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HORIZON BANCORP INC/IN (HBNC) Stock Fundamental Analysis

NASDAQ:HBNC - Nasdaq - US4404071049 - Common Stock - Currency: USD

14.76  +0.58 (+4.09%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to HBNC. HBNC was compared to 398 industry peers in the Banks industry. HBNC has a bad profitability rating. Also its financial health evaluation is rather negative. HBNC has a decent growth rate and is not valued too expensively. HBNC also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year HBNC was profitable.
HBNC had a positive operating cash flow in the past year.
In the past 5 years HBNC has always been profitable.
In the past 5 years HBNC always reported a positive cash flow from operatings.
HBNC Yearly Net Income VS EBIT VS OCF VS FCFHBNC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

1.2 Ratios

HBNC has a worse Return On Assets (0.45%) than 76.88% of its industry peers.
HBNC has a Return On Equity of 4.64%. This is in the lower half of the industry: HBNC underperforms 79.40% of its industry peers.
Industry RankSector Rank
ROA 0.45%
ROE 4.64%
ROIC N/A
ROA(3y)0.66%
ROA(5y)0.87%
ROE(3y)7.44%
ROE(5y)8.85%
ROIC(3y)N/A
ROIC(5y)N/A
HBNC Yearly ROA, ROE, ROICHBNC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

With a Profit Margin value of 18.49%, HBNC is not doing good in the industry: 66.58% of the companies in the same industry are doing better.
HBNC's Profit Margin has declined in the last couple of years.
HBNC does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 18.49%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-20.82%
PM growth 5Y-10.73%
GM growth 3YN/A
GM growth 5YN/A
HBNC Yearly Profit, Operating, Gross MarginsHBNC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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1

2. Health

2.1 Basic Checks

HBNC does not have a ROIC to compare to the WACC, probably because it is not profitable.
HBNC has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, HBNC has less shares outstanding
Compared to 1 year ago, HBNC has an improved debt to assets ratio.
HBNC Yearly Shares OutstandingHBNC Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
HBNC Yearly Total Debt VS Total AssetsHBNC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.2 Solvency

The Debt to FCF ratio of HBNC is 1047.87, which is on the high side as it means it would take HBNC, 1047.87 years of fcf income to pay off all of its debts.
HBNC has a Debt to FCF ratio of 1047.87. This is amonst the worse of the industry: HBNC underperforms 87.69% of its industry peers.
A Debt/Equity ratio of 1.88 is on the high side and indicates that HBNC has dependencies on debt financing.
HBNC has a Debt to Equity ratio of 1.88. This is amonst the worse of the industry: HBNC underperforms 90.20% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.88
Debt/FCF 1047.87
Altman-Z N/A
ROIC/WACCN/A
WACC9.09%
HBNC Yearly LT Debt VS Equity VS FCFHBNC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
HBNC Yearly Current Assets VS Current LiabilitesHBNC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M

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5

3. Growth

3.1 Past

HBNC shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 32.41%, which is quite impressive.
The Earnings Per Share has been growing slightly by 2.26% on average over the past years.
HBNC shows a small growth in Revenue. In the last year, the Revenue has grown by 2.04%.
HBNC shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -1.24% yearly.
EPS 1Y (TTM)32.41%
EPS 3Y-5.43%
EPS 5Y2.26%
EPS Q2Q%68.75%
Revenue 1Y (TTM)2.04%
Revenue growth 3Y-6.42%
Revenue growth 5Y-1.24%
Sales Q2Q%29.23%

3.2 Future

Based on estimates for the next years, HBNC will show a small growth in Earnings Per Share. The EPS will grow by 6.44% on average per year.
Based on estimates for the next years, HBNC will show a quite strong growth in Revenue. The Revenue will grow by 11.48% on average per year.
EPS Next Y6.95%
EPS Next 2Y6.44%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year17.76%
Revenue Next 2Y11.48%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
HBNC Yearly Revenue VS EstimatesHBNC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M 200M 250M
HBNC Yearly EPS VS EstimatesHBNC Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2

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5

4. Valuation

4.1 Price/Earnings Ratio

HBNC is valuated cheaply with a Price/Earnings ratio of 7.69.
HBNC's Price/Earnings ratio is rather cheap when compared to the industry. HBNC is cheaper than 93.22% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 28.64. HBNC is valued rather cheaply when compared to this.
HBNC is valuated cheaply with a Price/Forward Earnings ratio of 7.66.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HBNC indicates a rather cheap valuation: HBNC is cheaper than 88.44% of the companies listed in the same industry.
HBNC is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.44, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 7.69
Fwd PE 7.66
HBNC Price Earnings VS Forward Price EarningsHBNC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

HBNC's Price/Free Cash Flow ratio is rather expensive when compared to the industry. HBNC is more expensive than 86.18% of the companies in the same industry.
Industry RankSector Rank
P/FCF 505.91
EV/EBITDA N/A
HBNC Per share dataHBNC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

HBNC's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.11
PEG (5Y)3.4
EPS Next 2Y6.44%
EPS Next 3YN/A

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7

5. Dividend

5.1 Amount

HBNC has a Yearly Dividend Yield of 4.59%, which is a nice return.
Compared to an average industry Dividend Yield of 3.68, HBNC pays a bit more dividend than its industry peers.
HBNC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.52.
Industry RankSector Rank
Dividend Yield 4.59%

5.2 History

The dividend of HBNC has a limited annual growth rate of 5.16%.
HBNC has paid a dividend for at least 10 years, which is a reliable track record.
As HBNC did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)5.16%
Div Incr Years8
Div Non Decr Years9
HBNC Yearly Dividends per shareHBNC Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6

5.3 Sustainability

HBNC pays out 79.96% of its income as dividend. This is not a sustainable payout ratio.
HBNC's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP79.96%
EPS Next 2Y6.44%
EPS Next 3YN/A
HBNC Yearly Income VS Free CF VS DividendHBNC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M
HBNC Dividend Payout.HBNC Dividend Payout, showing the Payout Ratio.HBNC Dividend Payout.PayoutRetained Earnings

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HORIZON BANCORP INC/IN

NASDAQ:HBNC (4/24/2025, 3:35:29 PM)

14.76

+0.58 (+4.09%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-23 2025-04-23/amc
Earnings (Next)07-22 2025-07-22/amc
Inst Owners71.45%
Inst Owner Change0.07%
Ins Owners2.65%
Ins Owner Change0.89%
Market Cap649.59M
Analysts80
Price Target18.97 (28.52%)
Short Float %1.3%
Short Ratio3.33
Dividend
Industry RankSector Rank
Dividend Yield 4.59%
Yearly Dividend0.64
Dividend Growth(5Y)5.16%
DP79.96%
Div Incr Years8
Div Non Decr Years9
Ex-Date04-04 2025-04-04 (0.16)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)80.97%
Min EPS beat(2)8.74%
Max EPS beat(2)153.21%
EPS beat(4)4
Avg EPS beat(4)40.78%
Min EPS beat(4)0.23%
Max EPS beat(4)153.21%
EPS beat(8)7
Avg EPS beat(8)22.78%
EPS beat(12)9
Avg EPS beat(12)15.42%
EPS beat(16)12
Avg EPS beat(16)13.96%
Revenue beat(2)0
Avg Revenue beat(2)-30.19%
Min Revenue beat(2)-57.06%
Max Revenue beat(2)-3.31%
Revenue beat(4)0
Avg Revenue beat(4)-16.35%
Min Revenue beat(4)-57.06%
Max Revenue beat(4)-0.99%
Revenue beat(8)1
Avg Revenue beat(8)-17.12%
Revenue beat(12)3
Avg Revenue beat(12)-13.69%
Revenue beat(16)4
Avg Revenue beat(16)-11.26%
PT rev (1m)-1.02%
PT rev (3m)3.54%
EPS NQ rev (1m)-35.58%
EPS NQ rev (3m)-35.58%
EPS NY rev (1m)-0.01%
EPS NY rev (3m)5.73%
Revenue NQ rev (1m)-2.33%
Revenue NQ rev (3m)-2.33%
Revenue NY rev (1m)-0.59%
Revenue NY rev (3m)3.65%
Valuation
Industry RankSector Rank
PE 7.69
Fwd PE 7.66
P/S 3.39
P/FCF 505.91
P/OCF 102.01
P/B 0.85
P/tB 1.09
EV/EBITDA N/A
EPS(TTM)1.92
EY13.01%
EPS(NY)1.93
Fwd EY13.05%
FCF(TTM)0.03
FCFY0.2%
OCF(TTM)0.14
OCFY0.98%
SpS4.35
BVpS17.35
TBVpS13.59
PEG (NY)1.11
PEG (5Y)3.4
Profitability
Industry RankSector Rank
ROA 0.45%
ROE 4.64%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 18.49%
GM N/A
FCFM 0.67%
ROA(3y)0.66%
ROA(5y)0.87%
ROE(3y)7.44%
ROE(5y)8.85%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-20.82%
PM growth 5Y-10.73%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 1.88
Debt/FCF 1047.87
Debt/EBITDA N/A
Cap/Depr 49.21%
Cap/Sales 2.65%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 3.62%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC9.09%
ROIC/WACCN/A
Cap/Depr(3y)59.85%
Cap/Depr(5y)51.32%
Cap/Sales(3y)3.13%
Cap/Sales(5y)2.52%
Profit Quality(3y)129.3%
Profit Quality(5y)123%
High Growth Momentum
Growth
EPS 1Y (TTM)32.41%
EPS 3Y-5.43%
EPS 5Y2.26%
EPS Q2Q%68.75%
EPS Next Y6.95%
EPS Next 2Y6.44%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)2.04%
Revenue growth 3Y-6.42%
Revenue growth 5Y-1.24%
Sales Q2Q%29.23%
Revenue Next Year17.76%
Revenue Next 2Y11.48%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-98.42%
FCF growth 3Y-76.96%
FCF growth 5Y-62.38%
OCF growth 1Y-92.84%
OCF growth 3Y-60.88%
OCF growth 5Y-48.45%