Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 130

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 130
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 a standalone basis of $56.38 to $70.45 and on a standalone basis but taking into account the effect of the mergers of $90.28 to $120.43.

Illustrative Present Value of Future Share Price Analysis: Comerica

Using the Forecasts, Goldman Sachs performed an illustrative analysis of the implied present value of an illustrative future value per share of Comerica common
stock on a standalone basis. For this analysis, Goldman Sachs derived a range of theoretical future values per share for the shares of Comerica common stock on a

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standalone basis as of December 31 2026, 2027 and 2028, by applying a range of multiples of illustrative NTM Price/EPS of 10.0x to 13.0x to the estimates of the EPS of Comerica for each of the fiscal years 2027, 2028 and 2029, respectively, as set forth in the Forecasts. Goldman Sachs derived the range of 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 Com