x
NM
2.6x
2.6
7.2x
1.9x
5.0
1.1
1.2
1.9
2.2x
1.9
0.3x
0.7
0.5x
0.5
1.0x
40.9%
30.3%
30.0%
15.4%
15.0%
26.3%
30.0%
--%
14.7%
7.3%
7.3%
100.0%
ŞİŞECAMView entire presentation