Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 118

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 118
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1.993x – 3.508x        |
| Equity Research Analysts’ Price Targets |     | 1.857x – 2.733x        |
| 52-Week Trading Range                   |     | 1.902x – 2.434x        |

Has / Gets Analysis – Dividend Discount Analysis Evercore reviewed the implied aggregate equity value of Huntington attributable to holders of Huntington common stock on a pro forma basis giving effect to the merger based on a dividend discount analysis. The pro forma implied equity value attributable to holders of Huntington common stock was equal to the product obtained by multiplying approximately 77.0% (Huntington’s stockholders’ pro forma ownership of the combined company immediately following the completion of the merger based the exchange ratio of 2.475x set forth in the merger agreement) by an amount equal to the implied aggregate equity value of Huntington on a pro forma basis giving effect to the merger, calculated as (i) Huntington’s standalone implied aggregate equity value calculated using the dividend discount analysis summarized above under the caption “ —Huntington Standalone — Dividend

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Discount Analysis ” (calculated using the midpoint value determined by the Huntington standalone dividend discount analysis), plus (ii) Cadence’s standalone implied aggregate equity value calculated using the dividend discount analysis summarized above under the caption “ —Cadence Standalone—Dividend Discount Analysis ” (calculated using the midpoint value determined by the Cadence standalone dividend discount analysis), and plus (iii) the net present value, as of October 24, 2025, of the Synergies and merger expenses (using the discount rate of 12.0% and 10.5x terminal multiple). This analysis resulted in an implied incremental aggregate equity value of Huntington on a pro forma basis attributable to holders of Huntington common stock of approximately $1.891 billion relative to Huntington’s standalone implied aggregate equity value calculated using the dividend discount analysis summarized above under the caption “ —Huntington Standalone—Dividend Discount Analysis ” (calculated using the midpoint value determined by the Huntington standalone dividend discount analysis).

Accretion / Dilution Analysis

Evercore reviewed the potential pro forma financial effect of the merger on Huntington’s (i) EPS for the calendar years 2026 and 2027, and (ii) Huntington’s TBVPS at the closing of the merger. Estimated financial data of Huntington and Cadence as well as the pro forma effects