IBCP Fundamental Analysis - INDEPENDENT BANK CORP - MICH

Fundamental Rating

Overall IBCP gets a fundamental rating of 4 out of 10. We evaluated IBCP against 396 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 is not valued too expensively and it also shows a decent growth rate.

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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

IBCP's Return On Assets of 1.25% is amongst the best of the industry. IBCP outperforms 80.81% of its industry peers.

IBCP has a better Return On Equity (14.21%) than 90.66% 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's Profit Margin of 29.65% is amongst the best of the industry. IBCP outperforms 82.07% of its industry peers.

IBCP's Profit Margin has improved in the last couple of years.

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.

The number of shares outstanding for IBCP has been reduced compared to 5 years ago.

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 1.21, which is an excellent value as it means it would take IBCP, only 1.21 years of fcf income to pay off all of its debts.

IBCP has a Debt to FCF ratio of 1.21. This is in the better half of the industry: IBCP outperforms 68.18% of its industry peers.

IBCP has a Debt/Equity ratio of 0.17. This is a healthy value indicating a solid balance between debt and equity.

IBCP has a Debt to Equity ratio of 0.17. This is comparable to the rest of the industry: IBCP outperforms 49.75% of its industry peers.

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

ROIC/WACCN/A

WACC18.35%

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

IBCP shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 6.80%.

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.

The Revenue has been growing slightly by 5.12% in the past 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)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

The Earnings Per Share is expected to grow by 4.45% on average over the next years.

IBCP is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.41% yearly.

EPS Next Y2.76%

EPS Next 2Y4.45%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year8.8%

Revenue Next 2Y7.41%

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.

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

A Price/Earnings ratio of 9.94 indicates a reasonable valuation of IBCP.

74.49% of the companies in the same industry are more expensive than IBCP, based on the Price/Earnings ratio.

IBCP is valuated cheaply when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.

With a Price/Forward Earnings ratio of 9.06, the valuation of IBCP can be described as very reasonable.

IBCP's Price/Forward Earnings ratio is in line with the industry average.

The average S&P500 Price/Forward Earnings ratio is at 22.17. IBCP is valued rather cheaply when compared to this.

		Industry Rank	Sector Rank
PE	9.94
Fwd PE	9.06

4.2 Price Multiples

The rest of the industry has a similar Price/Free Cash Flow ratio as IBCP.

		Industry Rank	Sector Rank
P/FCF	9.86
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)3.61

PEG (5Y)1.05

EPS Next 2Y4.45%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

IBCP has a Yearly Dividend Yield of 3.28%. Purely for dividend investing, there may be better candidates out there.

Compared to an average industry Dividend Yield of 3.46, IBCP has a dividend in line with its industry peers.

Compared to an average S&P500 Dividend Yield of 2.38, IBCP pays a bit more dividend than the S&P500 average.

		Industry Rank	Sector Rank
Dividend Yield	3.28%

5.2 History

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

IBCP has been paying a dividend for at least 10 years, so it has 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 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 2Y4.45%

EPS Next 3YN/A

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INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (6/2/2025, 8:07:54 PM)

After market: 31.22 0 (0%)

31.22

-0.31 (-0.98%)

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-37.22%

Ins Owners2.03%

Ins Owner Change2.35%

Market Cap646.88M

Analysts50

Price Target35.09 (12.4%)

Short Float %1.1%

Short Ratio2

Dividend

		Industry Rank	Sector Rank
Dividend Yield	3.28%

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)-3.91%

PT rev (3m)-11.34%

EPS NQ rev (1m)0%

EPS NQ rev (3m)5.08%

EPS NY rev (1m)2.39%

EPS NY rev (3m)2.39%

Revenue NQ rev (1m)0.17%

Revenue NQ rev (3m)0.23%

Revenue NY rev (1m)-0.09%

Revenue NY rev (3m)-0.04%

Valuation

		Industry Rank	Sector Rank
PE	9.94
Fwd PE	9.06
P/S	2.89
P/FCF	9.86
P/OCF	8.74
P/B	1.38
P/tB	1.6
EV/EBITDA	N/A

EPS(TTM)3.14

EY10.06%

EPS(NY)3.45

Fwd EY11.04%

FCF(TTM)3.17

FCFY10.14%

OCF(TTM)3.57

OCFY11.44%

SpS10.81

BVpS22.55

TBVpS19.57

PEG (NY)3.61

PEG (5Y)1.05

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

WACC18.35%

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 Y2.76%

EPS Next 2Y4.45%

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 Year8.8%

Revenue Next 2Y7.41%

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