Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 114

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 114
---
 |
| P / TBVPS 1.40x – 1.70x    |     | $31.95 – $38.79           |

Although none of these companies is directly comparable to Cadence, Evercore selected these companies because they are publicly traded companies in the banking industry with business characteristics that Evercore, in its professional judgment and experience, considered generally relevant for purposes of its financial analyses. In evaluating the selected companies, Evercore made judgments and assumptions with regard to general business, economic and market conditions affecting the selected companies and other matters, as well as differences in the selected companies’ financial, business and operating characteristics. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments

70

TABLE OF CONTENTS

regarding many factors that could affect the relative values of the selected companies and the multiples derived from the selected companies. Mathematical analysis, such as determining the mean or median, is not in itself a meaningful method of using the data of the selected companies. Regression Analysis Evercore performed a regression analysis using the P / TBVPS multiples for the selected companies observed by Evercore as described above under “— Cadence Standalone – Selected Publicly Traded Companies Analysis” compared to the 2026E 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