Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 110

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 110
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 share of Huntington common stock of $14.79 to $17.17, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Dividend Discount Analysis Evercore performed a dividend discount analysis of Huntington on a standalone basis to calculate ranges of implied present values per share of Huntington common stock on a standalone basis utilizing estimates of the implied distributions to Huntington 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 Huntington would make distributions of capital in excess of the amount necessary to achieve an accumulated other comprehensive income adjusted common equity tier 1 (“CET1”) capital of 9.0% to 10.0%. Evercore calculated terminal values for Huntington on a standalone basis by applying illustrative range of terminal multiples of 10.0x to 11.0x, which range was selected based on Evercore’s professional judgment and experience, to an estimate of the adjusted net income that Huntington 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 11.0% to 13.0%, representing an estimate of Huntington’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 Huntington common stock on a standalone basis of $16.59 to $19.13, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Other Factors Evercore also noted certain other factors, which were not considered material to its financial analyses with respect to its opinion, but were referenced for informational purposes only, including, among other things, the following: Equity Research Analysts’ Price Targets Evercore reviewed selected publicly available share price targets of research analysts’ estimates known to Evercore as of October 24, 2025, noting that low and high share price targets for Huntington common stock ranged from $15.00 to $23.00, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Public market trading price targets published by equity research analysts do not necessarily reflect current market trading prices for the shares of Huntington common stock and these target prices and the analysts’ earnings estimates on