IBCP Fundamental Analysis - INDEPENDENT BANK CORP - MICH

Fundamental Rating

Overall IBCP gets a fundamental rating of 4 out of 10. We evaluated IBCP against 394 industry peers in the Banks industry. There are concerns on the financial health of IBCP while its profitability can be described as average. IBCP is not valued too expensively and it also shows a decent growth rate.

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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.

IBCP had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

IBCP has a Return On Assets of 1.25%. This is amongst the best in the industry. IBCP outperforms 80.71% of its industry peers.

The Return On Equity of IBCP (14.21%) is better than 90.86% of its industry peers.

		Industry Rank	Sector Rank
ROA	1.25%
ROE	14.21%
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

1.3 Margins

IBCP has a Profit Margin of 29.65%. This is amongst the best in the industry. IBCP outperforms 82.23% of its industry peers.

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 Rank	Sector Rank
OM	N/A
PM (TTM)	29.65%
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

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

IBCP does not have a ROIC to compare to the WACC, probably because it is not profitable.

The number of shares outstanding for IBCP has been increased compared to 1 year ago.

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

IBCP has a debt to FCF ratio of 1.21. This is a very positive value and a sign of high solvency as it would only need 1.21 years to pay back of all of its debts.

The Debt to FCF ratio of IBCP (1.21) is better than 68.27% of its industry peers.

A Debt/Equity ratio of 0.17 indicates that IBCP is not too dependend on debt financing.

IBCP's Debt to Equity ratio of 0.17 is in line compared to the rest of the industry. IBCP outperforms 49.49% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.17
Debt/FCF	1.21
Altman-Z	N/A

ROIC/WACCN/A

WACC17.84%

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 has been growing slightly by 6.80% over the past year.

Measured over the past years, IBCP shows a quite strong growth in Earnings Per Share. The EPS has been growing by 9.47% on average per year.

IBCP shows a small growth in Revenue. In the last year, the Revenue has grown by 5.12%.

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)6.8%

EPS 3Y3.26%

EPS 5Y9.47%

EPS Q2Q%-2.63%

Revenue 1Y (TTM)5.12%

Revenue growth 3Y2.6%

Revenue growth 5Y5.5%

Sales Q2Q%8.68%

3.2 Future

IBCP is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 4.42% yearly.

The Revenue is expected to grow by 7.25% on average over the next years.

EPS Next Y3.01%

EPS Next 2Y4.42%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year8.66%

Revenue Next 2Y7.25%

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.

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

With a Price/Earnings ratio of 10.66, the valuation of IBCP can be described as very reasonable.

Based on the Price/Earnings ratio, IBCP is valued a bit cheaper than the industry average as 76.40% of the companies are valued more expensively.

When comparing the Price/Earnings ratio of IBCP to the average of the S&P500 Index (27.19), we can say IBCP is valued rather cheaply.

IBCP is valuated reasonably with a Price/Forward Earnings ratio of 9.71.

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

Compared to an average S&P500 Price/Forward Earnings ratio of 35.33, IBCP is valued rather cheaply.

		Industry Rank	Sector Rank
PE	10.66
Fwd PE	9.71

4.2 Price Multiples

IBCP's Price/Free Cash Flow is on the same level as the industry average.

		Industry Rank	Sector Rank
P/FCF	10.57
EV/EBITDA	N/A

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates IBCP does not grow enough to justify the current Price/Earnings ratio.

PEG (NY)3.54

PEG (5Y)1.13

EPS Next 2Y4.42%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.03%, IBCP has a reasonable but not impressive dividend return.

IBCP's Dividend Yield is comparable with the industry average which is at 3.31.

IBCP's Dividend Yield is a higher than the S&P500 average which is at 2.35.

		Industry Rank	Sector Rank
Dividend Yield	3.03%

5.2 History

The dividend of IBCP has a limited annual growth rate of 5.93%.

IBCP has paid a dividend for at least 10 years, which is a reliable track record.

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

Dividend Growth(5Y)5.93%

Div Incr Years10

Div Non Decr Years10

5.3 Sustainability

IBCP pays out 30.87% of its income as dividend. This is a sustainable payout ratio.

IBCP's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.

DP30.87%

EPS Next 2Y4.42%

EPS Next 3YN/A

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INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (7/15/2025, 4:04:04 PM)

After market: 33.47 0 (0%)

33.47

-0.97 (-2.82%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)04-24 2025-04-24/bmo

Earnings (Next)07-24 2025-07-24/bmo

Inst Owners85.78%

Inst Owner Change0%

Ins Owners2.05%

Ins Owner Change2.51%

Market Cap693.50M

Analysts50

Price Target35.09 (4.84%)

Short Float %0.98%

Short Ratio2.5

Dividend

		Industry Rank	Sector Rank
Dividend Yield	3.03%

Yearly Dividend0.96

Dividend Growth(5Y)5.93%

DP30.87%

Div Incr Years10

Div Non Decr Years10

Ex-Date05-05 2025-05-05 (0.26)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)7.35%

Min EPS beat(2)3.64%

Max EPS beat(2)11.06%

EPS beat(4)3

Avg EPS beat(4)5.45%

Min EPS beat(4)-15.66%

Max EPS beat(4)22.76%

EPS beat(8)6

Avg EPS beat(8)9.46%

EPS beat(12)8

Avg EPS beat(12)9.2%

EPS beat(16)10

Avg EPS beat(16)9.85%

Revenue beat(2)0

Avg Revenue beat(2)-1.63%

Min Revenue beat(2)-1.95%

Max Revenue beat(2)-1.31%

Revenue beat(4)0

Avg Revenue beat(4)-1.89%

Min Revenue beat(4)-2.9%

Max Revenue beat(4)-1.31%

Revenue beat(8)1

Avg Revenue beat(8)1.08%

Revenue beat(12)4

Avg Revenue beat(12)9.23%

Revenue beat(16)8

Avg Revenue beat(16)19.92%

PT rev (1m)0%

PT rev (3m)-9.95%

EPS NQ rev (1m)0.25%

EPS NQ rev (3m)5.34%

EPS NY rev (1m)0.25%

EPS NY rev (3m)2.64%

Revenue NQ rev (1m)-0.12%

Revenue NQ rev (3m)0.11%

Revenue NY rev (1m)-0.13%

Revenue NY rev (3m)-0.22%

Valuation

		Industry Rank	Sector Rank
PE	10.66
Fwd PE	9.71
P/S	3.1
P/FCF	10.57
P/OCF	9.37
P/B	1.48
P/tB	1.71
EV/EBITDA	N/A

EPS(TTM)3.14

EY9.38%

EPS(NY)3.45

Fwd EY10.29%

FCF(TTM)3.17

FCFY9.46%

OCF(TTM)3.57

OCFY10.67%

SpS10.81

BVpS22.55

TBVpS19.57

PEG (NY)3.54

PEG (5Y)1.13

Profitability

		Industry Rank	Sector Rank
ROA	1.25%
ROE	14.21%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	29.65%
GM	N/A
FCFM	29.31%

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-Score9

Asset Turnover0.04

Health

		Industry Rank	Sector Rank
Debt/Equity	0.17
Debt/FCF	1.21
Debt/EBITDA	N/A
Cap/Depr	85.26%
Cap/Sales	3.75%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	98.84%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score9

WACC17.84%

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)6.8%

EPS 3Y3.26%

EPS 5Y9.47%

EPS Q2Q%-2.63%

EPS Next Y3.01%

EPS Next 2Y4.42%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)5.12%

Revenue growth 3Y2.6%

Revenue growth 5Y5.5%

Sales Q2Q%8.68%

Revenue Next Year8.66%

Revenue Next 2Y7.25%

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-12.51%

FCF growth 3Y-19.14%

FCF growth 5Y13.27%

OCF growth 1Y-7.01%

OCF growth 3Y-16.94%

OCF growth 5Y12.85%

INDEPENDENT BANK CORP - MICH (IBCP) 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

More info and screens