Intrinsic Valuation of: HBANM
	Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF (FCF/Revenue)
	2020		-	-		EPS (FY)	1		Market Cap	-
	2021		-	- (-)		P/E Ratio	29		Total Asset	$204B
	2022		$2B	- (-)		Net Income	$2B		Total Debt	$16B
	2023		$4B	110.1% (73.5%)		EBITDA	-		Total Liab	$184B
	2024		$3B	-34.0% (-34.4%)		Opr Margin	-		Debt/Equity	0.83
	2025		$2B	-33.6% (-34.3%)		PreTax Margin	-		BV/Share	-
	5Y Average FCF		$2B	14.2% (1.6%)
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.0
	Perpetual Growth Rate (g):	2.5%				Historical US Bond Yield:			4.4%
	Discount Rate (WACC):	7.4%				Current US Bond Yield:			3.5%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection (14.2%)
	2026		$2B			MBG Intrinsic Value			$7
	2027		$2B
	2028		$2B
	2029		$3B
	2030		$3B
	2031		$4B
	Terminal Value		$77B			Net Worth/Share			-
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$63B				Growth Rate
	(+) Cash & Cash Equivalents	$13B			$60B	1.5%	2.0%	2.5%	3.0%	3.5%
	(-) Total Debt	$16B		WACC	7.3%	51,662,978,212	55,847,133,211	60,897,572,890	67,114,395,866	74,954,410,219
	Equity Value	$60B			7.4%	51,166,152,503	55,266,612,459	60,207,330,602	66,276,066,587	73,908,909,784
	Shares Outstanding	-			7.4%	50,677,774,442	54,696,855,574	59,531,166,145	65,456,743,211	72,890,100,701
					7.9%	46,215,220,019	49,531,358,233	53,458,203,301	58,181,568,666	63,971,156,461
	DCF Intrinsic Value	$60B			8.4%	42,402,376,693	45,175,171,158	48,415,553,223	52,252,690,733	56,868,152,281
Analyzed by QuantJuice (2025)