Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
1 SIRE Financial Projections vs. Sensitivity Case #1 & Case #3
3
EBITDA
Attributable to SIRE
DCF / LP Unit
% Gross Margin
$76.1 $78.0
$74.2
2022E
$2.00 $2.00 $2.00
2022E
40.9% 40.5% 40.9%
2022E
$76.6
$2.40
2023E
$95.7
39.3%
$89.2
$3.00
2023E
Source: SIRE Financial Projections, SIRE management
EVERCORE
$2.80
41.7%,
39.3%
2023E
$71.2
$94.1 $91.2
2024E
$2.21
$2.95 $2.86
2024E
39.3% 38.2% 39.3%
2024E
SIRE Financial Projections
$55.9
2025E
$1.85
$73.6 $75.4
35.8%
2025E
$2.60 $2.65
14
32.2%
37.1%
2025E
Sensitivity Case #1
$51.8
$1.66
Confidential - Preliminary and Subject to Change
2026E
34.6%
$71.2 $72.9
2026E
$2.51 $2.56
($ in millions, except per unit amounts,
32.2%
37.1%
2026E
$53.8
$1.74
2027E
Sensitivity Case #3
$77.2 $74.5
33.5%
$2.71 $2.61
2027E
35.9% 37.1%
2027E
$46.9
2028E
$1.41
$75.5 $72.9
30.8%
$2.64 $2.55
2028E
35.9% 37.1%
2028E
ŞİŞECAMView entire presentation