INDEPENDENT BANK CORP/MA (INDB)
US4538361084 - Common Stock
Taking everything into account, INDB scores 4 out of 10 in our fundamental rating. INDB was compared to 405 industry peers in the Banks industry. INDB has an average financial health and profitability rating. INDB is quite expensive at the moment. It does show a decent growth rate. Finally INDB also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
INDB had positive earnings in the past year.
INDB had a positive operating cash flow in the past year.
Each year in the past 5 years INDB has been profitable.
In the past 5 years INDB always reported a positive cash flow from operatings.
1.2 Ratios
The Return On Assets of INDB (1.01%) is better than 71.61% of its industry peers.
INDB has a Return On Equity of 6.61%. This is in the lower half of the industry: INDB underperforms 62.06% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.01% | ||
| ROE | 6.61% | ||
| ROIC | N/A |
ROA(3y)1.07%
ROA(5y)1.11%
ROE(3y)7.14%
ROE(5y)7.64%
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
Looking at the Profit Margin, with a value of 28.53%, INDB belongs to the top of the industry, outperforming 80.90% of the companies in the same industry.
INDB's Profit Margin has been stable in the last couple of years.
INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | N/A | ||
| PM (TTM) | 28.53% | ||
| GM | N/A |
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y9%
PM growth 5Y0.82%
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for INDB has been reduced compared to 1 year ago.
The number of shares outstanding for INDB has been increased compared to 5 years ago.
INDB has a better debt/assets ratio than last year.
2.2 Solvency
INDB has a debt to FCF ratio of 0.29. This is a very positive value and a sign of high solvency as it would only need 0.29 years to pay back of all of its debts.
INDB has a better Debt to FCF ratio (0.29) than 87.19% of its industry peers.
A Debt/Equity ratio of 0.02 indicates that INDB is not too dependend on debt financing.
INDB has a better Debt to Equity ratio (0.02) than 85.68% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.02 | ||
| Debt/FCF | 0.29 | ||
| Altman-Z | N/A |
ROIC/WACCN/A
WACC11.69%
2.3 Liquidity
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | N/A | ||
| Quick Ratio | N/A |
3. Growth
3.1 Past
The earnings per share for INDB have decreased strongly by -21.37% in the last year.
The Earnings Per Share has been growing slightly by 4.54% on average over the past years.
INDB shows a decrease in Revenue. In the last year, the revenue decreased by -8.55%.
The Revenue has been growing by 13.59% on average over the past years. This is quite good.
EPS 1Y (TTM)-21.37%
EPS 3Y12.76%
EPS 5Y4.54%
EPS Q2Q%-26.81%
Revenue 1Y (TTM)-8.55%
Revenue growth 3Y15.13%
Revenue growth 5Y13.59%
Sales Q2Q%-4.45%
3.2 Future
Based on estimates for the next years, INDB will show a small growth in Earnings Per Share. The EPS will grow by 7.93% on average per year.
Based on estimates for the next years, INDB will show a small growth in Revenue. The Revenue will grow by 7.72% on average per year.
EPS Next Y-15.27%
EPS Next 2Y-0.39%
EPS Next 3Y7.93%
EPS Next 5YN/A
Revenue Next Year-5.56%
Revenue Next 2Y1.3%
Revenue Next 3Y7.72%
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.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 13.82, which indicates a correct valuation of INDB.
INDB's Price/Earnings ratio is in line with the industry average.
The average S&P500 Price/Earnings ratio is at 27.28. INDB is valued slightly cheaper when compared to this.
A Price/Forward Earnings ratio of 11.82 indicates a reasonable valuation of INDB.
The rest of the industry has a similar Price/Forward Earnings ratio as INDB.
INDB is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 23.53, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.82 | ||
| Fwd PE | 11.82 |
4.2 Price Multiples
Compared to the rest of the industry, the Price/Free Cash Flow ratio of INDB is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.27 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
PEG (NY)N/A
PEG (5Y)3.04
EPS Next 2Y-0.39%
EPS Next 3Y7.93%
5. Dividend
5.1 Amount
INDB has a Yearly Dividend Yield of 3.66%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 3.29, INDB pays a bit more dividend than its industry peers.
INDB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.66% |
5.2 History
The dividend of INDB is nicely growing with an annual growth rate of 8.57%!
INDB has paid a dividend for at least 10 years, which is a reliable track record.
INDB has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)8.57%
Div Incr Years14
Div Non Decr Years30
5.3 Sustainability
48.92% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
INDB's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP48.92%
EPS Next 2Y-0.39%
EPS Next 3Y7.93%
INDEPENDENT BANK CORP/MA
NASDAQ:INDB (1/14/2025, 8:00:02 PM)
After market: 63.56 0 (0%)63.56
+2.52 (+4.13%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)
Earnings (Next)
Inst Owners83.48%
Inst Owner Change0%
Ins Owners0.82%
Ins Owner Change0%
Market Cap2.70B
Analysts80
Price Target79.31 (24.78%)
Short Float %2.06%
Short Ratio3.31
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.66% |
Dividend Growth(5Y)8.57%
DP48.92%
Div Incr Years14
Div Non Decr Years30
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.12%
Min EPS beat(2)-6.14%
Max EPS beat(2)6.39%
EPS beat(4)1
Avg EPS beat(4)-1.21%
Min EPS beat(4)-6.14%
Max EPS beat(4)6.39%
EPS beat(8)4
Avg EPS beat(8)-1.69%
EPS beat(12)7
Avg EPS beat(12)3.23%
EPS beat(16)11
Avg EPS beat(16)5.37%
Revenue beat(2)0
Avg Revenue beat(2)-1.34%
Min Revenue beat(2)-1.67%
Max Revenue beat(2)-1.01%
Revenue beat(4)0
Avg Revenue beat(4)-2.07%
Min Revenue beat(4)-3.54%
Max Revenue beat(4)-1.01%
Revenue beat(8)1
Avg Revenue beat(8)-1.9%
Revenue beat(12)4
Avg Revenue beat(12)-1.02%
Revenue beat(16)4
Avg Revenue beat(16)-1.39%
PT rev (1m)13.09%
PT rev (3m)22.12%
EPS NQ rev (1m)0%
EPS NQ rev (3m)1.08%
EPS NY rev (1m)-0.06%
EPS NY rev (3m)-5.36%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.06%
Revenue NY rev (1m)0.36%
Revenue NY rev (3m)0.03%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.82 | ||
| Fwd PE | 11.82 | ||
| P/S | 3.91 | ||
| P/FCF | 12.27 | ||
| P/OCF | 11.23 | ||
| P/B | 0.91 | ||
| P/tB | 1.37 | ||
| EV/EBITDA | N/A |
EPS(TTM)4.6
EY7.24%
EPS(NY)5.38
Fwd EY8.46%
FCF(TTM)5.18
FCFY8.15%
OCF(TTM)5.66
OCFY8.91%
SpS16.24
BVpS70.07
TBVpS46.56
PEG (NY)N/A
PEG (5Y)3.04
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.01% | ||
| ROE | 6.61% | ||
| ROCE | N/A | ||
| ROIC | N/A | ||
| ROICexc | N/A | ||
| ROICexgc | N/A | ||
| OM | N/A | ||
| PM (TTM) | 28.53% | ||
| GM | N/A | ||
| FCFM | 31.9% |
ROA(3y)1.07%
ROA(5y)1.11%
ROE(3y)7.14%
ROE(5y)7.64%
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 3Y9%
PM growth 5Y0.82%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.04
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.02 | ||
| Debt/FCF | 0.29 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | 50.99% | ||
| Cap/Sales | 2.96% | ||
| Interest Coverage | N/A | ||
| Cash Conversion | N/A | ||
| Profit Quality | 111.83% | ||
| Current Ratio | N/A | ||
| Quick Ratio | N/A | ||
| Altman-Z | N/A |
F-Score5
WACC11.69%
ROIC/WACCN/A
Cap/Depr(3y)59.22%
Cap/Depr(5y)61.88%
Cap/Sales(3y)3.39%
Cap/Sales(5y)3.21%
Profit Quality(3y)132.23%
Profit Quality(5y)112.12%
High Growth Momentum
Growth
EPS 1Y (TTM)-21.37%
EPS 3Y12.76%
EPS 5Y4.54%
EPS Q2Q%-26.81%
EPS Next Y-15.27%
EPS Next 2Y-0.39%
EPS Next 3Y7.93%
EPS Next 5YN/A
Revenue 1Y (TTM)-8.55%
Revenue growth 3Y15.13%
Revenue growth 5Y13.59%
Sales Q2Q%-4.45%
Revenue Next Year-5.56%
Revenue Next 2Y1.3%
Revenue Next 3Y7.72%
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-29.49%
FCF growth 3Y71.25%
FCF growth 5Y14.85%
OCF growth 1Y-29.11%
OCF growth 3Y62.46%
OCF growth 5Y14.33%