Evercore | Investment Banking Pitch Book | 63 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 inventory

63
every slide · same image gating as the playbook
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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 from Evercore to a Conflicts Committee.summarize
Open slide detailBeat · Situation & Context
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This is a standard fairness opinion disclosure slide detailing the scope of due diligence and analysis performed by the financial advisor.summarize
Open slide detailBeat · Situation & Context
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summarize
Open slide detailBeat · Situation & Context
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The slide uses a hierarchical flow chart to represent corporate ownership and equity stakes.establish_context
Open slide detailBeat · Situation & Context
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The slide presents a valuation bridge and key financial metrics for a transaction involving SIRE and Sisecam Wyoming.analyze_data
Open slide detailBeat · Situation & Context
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The slide uses a line chart to show price volatility against various VWAP metrics and specific event markers.analyze_data
Open slide detailBeat · Problem & Complication
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The chart includes a callout explaining a data gap in 2Q20 due to COVID-19 impacts.compare_peers
Open slide detailBeat · Problem & Complication
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transition
Open slide detailBeat · Problem & Complication
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establish_context
Open slide detailBeat · Problem & Complication
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The slide uses a bar chart to show production vs exports over time and a pie chart to show export market share by country.establish_context
Open slide detailBeat · Problem & Complication
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Includes a pie chart for global capacity and a bar chart for production costs.compare_options
Open slide detailBeat · Problem & Complication
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The chart shows capacity in million metric tons from 2010 to 2025, with a CAGR table inset.establish_context
Open slide detailBeat · Problem & Complication
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transition
Open slide detailBeat · Problem & Complication
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Includes financial projections and historical market data as of early 2023.establish_context
Open slide detailBeat · Problem & Complication
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Includes a pie chart visualizing the ownership split and three tables detailing institutional, insider, and total ownership.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes a map of the Wyoming plant location and a dual-axis chart showing EBITDA and volume sold.establish_context
Open slide detailBeat · Evidence & Proof
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The slide details contractual obligations with Union Pacific and provides historical context for All-Inclusive Index Less Fuel (All-LF) and Handysize Dry Bulk sestablish_context
Open slide detailBeat · Evidence & Proof
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The slide uses a combination of a pie chart for cost breakdown and combo charts (bar + line) for historical trends.establish_context
Open slide detailBeat · Evidence & Proof
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analyze_data
Open slide detailBeat · Evidence & Proof
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summarize
Open slide detailBeat · Evidence & Proof
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The slide uses a combination of stacked bar charts and a dual-axis combo chart (bar + line).analyze_data
Open slide detailBeat · Evidence & Proof
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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 pestablish_context
Open slide detailBeat · Evidence & Proof
27
The slide explains the operational context of deca rehydration and its role in soda ash production efficiency.establish_context
Open slide detailBeat · Evidence & Proof
28
The slide uses a stacked bar chart to decompose margin components (Energy, Personnel, Royalties, Production Taxes, Other, Gross Profit) and a bridge-style calloanalyze_data
Open slide detailBeat · Evidence & Proof
29
The slide uses a combination of stacked bar charts for cost composition and dual-axis combo charts for consumption and price trends.analyze_data
Open slide detailBeat · Evidence & Proof
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The slide uses a combination of bar charts and a dual-axis line chart to illustrate cost trends.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes historical data (A) and projections (E).analyze_data
Open slide detailBeat · Evidence & Proof
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The table shows a decline in EBITDA from $158.0M in 2023E to $99.7M in 2028E.analyze_data
Open slide detailBeat · Evidence & Proof
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The table details EBITDA, interest, maintenance capex, and resulting distributions to SIRE and NRP, ending with a surplus/shortfall and coverage ratio.analyze_data
Open slide detailBeat · Evidence & Proof
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The table displays a balanced sources and uses statement followed by a capital structure summary including Net Debt/EBITDA ratios.analyze_data
Open slide detailBeat · Evidence & Proof
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The table breaks down consolidated EBITDA, attributable EBITDA, distributable cash flow, and unit ownership metrics.analyze_data
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Impact & Next Steps
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analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
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Includes COVID-19 impact annotations and management guidance on price differentials.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
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The slide uses a grouped bar chart format to compare two scenarios over a 6-year period.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
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The slide is structured as a comparison table detailing methodology, description, and key metrics/assumptions for each approach.present_framework
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
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The chart uses a floating bar (waterfall-style) to show valuation ranges for different methodologies, with a reference line at $25.00.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
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transition
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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Includes two sensitivity analysis tables at the bottom for Terminal Exit Multiple and Perpetuity Growth Rate.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The table provides valuation multiples (EV/EBITDA) and operational metrics for a selected peer group as of January 30, 2023.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The slide presents two valuation blocks based on different fiscal year projections.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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Includes a table of precedent transactions and a valuation bridge calculation.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide presents a sensitivity analysis of the present value of SIRE units based on different CAPM cost of equity assumptions.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide provides a comparative analysis of premiums paid in historical transactions to benchmark the SIRE valuation.compare_peers
Open slide detailBeat · Impact & Next Steps
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Contains a typo in the source 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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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 is structured into three sections: Distributable Cash Flow, Distributed Cash Flow, and Surplus/Shortfall with Coverage Ratio.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes a section for Capital Structure metrics at the bottom.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes consolidated EBITDA, EBITDA attributable to SIRE, distributable cash flow, and unit-level distribution metrics.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes a detailed DCF table and two sensitivity tables for WACC vs. Exit Multiple and WACC vs. Perpetuity Growth Rate.quantify_impact
Open slide detailBeat · Impact & Next Steps
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The slide presents two valuation tables based on different EBITDA projections and multiple ranges.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table calculates implied equity value and unit price based on a range of EBITDA multiples (6.0x to 8.5x).quantify_impact
Open slide detailBeat · Impact & Next Steps
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The slide uses a Discounted Cash Flow (DCF) approach to derive unit value.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
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Includes sensitivity tables for WACC based on varying debt/total capitalization ratios and different market risk premium assumptions.analyze_data
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The slide provides a sensitivity analysis of control value based on different illustrative unit prices for SIRE LP units.analyze_data