Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 129

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 129
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 illustrative NTM Price/EPS multiples based on its professional judgment and experience, taking into account current and historical NTM Price/EPS multiples for Comerica. Goldman Sachs then discounted these implied future values per share and the estimated dividends to be paid per share of Comerica common stock through the end of the applicable year as reflected in the Forecasts to June 30, 2025, using an illustrative discount rate of 13.0%, reflecting an estimate of the Comerica’s cost of equity. Goldman Sachs derived such discount rate by application of the CAPM. This analysis resulted in a range of implied present values per share of Comerica common stock of $51.75 to $66.19. Regression Analysis: Comerica Goldman Sachs performed a regression analysis using the tangible book value (“TBV”) per share multiples (such multiples, “Price/TBV” per share) for the Comerica selected companies calculated by Goldman Sachs as described below in the section captioned “—Selected Public Companies Multiples” compared to the 2026 estimated return on average tangible common equity (“2026E ROATCE”) for those selected companies using the median estimates for such companies published by Factset as of October 3, 2025 to derive a regression line reflecting a range of Price/TBV per share multiples at a range of 2026E ROATCE for the Comerica selected companies. Goldman Sachs observed that the 2026E ROATCE for Comerica as reflected in the Forecasts corresponded to an implied Price/TBV per share multiple of 1.34x on the regression line. Based on this observation, Goldman Sachs applied implied Price/TBV per share multiples ranging from 1.24x to 1.44x to the TBV per share as of June 30, 2025 for Comerica, as reflected in its publicly available filings, to derive a range of implied values per share of Comerica common stock of $59.64 to $69.24. Selected Precedent Transactions Analysis Goldman Sachs analyzed certain publicly available information relating to certain acquisition transactions announced since January 1, 2015 involving target companies in the banking industry in the United States in which the implied transaction value was greater than $2 billion (excluding mergers of equals). While none of the target companies in the selected transactions are directly comparable to Comerica and none of the selected transactions are directly comparable to the mergers, the target companies in the selected transactions are companies