Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 81

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 81
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 of such results and involves complex considerations and judgments concerning the differences in the financial and operating characteristics of the Old National selected companies compared to Old National and other factors that could affect the public trading value of the Old National selected companies and Old National.

Multiples were based on closing stock prices on November 22, 2024, which was the last trading date prior to the delivery of J.P. Morgan’s opinion. Financial and market data and earnings per share estimates for the Old National 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 Old National selected companies were based on the most recent publicly available information.

J.P. Morgan’s presentation included the Price/2025E EPS multiple of each Old National selected company. 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 11.1x to 14.5x. J.P. Morgan applied this reference multiple range to Wall Street equity research consensus estimates of Old National’s earnings per share for fiscal year 2025, based upon the Old National street estimates and projections (as defined in the section entitled “— Certain Unaudited Prospective Financial Information”). The analysis indicated a range of implied equity values per share of Old National common stock of $21.65 to $28.34, as compared to 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 Old National common stock by discounting to present value estimates of Old National’s future dividend stream and terminal value. In performing its analysis, J.P. Morgan utilized, among others, the following assumptions, which were reviewed and approved (and, in certain cases, provided) by Bremer management:

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Old National street estimates and projections (as defined in the section entitled “— Certain Unaudited Prospective Financial Information”);

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Terminal value based on estimated net income for fiscal year 2029 at an NTM P/E multiple range of 10.0x to 12.0x;

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Cost of equity range of 8.50% to 10.50%; and

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TABLE OF CONTENTS

• Common Equity Tier 1 target ratio of 10.0%.