INDEPENDENT BANK CORP - MICH (IBCP)
US4538386099 - Common Stock
Taking everything into account, IBCP scores 4 out of 10 in our fundamental rating. IBCP was compared to 412 industry peers in the Banks industry. IBCP has an average financial health and profitability rating. IBCP has a valuation in line with the averages, but on the other hand it scores bad on growth.
1. Profitability
1.1 Basic Checks
IBCP had positive earnings in the past year.
In the past year IBCP had a positive cash flow from operations.
Each year in the past 5 years IBCP has been profitable.
Each year in the past 5 years IBCP had a positive operating cash flow.
1.2 Ratios
With a decent Return On Assets value of 1.12%, IBCP is doing good in the industry, outperforming 72.33% of the companies in the same industry.
IBCP has a Return On Equity of 14.60%. This is amongst the best in the industry. IBCP outperforms 88.35% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.12% | ||
| ROE | 14.6% | ||
| ROIC | N/A |
ROA(3y)1.24%
ROA(5y)1.27%
ROE(3y)16.21%
ROE(5y)15.26%
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
IBCP has a better Profit Margin (28.23%) than 69.90% of its industry peers.
IBCP's Profit Margin has improved in the last couple of years.
The Operating Margin and Gross Margin are not available for IBCP so they could not be analyzed.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | N/A | ||
| PM (TTM) | 28.23% | ||
| GM | N/A |
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y1.22%
PM growth 5Y2.56%
GM growth 3YN/A
GM growth 5YN/A
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 less shares outstanding
Compared to 5 years ago, IBCP has less shares outstanding
The debt/assets ratio for IBCP has been reduced compared to a year ago.
2.2 Solvency
The Debt to FCF ratio of IBCP is 1.14, which is an excellent value as it means it would take IBCP, only 1.14 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 1.14, IBCP is in the better half of the industry, outperforming 74.76% of the companies in the same industry.
A Debt/Equity ratio of 0.20 indicates that IBCP is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.20, IBCP is in line with its industry, outperforming 56.31% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.2 | ||
| Debt/FCF | 1.14 | ||
| Altman-Z | N/A |
ROIC/WACCN/A
WACC17.09%
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 IBCP have decreased by -6.06% in the last year.
Measured over the past years, IBCP shows a quite strong growth in Earnings Per Share. The EPS has been growing by 10.16% on average per year.
Looking at the last year, IBCP shows a decrease in Revenue. The Revenue has decreased by -0.92% in the last year.
IBCP shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 5.51% yearly.
EPS 1Y (TTM)-6.06%
EPS 3Y3.18%
EPS 5Y10.16%
EPS growth Q2Q-8.45%
Revenue 1Y (TTM)-0.92%
Revenue growth 3Y0.45%
Revenue growth 5Y5.51%
Revenue growth Q2Q-0.78%
3.2 Future
The Earnings Per Share is expected to grow by 2.28% on average over the next years.
The Revenue is expected to grow by 5.31% on average over the next years.
EPS Next Y3.2%
EPS Next 2Y2.28%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.17%
Revenue Next 2Y5.31%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 9.03, which indicates a very decent valuation of IBCP.
Compared to the rest of the industry, the Price/Earnings ratio of IBCP indicates a somewhat cheap valuation: IBCP is cheaper than 60.92% of the companies listed in the same industry.
IBCP is valuated cheaply when we compare the Price/Earnings ratio to 27.73, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 8.75, the valuation of IBCP can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of IBCP indicates a somewhat cheap valuation: IBCP is cheaper than 75.24% of the companies listed in the same industry.
IBCP is valuated cheaply when we compare the Price/Forward Earnings ratio to 20.41, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.03 | ||
| Fwd PE | 8.75 |
4.2 Price Multiples
Based on the Price/Free Cash Flow ratio, IBCP is valued a bit cheaper than 65.29% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 7.57 | ||
| EV/EBITDA | N/A |
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)2.82
PEG (5Y)0.89
EPS Next 2Y2.28%
EPS Next 3YN/A
5. Dividend
5.1 Amount
IBCP has a Yearly Dividend Yield of 3.83%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 3.76, IBCP has a dividend in line with its industry peers.
IBCP's Dividend Yield is rather good when compared to the S&P500 average which is at 2.41.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.83% |
5.2 History
On average, the dividend of IBCP grows each year by 7.97%, which is quite nice.
IBCP has been paying a dividend for at least 10 years, so it has a reliable track record.
As IBCP did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)7.97%
Div Incr Years9
Div Non Decr Years9
5.3 Sustainability
32.72% 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.
DP32.72%
EPS Next 2Y2.28%
EPS Next 3YN/A
INDEPENDENT BANK CORP - MICH
NASDAQ:IBCP (5/3/2024, 7:00:01 PM)
After market: 25.2 0 (0%)25.2
+0.16 (+0.64%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap526.93M
Analysts
Price Target
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.83% |
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.03 | ||
| Fwd PE | 8.75 | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)2.82
PEG (5Y)0.89
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.12% | ||
| ROE | 14.6% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | N/A | ||
| PM (TTM) | 28.23% | ||
| GM | N/A | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.04
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.2 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | N/A | ||
| Quick Ratio | N/A | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)-6.06%
EPS 3Y3.18%
EPS 5Y
EPS growth Q2Q
EPS Next Y3.2%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)-0.92%
Revenue growth 3Y0.45%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y