Evercore | Investment Banking Pitch Book | 82 slides

Evercore · 2023-01
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Slide 1
front_matter
Open slide detailBeat · Situation & Context
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other
Open slide detailBeat · Situation & Context
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front_matter
Open slide detailBeat · Situation & Context
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transition
Open slide detailBeat · Situation & Context
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This is a formal financial advisory slide detailing a merger transaction.summarize
Open slide detailBeat · Situation & Context
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The slide details the specific due diligence steps, including document review, management discussions, sensitivity analysis, DCF, and comparable company/transacpresent_framework
Open slide detailBeat · Situation & Context
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summarize
Open slide detailBeat · Situation & Context
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The slide uses a standard corporate hierarchy diagram to illustrate equity stakes and parent-subsidiary relationships.establish_context
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Includes a highlighted column for the $24.00 unit price consideration.analyze_data
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The chart tracks SIRE unit price from Oct 2021 to Jan 2023, highlighting the impact of specific announcements on trading performance.analyze_data
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The chart highlights a period in 2Q20 where SIRE's multiple was not meaningful due to COVID-19 impacts.compare_peers
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transition
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Includes data from U.S. Geological Survey and IHS Markit.establish_context
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Includes a bar chart showing domestic production vs exports (2014-2021) and a pie chart showing export market distribution.establish_context
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compare_options
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Includes a table inset within the chart area showing CAGR for different regions.establish_context
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transition
Open slide detailBeat · Problem & Complication
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Includes financial projections and historical market data.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide provides a comprehensive view of the ownership structure, distinguishing between institutional, insider, and retail holders.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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Includes a dual-axis combo chart showing EBITDA and volume sold over a 10-year period.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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Includes specific contractual details (shortfall payments, fuel surcharges) and historical market data charts.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide uses a combination of a pie chart for cost breakdown and dual-axis combo charts (bar + line) for historical trends.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide provides a high-level view of personnel metrics to contextualize the current cost structure.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide uses a table-like structure to categorize assumptions by financial line item.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide presents two charts: a stacked bar chart for total sales and a combo chart (bar + line) for Deca sales.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The chart uses a dual-axis approach: left axis for volume (metric tons in millions) and right axis for market share percentage.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide details the operational context of SIRE's deca rehydration process and its impact on production efficiency and capacity.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide uses a waterfall-style decomposition to explain the 27.2% margin degradation between 2022E and 2028E, attributing 8.3% to net price and 18.9% to otheranalyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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Includes three charts: a stacked bar for total energy costs, and two combo charts (bar + line) for natural gas and electricity consumption/price.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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The slide uses a combination of bar charts and a line chart to illustrate cost trends from 2018 to 2028.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Mece Breakdown
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Includes projections for 2023-2028. Data is split between SIRE and NRP shares.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Data presented in millions of dollars. Includes projections for domestic and export sales, freight, and various cost categories.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The table breaks down EBITDA, interest, and maintenance capex to arrive at distributable cash flow, then splits it between SIRE and NRP.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The table presents a sources and uses statement followed by a capital structure summary.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The table breaks down consolidated EBITDA, EBITDA attributable to SIRE, distributable cash flow, and unit ownership metrics.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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transition
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide uses a table-like structure to map categories to specific assumptions.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes COVID-19 impact annotations and specific management guidance on price differentials.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide uses a grouped bar chart format to compare two scenarios across three key financial metrics.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes a 'For Reference Only' section for Premiums Paid Analysis.present_framework
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The chart uses a 'football field' format to show valuation ranges across different methodologies. A dashed line indicates the $24.00 consideration price.compare_options
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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transition
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes detailed DCF build-up and sensitivity tables for WACC vs. Exit Multiple and WACC vs. Perpetuity Growth Rate.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The table provides valuation multiples and operational metrics for a selected peer group as of January 26, 2023.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide presents two valuation blocks (2023E and 2024E) using a standard equity bridge methodology.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide uses a precedent transaction approach to determine an implied equity value and unit price range for SIRE.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide presents a sensitivity analysis of the unit value based on different discount rates (CAPM).analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide provides a comparative analysis of premiums paid in historical transactions to inform valuation.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide contains a typo in the row labels: 'Pirce' instead of 'Price'.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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transition
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes line items for sales volumes, revenue, freight costs, COGS, and EBITDA margins.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide presents a sensitivity case financial model for Sisecam Wyoming, detailing distributable cash flow and its allocation between SIRE and NRP.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes a capital structure summary at the bottom.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The table includes sections for Consolidated EBITDA, EBITDA Attributable to SIRE, Distributable Cash Flow, Distributed Cash Flow, and Unit Ownership.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes detailed footnotes regarding tax assumptions and unit calculations.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide presents two valuation tables for 2023E and 2024E, calculating implied equity value and unit price ranges.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table calculates implied enterprise value, equity value, and unit price range based on a sensitivity range of 6.0x to 8.5x EBITDA.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table presents a discounted distribution analysis with projections from 2023E to 2028E and terminal value calculations.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents two charts: a stacked bar chart for total sales and a combo chart (bar + line) for Deca sales.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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Includes CAPM calculation, peer group data, and sensitivity tables for Supply-Side and Historical Market Risk Premium.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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The table provides a breakdown of tax components per unit for acquisitions from 2013 to 2021.analyze_data
Open slide detailBeat · Impact & Next Steps
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The chart displays units in millions on the y-axis against net taxes paid per SIRE unit on the x-axis.analyze_data
Open slide detailBeat · Impact & Next Steps
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The chart displays grouped bar data for nine different entities (MLP A-I and SIRE) across ten deciles, with significant negative outliers in the first two decilanalyze_data
Open slide detailBeat · Impact & Next Steps
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The chart displays a high density of quantitative data points across multiple categories (MLP A-I and SIRE) grouped by decile.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 provides a valuation breakdown for the 2021 acquisition and a table showing how control value changes relative to SIRE unit price assumptions.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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Includes annotations explaining revenue and expense variances.analyze_data
Open slide detailBeat · Impact & Next Steps
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front_matter
Open slide detailBeat · Impact & Next Steps
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The slide compares three data series: SIRE Net, IHS (as of 8/15/2022), and IHS (January 2023 update).analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide uses a grouped bar chart structure to compare three distinct financial scenarios over a six-year period.analyze_data
Open slide detailBeat · Impact & Next Steps
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The chart uses a floating bar/range format to display valuation outcomes across three distinct scenarios (Projections, Sensitivity, IHS Update).compare_options
Open slide detailBeat · Impact & Next Steps
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The table includes line items for sales volumes, revenue, freight costs, operating expenses, and EBITDA margins.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table shows a breakdown of EBITDA, interest, and capex to arrive at distributable cash flow, followed by a distribution split between SIRE and NRP.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes a capital structure section at the bottom showing net debt and leverage ratios.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table breaks down cash flow from Sisecam Wyoming down to per-unit distributions for LP units.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes detailed DCF build-up from EBITDA to Implied SIRE LP Unit Value.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents two valuation tables based on different EBITDA projections and multiple ranges.quantify_impact
Open slide detailBeat · Impact & Next Steps
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The table uses a sensitivity range of 6.0x to 8.5x EBITDA multiples.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes CAPM-based equity cost of capital sensitivity and terminal value calculations.analyze_data
Open slide detailBeat · Impact & Next Steps