Evercore Investment Banking Pitch Book
Preliminary Valuation of SIRE Common Units
Valuation Summary - SIRE Financial Projections - Common Units
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
Discounted Cash Flow Analysis
EBITDA Exit Multiple Perpetuity Growth
Proposed I
Consideration: I
$19.00
$18.93
$14.37
EBITDA Exit Multiple:
5.5x - 8.0x
EVERCORE
$16.12
$13.26
Perpetuity Growth Rate:
0.5% -1.5%
Discount Rate:
WACC or 8.25% - 9.25%
2022E EBITDA
$26.51
$17.09
I
Peer Group Trading Analysis
2023E EBITDA
$24.82
$15.34
I
2022E EBITDA Multiple: 2023E EBITDA Multiple:
5.5x8.0x
5.0x7.5x
17
2024E EBITDA
$21.05
$12.24
2024E EBITDA Multiple:
4.5x - 7.0x
Confidential - Preliminary and Subject to Change
Precedent M&A
Transactions
Analysis
2023E EBITDA
$28.61
$19.13
2023E EBITDA Multiple:
6.0x - 8.5x
Discounted
Distributions
Analysis
$19.52
$14.91
Terminal Yield of:
8.0% - 12.0%
Equity Cost of Capital of
9.0% -11.0%
FOR
REFERENCE ONLY
Premiums Paid
Analysis
$23.27
$22.23
Range of
24.4% - 29.6%
SIRE Financial Projections
ŞİŞECAMView entire presentation