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  "documentTitle": "Evercore | Investment Banking Pitch Book | 63 slides",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide uses a stacked bar chart to decompose margin components (Energy, Personnel, Royalties, Production Taxes, Other, Gross Profit) and a bridge-style callout to explain the 27.2% margin degradation.",
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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%. Reduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E. Of the remaining 18.9% of margin compression, personnel costs are the key driver.",
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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. A 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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