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INDEPENDENT BANK CORP - MICH (IBCP) Stock Fundamental Analysis

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

31.28  +0.32 (+1.03%)

After market: 31.28 0 (0%)

Fundamental Rating

4

Taking everything into account, IBCP scores 4 out of 10 in our fundamental rating. IBCP was compared to 398 industry peers in the Banks industry. While IBCP is still in line with the averages on profitability rating, there are concerns on its financial health. IBCP has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year IBCP was profitable.
IBCP had a positive operating cash flow in the past year.
Each year in the past 5 years IBCP has been profitable.
In the past 5 years IBCP always reported a positive cash flow from operatings.
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 has a better Return On Assets (1.25%) than 81.91% of its industry peers.
IBCP's Return On Equity of 14.69% is amongst the best of the industry. IBCP outperforms 90.45% of its industry peers.
Industry RankSector Rank
ROA 1.25%
ROE 14.69%
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

Looking at the Profit Margin, with a value of 30.02%, IBCP belongs to the top of the industry, outperforming 82.91% of the companies in the same industry.
In the last couple of years the Profit Margin of IBCP has grown nicely.
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) 30.02%
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
IBCP has less shares outstanding than it did 5 years ago.
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

IBCP has a debt to FCF ratio of 1.44. This is a very positive value and a sign of high solvency as it would only need 1.44 years to pay back of all of its debts.
With a decent Debt to FCF ratio value of 1.44, IBCP is doing good in the industry, outperforming 64.57% of the companies in the same industry.
IBCP has a Debt/Equity ratio of 0.17. This is a healthy value indicating a solid balance between debt and equity.
IBCP's Debt to Equity ratio of 0.17 is in line compared to the rest of the industry. IBCP outperforms 53.77% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 1.44
Altman-Z N/A
ROIC/WACCN/A
WACC18.25%
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

The Earnings Per Share has grown by an nice 13.26% over the past year.
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

IBCP is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.55% yearly.
Based on estimates for the next years, IBCP will show a small growth in Revenue. The Revenue will grow by 7.69% on average per year.
EPS Next Y0.36%
EPS Next 2Y3.55%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year8.89%
Revenue Next 2Y7.69%
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 accelerating: in the next years the growth will be better 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

IBCP is valuated reasonably with a Price/Earnings ratio of 9.90.
Based on the Price/Earnings ratio, IBCP is valued a bit cheaper than 74.12% of the companies in the same industry.
When comparing the Price/Earnings ratio of IBCP to the average of the S&P500 Index (28.64), we can say IBCP is valued rather cheaply.
With a Price/Forward Earnings ratio of 9.86, the valuation of IBCP can be described as very reasonable.
IBCP's Price/Forward Earnings is on the same level as the industry average.
When comparing the Price/Forward Earnings ratio of IBCP to the average of the S&P500 Index (21.44), we can say IBCP is valued rather cheaply.
Industry RankSector Rank
PE 9.9
Fwd PE 9.86
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

The rest of the industry has a similar Price/Free Cash Flow ratio as IBCP.
Industry RankSector Rank
P/FCF 11.88
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 an expensive valuation of the company.
PEG (NY)27.48
PEG (5Y)1.05
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 3.45%. Purely for dividend investing, there may be better candidates out there.
IBCP's Dividend Yield is comparable with the industry average which is at 3.68.
Compared to an average S&P500 Dividend Yield of 2.52, IBCP pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.45%

5.2 History

The dividend of IBCP has a limited annual growth rate of 5.93%.
IBCP has been paying a dividend for at least 10 years, so it has a reliable track record.
IBCP has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.93%
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

30.01% of the earnings are spent on dividend by IBCP. This is a low number and sustainable payout ratio.
The dividend of IBCP is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP30.01%
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 (4/23/2025, 8:12:32 PM)

After market: 31.28 0 (0%)

31.28

+0.32 (+1.03%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-23 2025-01-23/bmo
Earnings (Next)04-24 2025-04-24/bmo
Inst Owners86.75%
Inst Owner Change-0.43%
Ins Owners2.03%
Ins Owner Change2.72%
Market Cap655.94M
Analysts50
Price Target38.96 (24.55%)
Short Float %0.95%
Short Ratio1.54
Dividend
Industry RankSector Rank
Dividend Yield 3.45%
Yearly Dividend0.96
Dividend Growth(5Y)5.93%
DP30.01%
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)-2.3%
Min EPS beat(2)-15.66%
Max EPS beat(2)11.06%
EPS beat(4)3
Avg EPS beat(4)8.52%
Min EPS beat(4)-15.66%
Max EPS beat(4)22.76%
EPS beat(8)5
Avg EPS beat(8)8.97%
EPS beat(12)8
Avg EPS beat(12)14.15%
EPS beat(16)10
Avg EPS beat(16)13.91%
Revenue beat(2)0
Avg Revenue beat(2)-2.42%
Min Revenue beat(2)-2.9%
Max Revenue beat(2)-1.95%
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)1
Avg Revenue beat(8)0.63%
Revenue beat(12)5
Avg Revenue beat(12)13.91%
Revenue beat(16)9
Avg Revenue beat(16)24.79%
PT rev (1m)-1.55%
PT rev (3m)0.53%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.59%
EPS NY rev (1m)0%
EPS NY rev (3m)2.21%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.03%
Revenue NY rev (1m)0.05%
Revenue NY rev (3m)2.73%
Valuation
Industry RankSector Rank
PE 9.9
Fwd PE 9.86
P/S 2.95
P/FCF 11.88
P/OCF 10.39
P/B 1.44
P/tB 1.73
EV/EBITDA N/A
EPS(TTM)3.16
EY10.1%
EPS(NY)3.17
Fwd EY10.14%
FCF(TTM)2.63
FCFY8.42%
OCF(TTM)3.01
OCFY9.63%
SpS10.61
BVpS21.68
TBVpS18.03
PEG (NY)27.48
PEG (5Y)1.05
Profitability
Industry RankSector Rank
ROA 1.25%
ROE 14.69%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 30.02%
GM N/A
FCFM 24.81%
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-Score7
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 1.44
Debt/EBITDA N/A
Cap/Depr 79.46%
Cap/Sales 3.57%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 82.65%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score7
WACC18.25%
ROIC/WACCN/A
Cap/Depr(3y)64.12%
Cap/Depr(5y)57.62%
Cap/Sales(3y)3.06%
Cap/Sales(5y)2.83%
Profit Quality(3y)113.55%
Profit Quality(5y)120.65%
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 Year8.89%
Revenue Next 2Y7.69%
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-20.65%
FCF growth 3Y-19.14%
FCF growth 5Y13.27%
OCF growth 1Y-16.45%
OCF growth 3Y-16.94%
OCF growth 5Y12.85%