Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 184

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 184
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14,939 |
| Median          |     |                    | 12.2 |   |     |              |  8.8 |   |     |           | 110 |   |     |           |  7.0 |   |     |          | 4.07 |   |     |        |  4,080 |
| 25th Percentile |     |                    |  7.4 |   |     |              |  7.4 |   |     |           |  96 |   |     |           |  6.0 |   |     |          | 3.62 |   |     |        |  1,237 |
| Low             |     |                    |  5.6 |   |     |              |  4.1 |   |     |           |  72 |   |     |           |  4.6 |   |     |          | 2.48 |   |     |        |    876 |
| ESSA            |     |                    | 10.5 | X |     |              | 10.6 | X |     |           |  87 | % |     |           |  8.6 | % |     |          | 3.06 | % |     |        | 11,753 |

Source: S&P Global Market Intelligence.

| (1) | Financial data was as of September 30, 2024 or for the 12 or three months ended September 30, 2024. Market data was as of January 8, 2025. |

PNC FIG Advisory also reviewed the historical stock price performance of ESSA relative to the selected companies and selected stock indices, as indicated in the following tables: ESSA Historical Stock Performance Relative to Selected Companies and Selected Indices

Source: S&P Global Market Intelligence. 137

Discounted Cash Flow Analysis of ESSA PNC FIG Advisory performed a discounted cash flow analysis to estimate a range for the implied equity value of ESSA common stock based on the present value of implied future dividends over a seven-year period and implied terminal values at the end of such period. In this analysis, PNC FIG Advisory assumed discount rates of 10%, 12% and 14% and calculated terminal values of 10.0x and 13.0x earnings at the end of seven fiscal years ending September 30, 2031