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  "documentTitle": "Evercore | Investment Banking Pitch Book | 82 slides",
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  "authorName": "Evercore",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "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 other factors (primarily personnel).",
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      "text": "Gross Profit per Metric Ton ($ / mt)",
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      "text": "Gross Profit as % of Net Revenue",
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      "text": "Per SIRE management, Sisecam Wyoming receives a net price plus payment for freight costs incurred with freight treated as a pass-through cost.\nA review of gross margin excluding freight cost reveals that margin compression is primarily driven by increased personnel costs and reduced net price.",
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      "text": "Per the SIRE Financial Projections, gross profit per metric ton is projected to decline from $70.74 to $51.47, or 27.2%\nReduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E, or a decrease of $172.87 to $167.00\nOf the remaining 18.9% of margin compression between 2022E and 2028E, personnel costs are the key driver",
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      "text": "Historical and Projected Margin per Ton Analysis",
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