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INDEPENDENT BANK CORP - MICH (IBCP) Stock Fundamental Analysis

NASDAQ:IBCP - Nasdaq - US4538386099 - Common Stock - Currency: USD

31.5  +0.83 (+2.71%)

After market: 31.5 0 (0%)

Fundamental Rating

4

Taking everything into account, IBCP scores 4 out of 10 in our fundamental rating. IBCP was compared to 398 industry peers in the Banks industry. IBCP has a medium profitability rating, but doesn't score so well on its financial health evaluation. IBCP has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year IBCP was profitable.
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.
IBCP Yearly Net Income VS EBIT VS OCF VS FCFIBCP 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 20M 40M 60M 80M 100M

1.2 Ratios

IBCP has a Return On Assets of 1.25%. This is amongst the best in the industry. IBCP outperforms 81.91% of its industry peers.
Looking at the Return On Equity, with a value of 14.69%, IBCP belongs to the top of the industry, outperforming 91.21% of the companies in the same industry.
Industry RankSector Rank
ROA 1.25%
ROE 14.69%
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
IBCP Yearly ROA, ROE, ROICIBCP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

IBCP has a Profit Margin of 30.02%. This is amongst the best in the industry. IBCP outperforms 82.66% of its industry peers.
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 RankSector Rank
OM N/A
PM (TTM) 30.02%
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
IBCP Yearly Profit, Operating, Gross MarginsIBCP 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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3

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.
The debt/assets ratio for IBCP has been reduced compared to a year ago.
IBCP Yearly Shares OutstandingIBCP Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
IBCP Yearly Total Debt VS Total AssetsIBCP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

The Debt to FCF ratio of IBCP is 1.44, which is an excellent value as it means it would take IBCP, only 1.44 years of fcf income to pay off all of its debts.
IBCP has a better Debt to FCF ratio (1.44) than 62.81% of its industry peers.
A Debt/Equity ratio of 0.17 indicates that IBCP is not too dependend on debt financing.
The Debt to Equity ratio of IBCP (0.17) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 1.44
Altman-Z N/A
ROIC/WACCN/A
WACC18.13%
IBCP Yearly LT Debt VS Equity VS FCFIBCP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
IBCP Yearly Current Assets VS Current LiabilitesIBCP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

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4

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 6.80% over the past year.
The Earnings Per Share has been growing by 9.47% on average over the past years. This is quite good.
IBCP shows a small growth in Revenue. In the last year, the Revenue has grown by 5.12%.
The Revenue has been growing slightly by 5.50% on average over the past years.
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%34.61%

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 3.55% on average per year.
The Revenue is expected to grow by 7.69% on average over the next years.
EPS Next Y0.36%
EPS Next 2Y3.55%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year8.89%
Revenue Next 2Y7.69%
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 decreasing.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
IBCP Yearly Revenue VS EstimatesIBCP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M 200M
IBCP Yearly EPS VS EstimatesIBCP Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 10.03, which indicates a very decent valuation of IBCP.
Based on the Price/Earnings ratio, IBCP is valued a bit cheaper than the industry average as 76.63% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 28.22, IBCP is valued rather cheaply.
A Price/Forward Earnings ratio of 9.30 indicates a reasonable valuation of IBCP.
Based on the Price/Forward Earnings ratio, IBCP is valued a bit cheaper than the industry average as 61.31% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 20.86. IBCP is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 10.03
Fwd PE 9.3
IBCP Price Earnings VS Forward Price EarningsIBCP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of IBCP is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 11.97
EV/EBITDA N/A
IBCP Per share dataIBCP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

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)27.85
PEG (5Y)1.06
EPS Next 2Y3.55%
EPS Next 3YN/A

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6

5. Dividend

5.1 Amount

IBCP has a Yearly Dividend Yield of 3.39%. Purely for dividend investing, there may be better candidates out there.
IBCP's Dividend Yield is comparable with the industry average which is at 3.50.
Compared to an average S&P500 Dividend Yield of 2.44, IBCP pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.39%

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
IBCP Yearly Dividends per shareIBCP Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

30.01% of the earnings are spent on dividend by IBCP. This is a low number and sustainable payout ratio.
IBCP's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP30.01%
EPS Next 2Y3.55%
EPS Next 3YN/A
IBCP Yearly Income VS Free CF VS DividendIBCP Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
IBCP Dividend Payout.IBCP Dividend Payout, showing the Payout Ratio.IBCP Dividend Payout.PayoutRetained Earnings

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INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (5/2/2025, 8:00:44 PM)

After market: 31.5 0 (0%)

31.5

+0.83 (+2.71%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-24 2025-04-24/bmo
Earnings (Next)07-23 2025-07-23/bmo
Inst Owners86.75%
Inst Owner Change-0.47%
Ins Owners2.03%
Ins Owner Change2.72%
Market Cap660.55M
Analysts50
Price Target36.52 (15.94%)
Short Float %1.15%
Short Ratio1.94
Dividend
Industry RankSector Rank
Dividend Yield 3.39%
Yearly Dividend0.96
Dividend Growth(5Y)5.93%
DP30.01%
Div Incr Years10
Div Non Decr Years10
Ex-Date05-05 2025-05-05 (0.26)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.3%
Min EPS beat(2)-15.66%
Max EPS beat(2)11.06%
EPS beat(4)3
Avg EPS beat(4)8.52%
Min EPS beat(4)-15.66%
Max EPS beat(4)22.76%
EPS beat(8)5
Avg EPS beat(8)8.97%
EPS beat(12)8
Avg EPS beat(12)14.15%
EPS beat(16)10
Avg EPS beat(16)13.91%
Revenue beat(2)0
Avg Revenue beat(2)-2.42%
Min Revenue beat(2)-2.9%
Max Revenue beat(2)-1.95%
Revenue beat(4)0
Avg Revenue beat(4)-2.1%
Min Revenue beat(4)-2.9%
Max Revenue beat(4)-1.38%
Revenue beat(8)1
Avg Revenue beat(8)0.63%
Revenue beat(12)5
Avg Revenue beat(12)13.91%
Revenue beat(16)9
Avg Revenue beat(16)24.79%
PT rev (1m)-7.73%
PT rev (3m)-5.79%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.59%
EPS NY rev (1m)0%
EPS NY rev (3m)2.21%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.03%
Revenue NY rev (1m)0.05%
Revenue NY rev (3m)2.72%
Valuation
Industry RankSector Rank
PE 10.03
Fwd PE 9.3
P/S 2.97
P/FCF 11.97
P/OCF 10.46
P/B 1.45
P/tB 1.75
EV/EBITDA N/A
EPS(TTM)3.14
EY9.97%
EPS(NY)3.39
Fwd EY10.76%
FCF(TTM)2.63
FCFY8.36%
OCF(TTM)3.01
OCFY9.56%
SpS10.61
BVpS21.68
TBVpS18.03
PEG (NY)27.85
PEG (5Y)1.06
Profitability
Industry RankSector Rank
ROA 1.25%
ROE 14.69%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 30.02%
GM N/A
FCFM 24.81%
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-Score7
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 1.44
Debt/EBITDA N/A
Cap/Depr 79.46%
Cap/Sales 3.57%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 82.65%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score7
WACC18.13%
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 Y0.36%
EPS Next 2Y3.55%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)5.12%
Revenue growth 3Y2.6%
Revenue growth 5Y5.5%
Sales Q2Q%34.61%
Revenue Next Year8.89%
Revenue Next 2Y7.69%
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-20.65%
FCF growth 3Y-19.14%
FCF growth 5Y13.27%
OCF growth 1Y-16.45%
OCF growth 3Y-16.94%
OCF growth 5Y12.85%