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INDEPENDENT BANK CORP - MICH (IBCP) Stock Fundamental Analysis

NASDAQ:IBCP - Nasdaq - US4538386099 - Common Stock - Currency: USD

36.25  +0.61 (+1.71%)

After market: 36.25 0 (0%)

Fundamental Rating

4

Overall IBCP gets a fundamental rating of 4 out of 10. We evaluated IBCP against 405 industry peers in the Banks industry. IBCP has a medium profitability rating, but doesn't score so well on its financial health evaluation. IBCP is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year IBCP was profitable.
IBCP had a positive operating cash flow in the past year.
IBCP had positive earnings in each of the past 5 years.
IBCP had a positive operating cash flow in 4 of the past 5 years.
IBCP Yearly Net Income VS EBIT VS OCF VS FCFIBCP 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 20M 40M 60M 80M 100M

1.2 Ratios

IBCP's Return On Assets of 1.18% is fine compared to the rest of the industry. IBCP outperforms 79.40% of its industry peers.
IBCP has a better Return On Equity (13.72%) than 89.70% of its industry peers.
Industry RankSector Rank
ROA 1.18%
ROE 13.72%
ROIC N/A
ROA(3y)1.21%
ROA(5y)1.26%
ROE(3y)15.84%
ROE(5y)15.55%
ROIC(3y)N/A
ROIC(5y)N/A
IBCP Yearly ROA, ROE, ROICIBCP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

IBCP has a Profit Margin of 29.26%. This is amongst the best in the industry. IBCP outperforms 81.91% of its industry peers.
IBCP's Profit Margin has improved in the last couple of years.
IBCP 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) 29.26%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-0.57%
PM growth 5Y1.95%
GM growth 3YN/A
GM growth 5YN/A
IBCP Yearly Profit, Operating, Gross MarginsIBCP 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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3

2. Health

2.1 Basic Checks

IBCP does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, IBCP has more shares outstanding
Compared to 5 years ago, IBCP has less shares outstanding
IBCP has a better debt/assets ratio than last year.
IBCP Yearly Shares OutstandingIBCP Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
IBCP Yearly Total Debt VS Total AssetsIBCP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

The Debt to FCF ratio of IBCP is 1.37, which is an excellent value as it means it would take IBCP, only 1.37 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 1.37, IBCP is in the better half of the industry, outperforming 70.10% of the companies in the same industry.
IBCP has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.18, IBCP is in line with its industry, outperforming 56.03% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF 1.37
Altman-Z N/A
ROIC/WACCN/A
WACC14.75%
IBCP Yearly LT Debt VS Equity VS FCFIBCP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
IBCP Yearly Current Assets VS Current LiabilitesIBCP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

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4

3. Growth

3.1 Past

IBCP shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 13.26%, which is quite good.
IBCP shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 9.47% yearly.
The Revenue has been growing slightly by 6.35% in the past year.
Measured over the past years, IBCP shows a small growth in Revenue. The Revenue has been growing by 5.50% on average per year.
EPS 1Y (TTM)13.26%
EPS 3Y3.26%
EPS 5Y9.47%
EPS Q2Q%33.85%
Revenue 1Y (TTM)6.35%
Revenue growth 3Y2.6%
Revenue growth 5Y5.5%
Sales Q2Q%6.83%

3.2 Future

The Earnings Per Share is expected to grow by 3.55% on average over the next years.
Based on estimates for the next years, IBCP will show a small growth in Revenue. The Revenue will grow by 5.88% on average per year.
EPS Next Y0.36%
EPS Next 2Y3.55%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.01%
Revenue Next 2Y5.88%
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 decreasing.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
IBCP Yearly Revenue VS EstimatesIBCP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M 200M
IBCP Yearly EPS VS EstimatesIBCP Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 11.47, the valuation of IBCP can be described as reasonable.
Compared to the rest of the industry, the Price/Earnings ratio of IBCP indicates a somewhat cheap valuation: IBCP is cheaper than 72.86% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 28.42. IBCP is valued rather cheaply when compared to this.
With a Price/Forward Earnings ratio of 11.43, the valuation of IBCP can be described as very reasonable.
61.56% of the companies in the same industry are more expensive than IBCP, based on the Price/Forward Earnings ratio.
IBCP is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.39, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 11.47
Fwd PE 11.43
IBCP Price Earnings VS Forward Price EarningsIBCP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

IBCP's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 13.03
EV/EBITDA N/A
IBCP Per share dataIBCP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates IBCP does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)31.84
PEG (5Y)1.21
EPS Next 2Y3.55%
EPS Next 3YN/A

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6

5. Dividend

5.1 Amount

IBCP has a Yearly Dividend Yield of 2.92%.
Compared to an average industry Dividend Yield of 3.19, IBCP has a dividend in line with its industry peers.
IBCP's Dividend Yield is a higher than the S&P500 average which is at 2.27.
Industry RankSector Rank
Dividend Yield 2.92%

5.2 History

On average, the dividend of IBCP grows each year by 7.97%, which is quite nice.
IBCP has paid a dividend for at least 10 years, which is a reliable track record.
IBCP has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)7.97%
Div Incr Years10
Div Non Decr Years10
IBCP Yearly Dividends per shareIBCP Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

IBCP pays out 31.99% of its income as dividend. This is a sustainable payout ratio.
The dividend of IBCP is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP31.99%
EPS Next 2Y3.55%
EPS Next 3YN/A
IBCP Yearly Income VS Free CF VS DividendIBCP Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
IBCP Dividend Payout.IBCP Dividend Payout, showing the Payout Ratio.IBCP Dividend Payout.PayoutRetained Earnings

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INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (1/28/2025, 8:00:01 PM)

After market: 36.25 0 (0%)

36.25

+0.61 (+1.71%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-23 2025-01-23/bmo
Earnings (Next)N/A N/A
Inst Owners84.19%
Inst Owner Change0.24%
Ins Owners1.96%
Ins Owner Change-0.44%
Market Cap757.26M
Analysts50
Price Target38.76 (6.92%)
Short Float %0.44%
Short Ratio0.98
Dividend
Industry RankSector Rank
Dividend Yield 2.92%
Yearly Dividend0.92
Dividend Growth(5Y)7.97%
DP31.99%
Div Incr Years10
Div Non Decr Years10
Ex-Date02-04 2025-02-04 (0.26)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.55%
Min EPS beat(2)-15.66%
Max EPS beat(2)22.76%
EPS beat(4)2
Avg EPS beat(4)3.6%
Min EPS beat(4)-15.66%
Max EPS beat(4)22.76%
EPS beat(8)4
Avg EPS beat(8)6.92%
EPS beat(12)7
Avg EPS beat(12)12.21%
EPS beat(16)10
Avg EPS beat(16)14.73%
Revenue beat(2)0
Avg Revenue beat(2)-2.14%
Min Revenue beat(2)-2.9%
Max Revenue beat(2)-1.38%
Revenue beat(4)0
Avg Revenue beat(4)-2.1%
Min Revenue beat(4)-2.9%
Max Revenue beat(4)-1.38%
Revenue beat(8)2
Avg Revenue beat(8)3.57%
Revenue beat(12)6
Avg Revenue beat(12)17.5%
Revenue beat(16)10
Avg Revenue beat(16)28.93%
PT rev (1m)5.56%
PT rev (3m)10.79%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.65%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.37%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.18%
Revenue NY rev (1m)-0.14%
Revenue NY rev (3m)-0.29%
Valuation
Industry RankSector Rank
PE 11.47
Fwd PE 11.43
P/S 3.57
P/FCF 13.03
P/OCF 11.91
P/B 1.67
P/tB 1.98
EV/EBITDA N/A
EPS(TTM)3.16
EY8.72%
EPS(NY)3.17
Fwd EY8.75%
FCF(TTM)2.78
FCFY7.67%
OCF(TTM)3.04
OCFY8.39%
SpS10.16
BVpS21.65
TBVpS18.3
PEG (NY)31.84
PEG (5Y)1.21
Profitability
Industry RankSector Rank
ROA 1.18%
ROE 13.72%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 29.26%
GM N/A
FCFM 27.39%
ROA(3y)1.21%
ROA(5y)1.26%
ROE(3y)15.84%
ROE(5y)15.55%
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-0.57%
PM growth 5Y1.95%
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF 1.37
Debt/EBITDA N/A
Cap/Depr 54.43%
Cap/Sales 2.58%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 93.61%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score8
WACC14.75%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)13.26%
EPS 3Y3.26%
EPS 5Y9.47%
EPS Q2Q%33.85%
EPS Next Y0.36%
EPS Next 2Y3.55%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)6.35%
Revenue growth 3Y2.6%
Revenue growth 5Y5.5%
Sales Q2Q%6.83%
Revenue Next Year6.01%
Revenue Next 2Y5.88%
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 1Y8.81%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y6.66%
OCF growth 3YN/A
OCF growth 5YN/A