Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Peer Group Trading Analysis
Partnership / Corporation
Chemical Companies with Soda Ash Operations
Ciech SA
$6.32
10.11
1.68
85.31
14.12
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
Sisecam Resources LP ²
Price % of 52-Week Equity Enterprise
10/17/22
1
High ¹
Value
Value
Source: Public filings and FactSet
Note: No peer group company is directly comparable to SIRE
1. As of October 17, 2022
2.
Based on SIRE Financial Projections
EVERCORE
$22.60
40.98
$22.65
55.9%
75.0%
99.7%
66.6%
91.8%
81.8%
80.6%
96.3%
$333
1,239
5,009
8,800
3,596
$2,957
542
$632
5,690
6,904
12,275
4,466
7
$3,291
1,246
$458 $1,048
($ in millions, except per share/unit amounts)
Net Debt /
2022E EBITDA
2022E
3.9x
8.4
6.0
4.4
11.1
6.8x
6.0
3.3x
3.8
Confidential - Preliminary and Subject to Change
3.6x
3.6
6.9x
EV / EBITDA
2023E
4.0x
7.7
5.2
5.1
10.1
6.4x
5.2
2.7x
NM
2.7x
2.7
6.8x
2024E
3.8x
7.2
4.3
4.9
9.7
6.0x
4.9
2.6x
NM
2.6x
2.6
7.3x
1.9x
5.0
1.1
1.2
1.9
2.2x
1.9
0.3x
0.7
0.5x
0.5
1.0x
Soda Ash
% Revenue
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