INDEPENDENT BANK CORP/MA(NASDAQ:INDB) stock Fundamental Analysis

Fundamental Rating

INDB gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 405 industry peers in the Banks industry. While INDB seems to be doing ok healthwise, there are quite some concerns on its profitability. INDB is not valued too expensively and it also shows a decent growth rate. INDB also has an excellent dividend rating.

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1. Profitability

1.1 Basic Checks

In the past year INDB was profitable.

INDB had a positive operating cash flow in the past year.

In the past 5 years INDB has always been profitable.

Of the past 5 years INDB 4 years had a positive operating cash flow.

1.2 Ratios

INDB has a better Return On Assets (1.01%) than 70.60% of its industry peers.

INDB has a worse Return On Equity (6.61%) than 64.07% of its industry peers.

		Industry Rank	Sector Rank
ROA	1.01%
ROE	6.61%
ROIC	N/A

ROA(3y)1.2%

ROA(5y)1.02%

ROE(3y)7.94%

ROE(5y)6.99%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

With an excellent Profit Margin value of 28.53%, INDB belongs to the best of the industry, outperforming 80.65% of the companies in the same industry.

In the last couple of years the Profit Margin of INDB has declined.

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 3Y5.31%

PM growth 5Y-3.04%

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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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.

INDB has more shares outstanding than it did 5 years ago.

The debt/assets ratio for INDB has been reduced compared to a year ago.

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's Debt to FCF ratio of 0.29 is amongst the best of the industry. INDB outperforms 87.19% of its industry peers.

INDB has a Debt/Equity ratio of 0.02. This is a healthy value indicating a solid balance between debt and equity.

INDB has a Debt to Equity ratio of 0.02. This is amongst the best in the industry. INDB outperforms 85.43% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.02
Debt/FCF	0.29
Altman-Z	N/A

ROIC/WACCN/A

WACC11.28%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The earnings per share for INDB have decreased strongly by -16.05% in the last year.

The Earnings Per Share has been decreasing by -4.31% on average over the past years.

The Revenue has decreased by -5.65% in the past year.

Measured over the past years, INDB shows a small growth in Revenue. The Revenue has been growing by 6.29% on average per year.

EPS 1Y (TTM)-16.05%

EPS 3Y-4.78%

EPS 5Y-4.31%

EPS Q2Q%-3.97%

Revenue 1Y (TTM)-5.65%

Revenue growth 3Y10.77%

Revenue growth 5Y6.29%

Sales Q2Q%-0.18%

3.2 Future

INDB is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.01% yearly.

Based on estimates for the next years, INDB will show a very strong growth in Revenue. The Revenue will grow by 22.22% on average per year.

EPS Next Y19.6%

EPS Next 2Y24.01%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year16.74%

Revenue Next 2Y22.22%

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.

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.

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4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 14.92 indicates a correct valuation of INDB.

Based on the Price/Earnings ratio, INDB is valued a bit more expensive than the industry average as 65.08% of the companies are valued more cheaply.

Compared to an average S&P500 Price/Earnings ratio of 29.63, INDB is valued a bit cheaper.

With a Price/Forward Earnings ratio of 12.48, INDB is valued correctly.

INDB's Price/Forward Earnings is on the same level as the industry average.

INDB is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.68, which is the current average of the S&P500 Index.

		Industry Rank	Sector Rank
PE	14.92
Fwd PE	12.48

4.2 Price Multiples

INDB's Price/Free Cash Flow ratio is in line with the industry average.

		Industry Rank	Sector Rank
P/FCF	13.11
EV/EBITDA	N/A

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.

A more expensive valuation may be justified as INDB's earnings are expected to grow with 24.01% in the coming years.

PEG (NY)0.76

PEG (5Y)N/A

EPS Next 2Y24.01%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.28%, INDB has a reasonable but not impressive dividend return.

INDB's Dividend Yield is a higher than the industry average which is at 3.18.

INDB's Dividend Yield is a higher than the S&P500 average which is at 2.27.

		Industry Rank	Sector Rank
Dividend Yield	3.28%

5.2 History

The dividend of INDB is nicely growing with an annual growth rate of 8.57%!

INDB has been paying a dividend for at least 10 years, so it has a reliable track record.

INDB has not decreased their dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)8.57%

Div Incr Years14

Div Non Decr Years30

5.3 Sustainability

INDB pays out 48.92% of its income as dividend. This is a bit on the high side, but may be sustainable.

INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.

DP48.92%

EPS Next 2Y24.01%

EPS Next 3YN/A

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (2/21/2025, 8:00:01 PM)

After market: 67.9 0 (0%)

67.9

-1.61 (-2.32%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)01-16 2025-01-16/amc

Earnings (Next)04-16 2025-04-16/amc

Inst Owners85.88%

Inst Owner Change3.31%

Ins Owners0.82%

Ins Owner Change-0.16%

Market Cap2.89B

Analysts80

Price Target79.82 (17.56%)

Short Float %2.36%

Short Ratio3.94

Dividend

		Industry Rank	Sector Rank
Dividend Yield	3.28%

Yearly Dividend2.21

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)0.64%

PT rev (3m)13.82%

EPS NQ rev (1m)-0.21%

EPS NQ rev (3m)-0.21%

EPS NY rev (1m)1.19%

EPS NY rev (3m)3.14%

Revenue NQ rev (1m)-0.03%

Revenue NQ rev (3m)-0.03%

Revenue NY rev (1m)0.47%

Revenue NY rev (3m)11.39%

Valuation

		Industry Rank	Sector Rank
PE	14.92
Fwd PE	12.48
P/S	4.18
P/FCF	13.11
P/OCF	11.99
P/B	0.97
P/tB	1.46
EV/EBITDA	N/A

EPS(TTM)4.55

EY6.7%

EPS(NY)5.44

Fwd EY8.01%

FCF(TTM)5.18

FCFY7.63%

OCF(TTM)5.66

OCFY8.34%

SpS16.24

BVpS70.07

TBVpS46.56

PEG (NY)0.76

PEG (5Y)N/A

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)1.2%

ROA(5y)1.02%

ROE(3y)7.94%

ROE(5y)6.99%

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 3Y5.31%

PM growth 5Y-3.04%

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

WACC11.28%

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)-16.05%

EPS 3Y-4.78%

EPS 5Y-4.31%

EPS Q2Q%-3.97%

EPS Next Y19.6%

EPS Next 2Y24.01%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-5.65%

Revenue growth 3Y10.77%

Revenue growth 5Y6.29%

Sales Q2Q%-0.18%

Revenue Next Year16.74%

Revenue Next 2Y22.22%

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-32.31%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y-29.01%

OCF growth 3YN/A

OCF growth 5YN/A

INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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