INDEPENDENT BANK CORP - MICH (IBCP) Stock Fundamental Analysis
USA - NASDAQ:IBCP - US4538386099 - Common Stock
31.64 USD
-0.24 (-0.75%)
31.64 USD
0 (0%)
Taking everything into account, IBCP scores 4 out of 10 in our fundamental rating. IBCP was compared to 390 industry peers in the Banks industry. While IBCP is still in line with the averages on profitability rating, there are concerns on its financial health. IBCP has a correct valuation and a medium growth rate.
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.
IBCP had positive earnings in each of the past 5 years.
Each year in the past 5 years IBCP had a positive operating cash flow.
1.2 Ratios
IBCP's Return On Assets of 1.19% is fine compared to the rest of the industry. IBCP outperforms 77.69% of its industry peers.
With an excellent Return On Equity value of 13.80%, IBCP belongs to the best of the industry, outperforming 91.28% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.19% | ||
| ROE | 13.8% | ||
| 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
Looking at the Profit Margin, with a value of 28.98%, IBCP is in the better half of the industry, outperforming 77.95% of the companies in the same industry.
In the last couple of years the Profit Margin of IBCP has grown nicely.
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) | 28.98% | ||
| 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
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 more shares outstanding
IBCP has less shares outstanding than it did 5 years ago.
IBCP has a better debt/assets ratio than last year.
2.2 Solvency
The Debt to FCF ratio of IBCP is 1.05, which is an excellent value as it means it would take IBCP, only 1.05 years of fcf income to pay off all of its debts.
IBCP's Debt to FCF ratio of 1.05 is fine compared to the rest of the industry. IBCP outperforms 67.18% of its industry peers.
A Debt/Equity ratio of 0.17 indicates that IBCP is not too dependend on debt financing.
With a Debt to Equity ratio value of 0.17, IBCP perfoms like the industry average, outperforming 52.82% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.17 | ||
| Debt/FCF | 1.05 | ||
| Altman-Z | N/A |
ROIC/WACCN/A
WACC17.92%
2.3 Liquidity
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | N/A | ||
| Quick Ratio | N/A |
3. Growth
3.1 Past
IBCP shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -1.60%.
IBCP shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 9.47% yearly.
Looking at the last year, IBCP shows a small growth in Revenue. The Revenue has grown by 3.53% in the last year.
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)-1.6%
EPS 3Y3.26%
EPS 5Y9.47%
EPS Q2Q%-7.95%
Revenue 1Y (TTM)3.53%
Revenue growth 3Y2.6%
Revenue growth 5Y5.5%
Sales Q2Q%7.91%
3.2 Future
Based on estimates for the next years, IBCP will show a small growth in Earnings Per Share. The EPS will grow by 4.15% on average per year.
IBCP is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.32% yearly.
EPS Next Y3.72%
EPS Next 2Y4.25%
EPS Next 3Y4.15%
EPS Next 5YN/A
Revenue Next Year9.1%
Revenue Next 2Y7.32%
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.
4. Valuation
4.1 Price/Earnings Ratio
IBCP is valuated reasonably with a Price/Earnings ratio of 10.31.
Based on the Price/Earnings ratio, IBCP is valued a bit cheaper than 67.69% of the companies in the same industry.
When comparing the Price/Earnings ratio of IBCP to the average of the S&P500 Index (26.83), we can say IBCP is valued rather cheaply.
Based on the Price/Forward Earnings ratio of 9.21, the valuation of IBCP can be described as reasonable.
Based on the Price/Forward Earnings ratio, IBCP is valued a bit cheaper than 61.03% of the companies in the same industry.
IBCP's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.88.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.31 | ||
| Fwd PE | 9.21 |
4.2 Price Multiples
75.64% of the companies in the same industry are more expensive than IBCP, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.7 | ||
| 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)2.77
PEG (5Y)1.09
EPS Next 2Y4.25%
EPS Next 3Y4.15%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.31%, IBCP has a reasonable but not impressive dividend return.
IBCP's Dividend Yield is comparable with the industry average which is at 3.46.
IBCP's Dividend Yield is a higher than the S&P500 average which is at 2.30.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.31% |
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 its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.93%
Div Incr Years10
Div Non Decr Years10
5.3 Sustainability
IBCP pays out 32.23% of its income as dividend. This is a sustainable payout ratio.
The dividend of IBCP is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP32.23%
EPS Next 2Y4.25%
EPS Next 3Y4.15%
31.64
-0.24 (-0.75%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)
Earnings (Next)
Inst Owners84.89%
Inst Owner Change0.87%
Ins Owners2.06%
Ins Owner Change-0.53%
Market Cap655.26M
Revenue(TTM)223.38M
Net Income(TTM)64.74M
Analysts50
Price Target36.11 (14.13%)
Short Float %0.85%
Short Ratio1.53
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.31% |
Yearly Dividend0.96
Dividend Growth(5Y)5.93%
DP32.23%
Div Incr Years10
Div Non Decr Years10
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)1.9%
Min EPS beat(2)0.17%
Max EPS beat(2)3.64%
EPS beat(4)3
Avg EPS beat(4)-0.2%
Min EPS beat(4)-15.66%
Max EPS beat(4)11.06%
EPS beat(8)6
Avg EPS beat(8)7.5%
EPS beat(12)8
Avg EPS beat(12)8.48%
EPS beat(16)11
Avg EPS beat(16)10.99%
Revenue beat(2)0
Avg Revenue beat(2)-1.76%
Min Revenue beat(2)-2.21%
Max Revenue beat(2)-1.31%
Revenue beat(4)0
Avg Revenue beat(4)-2.09%
Min Revenue beat(4)-2.9%
Max Revenue beat(4)-1.31%
Revenue beat(8)1
Avg Revenue beat(8)0.95%
Revenue beat(12)3
Avg Revenue beat(12)5.36%
Revenue beat(16)7
Avg Revenue beat(16)16.88%
PT rev (1m)0%
PT rev (3m)2.91%
EPS NQ rev (1m)0.41%
EPS NQ rev (3m)0.41%
EPS NY rev (1m)0.56%
EPS NY rev (3m)0.69%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.61%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.41%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.31 | ||
| Fwd PE | 9.21 | ||
| P/S | 2.93 | ||
| P/FCF | 8.7 | ||
| P/OCF | 7.78 | ||
| P/B | 1.4 | ||
| P/tB | 1.61 | ||
| EV/EBITDA | N/A |
EPS(TTM)3.07
EY9.7%
EPS(NY)3.43
Fwd EY10.85%
FCF(TTM)3.64
FCFY11.5%
OCF(TTM)4.07
OCFY12.86%
SpS10.79
BVpS22.66
TBVpS19.68
PEG (NY)2.77
PEG (5Y)1.09
Graham Number39.56
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.19% | ||
| ROE | 13.8% | ||
| ROCE | N/A | ||
| ROIC | N/A | ||
| ROICexc | N/A | ||
| ROICexgc | N/A | ||
| OM | N/A | ||
| PM (TTM) | 28.98% | ||
| GM | N/A | ||
| FCFM | 33.73% |
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
ROICexgc growth 3YN/A
ROICexgc 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-Score7
Asset Turnover0.04
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.17 | ||
| Debt/FCF | 1.05 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | 91.31% | ||
| Cap/Sales | 3.99% | ||
| Interest Coverage | N/A | ||
| Cash Conversion | N/A | ||
| Profit Quality | 116.37% | ||
| Current Ratio | N/A | ||
| Quick Ratio | N/A | ||
| Altman-Z | N/A |
F-Score7
WACC17.92%
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)-1.6%
EPS 3Y3.26%
EPS 5Y9.47%
EPS Q2Q%-7.95%
EPS Next Y3.72%
EPS Next 2Y4.25%
EPS Next 3Y4.15%
EPS Next 5YN/A
Revenue 1Y (TTM)3.53%
Revenue growth 3Y2.6%
Revenue growth 5Y5.5%
Sales Q2Q%7.91%
Revenue Next Year9.1%
Revenue Next 2Y7.32%
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 1Y23.5%
FCF growth 3Y-19.14%
FCF growth 5Y13.27%
OCF growth 1Y26.11%
OCF growth 3Y-16.94%
OCF growth 5Y12.85%
INDEPENDENT BANK CORP - MICH / IBCP FAQ
What is the ChartMill fundamental rating of INDEPENDENT BANK CORP - MICH (IBCP) stock?
ChartMill assigns a fundamental rating of 4 / 10 to IBCP.
What is the valuation status of INDEPENDENT BANK CORP - MICH (IBCP) stock?
ChartMill assigns a valuation rating of 5 / 10 to INDEPENDENT BANK CORP - MICH (IBCP). This can be considered as Fairly Valued.
How profitable is INDEPENDENT BANK CORP - MICH (IBCP) stock?
INDEPENDENT BANK CORP - MICH (IBCP) has a profitability rating of 4 / 10.
What is the financial health of INDEPENDENT BANK CORP - MICH (IBCP) stock?
The financial health rating of INDEPENDENT BANK CORP - MICH (IBCP) is 3 / 10.
How sustainable is the dividend of INDEPENDENT BANK CORP - MICH (IBCP) stock?
The dividend rating of INDEPENDENT BANK CORP - MICH (IBCP) is 6 / 10 and the dividend payout ratio is 32.23%.