Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 77

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 77
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, similarities to Bremer based on certain operational characteristics and/or certain financial metrics. However, none of the Bremer selected companies is identical or directly comparable to Bremer, and certain of the companies may have characteristics that are materially different from those of Bremer. Accordingly, a complete analysis of the results of the following calculations cannot be limited to a quantitative review of such results and involves complex considerations and judgments concerning the differences in the financial and operating characteristics of the Bremer Selected Companies compared to Bremer and other factors that could affect the public trading value of the Bremer Selected Companies and the value of Bremer.

Multiples were based on closing stock prices on November 22, 2024, which was the last practicable date prior to the delivery of J.P. Morgan’s opinion. Financial and market data and earnings per share estimates for the Bremer selected companies were based on such companies’ respective public filings and information J.P. Morgan obtained from FactSet Research Systems and S&P Global Market Intelligence. The multiples for each of the Bremer Selected Companies were based on the most recent publicly available information.

J.P. Morgan’s public trading multiples analysis was based on the Bremer Selected Companies. J.P. Morgan’s presentation included the multiple of each Bremer selected company’s share price to its estimated earnings per share for fiscal year 2025 (Price/2025E EPS). Based on the results of this analysis and other factors which J.P. Morgan considered appropriate based on its experience and judgement, J.P. Morgan selected a range of Price/2025E EPS multiples of 9.2x to 12.9x. J.P. Morgan applied this reference multiple range to Bremer management’s estimate of Bremer’s estimated earnings per share for fiscal year 2025, as provided in the Bremer management projections used by J.P. Morgan and described in the section entitled “— Certain Unaudited Prospective Financial Information.” The analysis indicated a range of implied equity values per share of Bremer common stock of $118.25 to $166.55, as compared to the implied value of the consideration per share of Bremer common stock of $116.76 based on the closing price of Old National common stock of $21.65 on November 22, 2024.

Dividend Discount Analysis

J.P. Morgan calculated a range of implied values for Bremer common stock by discounting to present value estimates of Bremer’s future dividend stream and terminal value. In performing its analysis, J.P. Morgan utilized, among