Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 111

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 111
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 the relative values of the selected companies and the multiples derived from the selected companies. Mathematical analysis, such as determining the mean or median, is not in itself a meaningful method of using the data of the selected companies. Regression Analysis Evercore performed a regression analysis using the P / TBVPS multiples for the selected companies observed by Evercore as described above under “— Huntington Standalone — Selected Publicly Traded Companies Analysis” compared to the 2026 estimated return on average tangible common equity (“ROATCE”) in 2026 (“2026E ROATCE”) for those selected companies using FactSet consensus estimates to derive a regression line reflecting a range of P / TBVPS multiples at a range of 2026E ROATCE for the selected companies. Evercore observed that the 2026E ROATCE for Huntington as reflected in the Forecasts corresponded to an implied P/TBV per share multiple of 1.76x on the regression line.

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Based on this analysis, Evercore applied implied P / TBVPS multiples ranging from 1.55x to 1.80x to the TBVPS as of September 30 2025, as reflected in its publicly available filings, to derive a range of implied values per share of Huntington common stock of $14.79 to $17.17, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Dividend Discount Analysis Evercore performed a dividend discount analysis of Huntington on a standalone basis to calculate ranges of implied present values per share of Huntington common stock on a standalone basis utilizing estimates of the implied distributions to Huntington shareholders on a standalone basis over the period beginning September 30, 2025 through December 31, 2029, calculated using the Forecasts assuming at the direction of Huntington Management that Huntington would make distributions of capital in excess of the amount necessary to achieve an accumulated other comprehensive income adjusted common equity tier 1 (“CET1”) capital of 9.0% to 10.0%. Evercore calculated terminal values for Huntington on a standalone basis by applying illustrative range of terminal multiples of 10.0x to 11.0x, which range was selected based on Evercore’s professional judgment and experience, to an estimate of the adjusted net income that Huntington was forecasted to generate on a standalone basis in calendar year 2030 based on the Forecasts. The implied distributions and terminal values were then discounted to present