Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 108

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 108
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 of Cadence common stock by multiplying 2.475, the exchange ratio pursuant to the merger agreement, by $16.07, the closing price of Huntington common stock on October 24, 2025. Summary of Evercore’s Financial Analyses Huntington Standalone Analyses Selected Publicly Traded Companies Analysis Evercore reviewed and compared certain financial information of Huntington to corresponding financial multiples and ratios for the following selected publicly traded companies in the banking industry:

| • | U.S. Bancorp. |

| • | The PNC Financial Services Group, Inc. |

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| • | Truist Financial Corporation |

| • | Citizens Financial Group, Inc. |

| • | Fifth Third Bancorp |

| • | M&T Bank Corporation |

| • | KeyCorp |

| • | Regions Financial Corporation |

| • | Zions Bancorporation, National Association |

For each of the selected companies, Evercore calculated price per share as a multiple of each of: (i) estimated earnings per share (“EPS”) (based on consensus estimates) for the calendar year 2026 (which is referred to as “P / 2026E EPS”), and (ii) tangible book value (“TBV”) per share as of the selected companies most recently completed fiscal quarter for which TBV per share information was publicly available as of October 24, 2025 (which is referred to as “P / TBVPS”), based on closing share prices as of October 24, 2025. Estimated financial data of the selected companies were based on publicly available research analysts’ estimates. This analysis indicated the following:

| Benchmark     |     | Median |
| P / 2026E EPS |     | 9.9x   |
| P / TBVPS     |     | 1.61x  |

Based on the multiples it derived for the selected companies and its professional judgment and experience, Evercore applied: (i) a P / 2026E EPS multiple reference range of 10.0x to 11.0x to an estimate of Huntington’s EPS in calendar year 2026, as reflected in the Forecasts, and (ii) a P / TBVPS multiple reference range of 1.50x to 1.80x to Huntington’s TBVPS as September 30, 2025, to derive implied share price value reference ranges for Huntington. Based on these ranges of implied share prices, this analysis indicated a range of implied equity values