Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
3 Valuation Summary - Sensitivity Case #3 - Common Units
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$--
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Discounted Cash Flow Analysis
EBITDA Exit Multiple Perpetuity Growth
$28.54
EVERCORE
$21.82
Proposed
Consideration: I
$19.00
EBITDA Exit Multiple:
5.5x - 8.0x
$26.81
$21.95
Perpetuity Growth Rate:
0.5% -1.5%
Discount Rate:
WACC of 8.25% - 9.25%
2022E EBITDA
$24.72
$15.84
Peer Group Trading Analysis
2022E EBITDA Multiple:
5.5x - 8.0x
2023E EBITDA
$28.49
19
$17.76
2023E EBITDA Multiple:
5.0x - 7.5x
Confidential - Preliminary and Subject to Change
2024E EBITDA
$27.08
$16.09
2024E EBITDA Multiple:
4.5x - 7.0x
Precedent M&A
Transactions Analysis
2023E EBITDA
$32.78
$22.05
2023E EBITDA Multiple:
6.0x - 8.5x
Discounted
Distributions Analysis
$30.61
$22.64
Terminal Yield of:
8.0% - 12.0%
Equity Cost of Capital of
9.0% - 11.0%
Sensitivity Case #3
ŞİŞECAMView entire presentation