Evercore Investment Banking Pitch Book
Financial Projections and Preliminary Valuation Detail - Sensitivity Case
Discounted Distributions Analysis - Sensitivity Case
SIRE Distribution per LP Unit (Cash, As Paid)¹
Terminal Yield²
Terminal Value
Equity Cost of Capital Based on CAPM
Present Value @ 9.0% Cost of Equity
Present Value @ 10.0% Cost of Equity
Present Value @ 11.0% Cost of Equity
Present Value @ 12.0% Cost of Equity
Present Value @ 13.0 % Cost of Equity
Implied SIRE Unit Value - Based on CAPM
2023E
$2.72
2024E
$2.79
For the Years Ending
December 31,
2025E
$2.58
2026E
Confidential - Preliminary and Subject to Change
$2.49
Source: FactSet, SIRE Financial Projections, SIRE management
1. Values LP units based on LP unit distributions and does not consider GP distributions
2.
Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.5% and mean of 10.0%. Current yield is 9.0% as of October 20, 2022
EVERCORE
32
2027E
$2.54
2028E
$2.47
Low
Terminal Value
$2.47
12.0%
$20.55
$24.48
23.54
22.64
21.79
20.99
($
$21.79
-
-
per unit)
-
High
$2.47
8.0%
$30.82
$30.61
29.33
28.13
27.00
25.93
$29.33
ŞİŞECAMView entire presentation