Evercore Investment Banking Pitch Book slide image

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 ŞİŞECAM
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