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HORIZON BANCORP INC/IN (HBNC) Stock Fundamental Analysis

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

15.1  0 (0%)

After market: 15.1 0 (0%)

Fundamental Rating

3

Taking everything into account, HBNC scores 3 out of 10 in our fundamental rating. HBNC was compared to 397 industry peers in the Banks industry. Both the profitability and financial health of HBNC have multiple concerns. HBNC has a correct valuation and a medium growth rate. Finally 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.
In the past year HBNC had a positive cash flow from operations.
HBNC had positive earnings in each of the past 5 years.
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

Looking at the Return On Assets, with a value of 0.45%, HBNC is doing worse than 77.58% of the companies in the same industry.
Looking at the Return On Equity, with a value of 4.64%, HBNC is doing worse than 79.85% of the companies in the same industry.
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

Looking at the Profit Margin, with a value of 18.49%, HBNC is doing worse than 66.25% of the companies in the same industry.
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.
Compared to 1 year ago, HBNC has more shares outstanding
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

HBNC has a debt to FCF ratio of 1047.87. This is a negative value and a sign of low solvency as HBNC would need 1047.87 years to pay back of all of its debts.
With a Debt to FCF ratio value of 1047.87, HBNC is not doing good in the industry: 89.17% of the companies in the same industry are doing better.
A Debt/Equity ratio of 1.88 is on the high side and indicates that HBNC has dependencies on debt financing.
HBNC's Debt to Equity ratio of 1.88 is on the low side compared to the rest of the industry. HBNC is outperformed by 90.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.88
Debt/FCF 1047.87
Altman-Z N/A
ROIC/WACCN/A
WACC10.32%
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.
Measured over the past 5 years, HBNC shows a small growth in Earnings Per Share. The EPS has been growing by 2.26% on average per year.
HBNC shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.29%.
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)11.29%
Revenue growth 3Y-6.42%
Revenue growth 5Y-1.24%
Sales Q2Q%29.23%

3.2 Future

The Earnings Per Share is expected to grow by 6.44% on average over the next years.
The Revenue is expected to grow by 11.48% on average over the next years. This is quite good.
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

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
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.
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

With a Price/Earnings ratio of 7.86, the valuation of HBNC can be described as very cheap.
Based on the Price/Earnings ratio, HBNC is valued cheaper than 90.93% of the companies in the same industry.
When comparing the Price/Earnings ratio of HBNC to the average of the S&P500 Index (28.10), we can say HBNC is valued rather cheaply.
The Price/Forward Earnings ratio is 7.84, which indicates a rather cheap valuation of HBNC.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HBNC indicates a rather cheap valuation: HBNC is cheaper than 81.86% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.74, HBNC is valued rather cheaply.
Industry RankSector Rank
PE 7.86
Fwd PE 7.84
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

87.66% of the companies in the same industry are cheaper than HBNC, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 514.98
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

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.13
PEG (5Y)3.47
EPS Next 2Y6.44%
EPS Next 3YN/A

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.34%, HBNC is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 3.49, HBNC pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.43, HBNC pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.34%

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.
HBNC has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
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

79.96% of the earnings are spent on dividend by HBNC. This is not a sustainable payout ratio.
The dividend of HBNC is growing, but earnings are growing more, so the dividend growth is 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 (5/5/2025, 8:15:47 PM)

After market: 15.1 0 (0%)

15.1

0 (0%)

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 Change-0.15%
Ins Owners2.65%
Ins Owner Change0.89%
Market Cap661.23M
Analysts80
Price Target18.97 (25.63%)
Short Float %1.69%
Short Ratio4
Dividend
Industry RankSector Rank
Dividend Yield 4.34%
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)-5.58%
PT rev (3m)-4.62%
EPS NQ rev (1m)-0.41%
EPS NQ rev (3m)0.41%
EPS NY rev (1m)-0.01%
EPS NY rev (3m)0.74%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)-0.65%
Revenue NY rev (3m)3.58%
Valuation
Industry RankSector Rank
PE 7.86
Fwd PE 7.84
P/S 3.45
P/FCF 514.98
P/OCF 103.84
P/B 0.87
P/tB 1.11
EV/EBITDA N/A
EPS(TTM)1.92
EY12.72%
EPS(NY)1.93
Fwd EY12.75%
FCF(TTM)0.03
FCFY0.19%
OCF(TTM)0.15
OCFY0.96%
SpS4.37
BVpS17.44
TBVpS13.66
PEG (NY)1.13
PEG (5Y)3.47
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
WACC10.32%
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)11.29%
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%