Evercore | Investment Banking Pitch Book | 69 slides

Evercore · 2022-09
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Slide inventory

69
every slide · same image gating as the playbook
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Slide 1
front_matter
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front_matter
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transition
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This is a standard financial advisory introductory slide for a Conflicts Committee.summarize
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This slide details specific methodological changes in valuation inputs (WACC, EBITDA multiples) and the addition of sensitivity cases.summarize
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Includes a complex organizational chart and a financial table detailing enterprise value and EBITDA projections.summarize
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The chart tracks SIRE unit price from July 2021 to September 2022, annotated with three major corporate milestones.analyze_data
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The slide uses a sensitivity table to show how the implied value for control changes based on different unit price premiums.summarize
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Open slide detailBeat · Situation & Context
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Includes financial projections and market data as of mid-2022.analyze_data
Open slide detailBeat · Situation & Context
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Includes a map of the Green River Basin and a combo chart showing EBITDA vs. Sales Volume.establish_context
Open slide detailBeat · Situation & Context
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Includes project timeline, cost estimates, and regulatory status.establish_context
Open slide detailBeat · Situation & Context
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Includes specific contractual details regarding fuel surcharges and shortfall payments.establish_context
Open slide detailBeat · Situation & Context
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Includes a pie chart for 2022E cost breakdown and two combo charts (bar + line) for historical trends.establish_context
Open slide detailBeat · Situation & Context
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Includes a callout box explaining a change in power generation in Q4 2020.establish_context
Open slide detailBeat · Situation & Context
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Includes historical personnel cost trends and total personnel costs from 2018A to 2022E.establish_context
Open slide detailBeat · Situation & Context
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Part of a financial situation analysis deck.establish_context
Open slide detailBeat · Situation & Context
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The slide uses a combination of stacked bar charts and a combo bar-line chart to visualize financial performance and volume metrics.analyze_data
Open slide detailBeat · Situation & Context
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The chart displays data from 2012A to 2025E. The primary Y-axis represents volume in millions of metric tons, and the secondary Y-axis represents market share panalyze_data
Open slide detailBeat · Situation & Context
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The slide explains the operational context of 'deca rehydration' and its role in soda ash production efficiency.establish_context
Open slide detailBeat · Situation & Context
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Includes historical data (2012A-2021A) and projections (2022E-2028E).analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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The slide uses stacked bar charts to decompose gross profit per metric ton and gross profit as a percentage of net revenue into cost components (Energy, Personnanalyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Includes historical data (A) and projections (E) from 2018 to 2028.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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The slide uses a combination of bar charts for employee counts and cost per ton, and a line chart for the average fully-loaded cost per employee.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Includes historical data (2018-2020) and projections (2021-2028).analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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The table includes volume, revenue, freight, cost of goods sold, and EBITDA projections.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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The table presents a multi-year financial model for Sisecam Wyoming, including a breakdown of distributable cash flow and distribution splits between SIRE and Nanalyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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Includes a leverage ratio (Net Debt / Adjusted EBITDA) at the bottom.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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The table breaks down consolidated EBITDA, SIRE's share, distributable cash flow, and unit ownership metrics.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
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transition
Open slide detailBeat · Evidence & Proof
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The slide outlines specific financial modeling assumptions and methodologies used in a valuation context.present_framework
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The chart displays valuation ranges for different financial metrics and methodologies, with a proposed consideration of $17.90 marked.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The slide uses a table to define specific adjustments to IHS forecasts for two distinct sensitivity scenarios.compare_options
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The slide uses a comparison table format to contrast two sensitivity scenarios.compare_options
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The slide compares two financial scenarios across three key metrics over a 7-year period.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The chart uses a floating bar format to show valuation ranges for different financial metrics and methodologies.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The chart uses a waterfall-style visualization to show how specific financial adjustments (A, B1, B2, C1, C2) impact the base valuation.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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Includes sensitivity tables for discount rates and capital expenditure levels.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The chart uses a floating bar (waterfall-style) representation to show valuation ranges. Proposed consideration is marked at $17.90.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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transition
Open slide detailBeat · Impact & Next Steps
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Includes detailed DCF build-up and two sensitivity tables.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table segments peers into 'Chemical Companies with Soda Ash Operations' and 'Other MLPs', with a final row for the subject company.compare_peers
Open slide detailBeat · Impact & Next Steps
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The table calculates implied equity value and unit price ranges by applying EBITDA multiples to projected EBITDA, subtracting net debt, and dividing by outstandanalyze_data
Open slide detailBeat · Impact & Next Steps
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Includes a table of historical transactions and a valuation bridge calculation.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide uses a Discounted Cash Flow (DCF) methodology applied to LP unit distributions.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide provides a 'Premiums Paid Analysis' for historical midstream energy transactions to support valuation benchmarking.cite_precedent
Open slide detailBeat · Impact & Next Steps
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Contains a typo in the slide text: 'Pirce' instead of 'Price'.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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Includes a DCF table and two sensitivity matrices (WACC vs Exit Multiple and WACC vs Perpetuity Growth Rate).analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents three distinct valuation blocks based on different fiscal year EBITDA projections.analyze_data
Open slide detailBeat · Impact & Next Steps
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analyze_data
Open slide detailBeat · Impact & Next Steps
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The table presents a discounted cash flow (DCF) style sensitivity analysis for LP units.analyze_data
Open slide detailBeat · Impact & Next Steps
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appendix
Open slide detailBeat · Impact & Next Steps
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Open slide detailBeat · Impact & Next Steps
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Includes detailed footnotes explaining the calculation methodology for beta, cost of equity, and WACC.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes sensitivity analysis tables for WACC based on Debt/Total Cap and Unlevered Beta.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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The slide uses a structured table format to categorize assumptions by operational area.summarize
Open slide detailBeat · Impact & Next Steps
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Includes a detailed table of projected pre-tax operating profit and a sensitivity analysis for NAV per SIRE LP unit.quantify_impact
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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The table includes volume, revenue, freight, cost of goods sold, and EBITDA metrics.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table shows a sensitivity case projection for cash flows, including EBITDA, interest, capex, and distributions to SIRE and NRP.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes a breakdown of cash flow, debt paydown, and net debt metrics.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes consolidated EBITDA, EBITDA attributable to SIRE, distributable cash flow, distributed cash flow, and unit ownership metrics.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes sales volumes, revenue, freight costs, net revenue, operating costs, and EBITDA projections.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table breaks down EBITDA, interest, and capex to arrive at Distributable Cash Flow, then splits it between SIRE and NRP.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents a standard sources and uses of cash statement followed by a capital structure summary and a key leverage metric (Net Debt / Adjusted EBITDA).analyze_data
Open slide detailBeat · Impact & Next Steps
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The table breaks down consolidated EBITDA, EBITDA attributable to SIRE, distributable cash flow, and unit-level distributions.analyze_data
Open slide detailBeat · Impact & Next Steps