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  "notes": "This slide details specific methodological changes in valuation inputs (WACC, EBITDA multiples) and the addition of sensitivity cases.",
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      "text": "Adjusted the Enterprise Value / 2023E EBITDA multiple range utilized in the precedent M&A transactions analysis to 6.0x–8.5x from 7.0x–9.0x",
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      "text": "Added the implied control premium paid by Sisecam USA in the 2021 Acquisition; Analyzed historical and projected IHS pricing; Analyzed historical and projected gross margin; Added two Sensitivity Cases for the SIRE Financial Projections; Analyzed the Statement of Resources and Reserves; SIRE Management provided information.",
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