Evercore Investment Banking Pitch Book
Confidential - Preliminary and Subject to Change
Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3
3 Precedent M&A Transactions Analysis - Sensitivity Case #3
($ in millions, except per unit amounts
SIRE Share of 2023E EBITDA (Post - SIRE G&A)
Relevant EBITDA Multiple
Precedent M&A Transaction Analysis
Implied Enterprise Value Based on 2023E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE'S 51% Share)
Implied Equity Value
SIRE LP Units Outstanding¹
Implied SIRE Unit Price Range - 2023E Adjusted EBITDA
Source: Public filings, Wall Street research, SIRE Financial Projections
1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
44
6.0x
$535.2
$461.3
$22.84
$89.2
(73.9)
20.2
8.5x
$758.2
$684.3
$33.88
ŞİŞECAMView entire presentation