Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 113

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 113
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 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 Cadence on a standalone basis as reflected in the Forecasts corresponded to an implied P / TBVPS multiple of 1.53x on the regression line. Based on this analysis, Evercore applied implied P / TBVPS multiples ranging from 1.40x to 1.70x to the TBVPS as of September 30, 2025 for Cadence on a standalone basis, as reflected in its publicly available filings, to derive a range of implied values per share of Cadence common stock on a standalone basis of $31.95 to $38.79, compared to the closing price of Cadence common stock of $36.49 on October 24, 2025, and the Implied Exchange Ratio Value Per Share of $39.77. Dividend Discount Analysis Evercore performed a dividend discount analysis of Cadence on a standalone basis to calculate ranges of implied present values per share of Cadence common stock on a standalone basis utilizing estimates of the implied distributions to Cadence 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 Cadence would make distributions of capital in excess of the amount necessary to achieve a CET1 capital of 9.5% to 10.5%. Evercore calculated terminal values for Cadence on a standalone basis by applying illustrative range of terminal multiples of 10.5x to 11.5x, which range was selected based on Evercore’s professional judgment and experience, to an estimate of the adjusted net income that Cadence 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 value as of October 24, 2025 using discount rates ranging from ranging from 11.5% to 13.5%, representing an estimate of Cadence’s cost of equity, as estimated by Evercore based on its professional judgment and experience, to derive a range of implied values per share of Cadence common stock on a standalone basis of $41.21 to $46.80, compared to the closing price of Cadence common stock of