Evercore Investment Banking Pitch Book
Financial Projections and Preliminary Valuation Detail - Sensitivity Case
Peer Group Trading Analysis - Sensitivity Case
2023E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2023E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied SIRE Equity Value
SIRE LP Units Outstanding
Implied SIRE Unit Price Range - 2023E Adjusted EBITDA
2024E EBITDA Attributable to SIRE
Relevant EBITDA Multiple
Implied Enterprise Value Based on 2024E Adjusted EBITDA
Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)
Implied SIRE Equity Value
SIRE LP Units Outstanding¹
Implied SIRE Unit Price Range - 2024E Adjusted EBITDA
Confidential - Preliminary and Subject to Change
Source: SIRE Financial Projections, SIRE management
1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution
EVERCORE
47
in millions, except per unit amounts
5.0x
$433.4
$374.4
$18.54
4.5x
$399.7
$340.7
$16.87
$86.7
(59.0)
20.2
$88.8
(59.0)
ts)
20.2
7.5x
$650.1
$591.1
$29.27
7.0x
$621.7
$562.7
$27.86
ŞİŞECAMView entire presentation