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INDEPENDENT BANK GROUP INC (IBTX) Stock Fundamental Analysis

NASDAQ:IBTX - Nasdaq - US45384B1061 - Common Stock - Currency: USD

60.67  +0.28 (+0.46%)

After market: 60.63 -0.04 (-0.07%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to IBTX. IBTX was compared to 396 industry peers in the Banks industry. IBTX has a bad profitability rating. Also its financial health evaluation is rather negative. IBTX is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

IBTX had positive earnings in the past year.
In the past year IBTX had a positive cash flow from operations.
In the past 5 years IBTX has always been profitable.
Each year in the past 5 years IBTX had a positive operating cash flow.
IBTX Yearly Net Income VS EBIT VS OCF VS FCFIBTX 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 50M 100M 150M 200M 250M

1.2 Ratios

IBTX's Return On Assets of -2.20% is on the low side compared to the rest of the industry. IBTX is outperformed by 98.99% of its industry peers.
The Return On Equity of IBTX (-20.96%) is worse than 98.99% of its industry peers.
Industry RankSector Rank
ROA -2.2%
ROE -20.96%
ROIC N/A
ROA(3y)0.83%
ROA(5y)0.98%
ROE(3y)6.2%
ROE(5y)6.94%
ROIC(3y)N/A
ROIC(5y)N/A
IBTX Yearly ROA, ROE, ROICIBTX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8

1.3 Margins

In the last couple of years the Profit Margin of IBTX has declined.
IBTX does not have Profit Margin and Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-36.52%
PM growth 5Y-24.46%
GM growth 3YN/A
GM growth 5YN/A
IBTX Yearly Profit, Operating, Gross MarginsIBTX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

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1

2. Health

2.1 Basic Checks

IBTX does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, IBTX has more shares outstanding
IBTX has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, IBTX has an improved debt to assets ratio.
IBTX Yearly Shares OutstandingIBTX Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M
IBTX Yearly Total Debt VS Total AssetsIBTX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B

2.2 Solvency

The Debt to FCF ratio of IBTX is 12.15, which is on the high side as it means it would take IBTX, 12.15 years of fcf income to pay off all of its debts.
IBTX has a worse Debt to FCF ratio (12.15) than 75.06% of its industry peers.
IBTX has a Debt/Equity ratio of 0.26. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of IBTX (0.26) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.26
Debt/FCF 12.15
Altman-Z N/A
ROIC/WACCN/A
WACC17.25%
IBTX Yearly LT Debt VS Equity VS FCFIBTX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
IBTX Yearly Current Assets VS Current LiabilitesIBTX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2021 2022 2023 5M 10M 15M 20M 25M

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5

3. Growth

3.1 Past

IBTX shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -39.43%.
IBTX shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.80% yearly.
IBTX shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.01%.
Measured over the past years, IBTX shows a small growth in Revenue. The Revenue has been growing by 6.63% on average per year.
EPS 1Y (TTM)-39.43%
EPS 3Y-10.93%
EPS 5Y-5.8%
EPS Q2Q%-36.71%
Revenue 1Y (TTM)8.01%
Revenue growth 3Y-5.48%
Revenue growth 5Y6.63%
Sales Q2Q%-1.95%

3.2 Future

Based on estimates for the next years, IBTX will show a quite strong growth in Earnings Per Share. The EPS will grow by 14.84% on average per year.
Based on estimates for the next years, IBTX will show a quite strong growth in Revenue. The Revenue will grow by 9.19% on average per year.
EPS Next Y-25.82%
EPS Next 2Y11.19%
EPS Next 3Y14.84%
EPS Next 5YN/A
Revenue Next Year-5.75%
Revenue Next 2Y8.16%
Revenue Next 3Y9.19%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
IBTX Yearly Revenue VS EstimatesIBTX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M
IBTX Yearly EPS VS EstimatesIBTX Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4 5

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1

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 25.82 indicates a quite expensive valuation of IBTX.
Compared to the rest of the industry, the Price/Earnings ratio of IBTX indicates a rather expensive valuation: IBTX more expensive than 82.62% of the companies listed in the same industry.
IBTX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.82, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 14.87, which indicates a correct valuation of IBTX.
Based on the Price/Forward Earnings ratio, IBTX is valued a bit more expensive than 70.53% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of IBTX to the average of the S&P500 Index (21.76), we can say IBTX is valued slightly cheaper.
Industry RankSector Rank
PE 25.82
Fwd PE 14.87
IBTX Price Earnings VS Forward Price EarningsIBTX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, IBTX is valued more expensive than 80.10% of the companies in the same industry.
Industry RankSector Rank
P/FCF 59.94
EV/EBITDA N/A
IBTX Per share dataIBTX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

A more expensive valuation may be justified as IBTX's earnings are expected to grow with 14.84% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y11.19%
EPS Next 3Y14.84%

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4

5. Dividend

5.1 Amount

IBTX has a Yearly Dividend Yield of 2.51%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 3.34, IBTX is paying slightly less dividend.
IBTX's Dividend Yield is comparable with the S&P500 average which is at 2.36.
Industry RankSector Rank
Dividend Yield 2.51%

5.2 History

On average, the dividend of IBTX grows each year by 23.11%, which is quite nice.
IBTX has been paying a dividend for at least 10 years, so it has a reliable track record.
IBTX has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)23.11%
Div Incr Years0
Div Non Decr Years11
IBTX Yearly Dividends per shareIBTX Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.5 1 1.5

5.3 Sustainability

The earnings of IBTX are negative and hence is the payout ratio. IBTX will probably not be able to sustain this dividend level.
The dividend of IBTX is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP-15.39%
EPS Next 2Y11.19%
EPS Next 3Y14.84%
IBTX Yearly Income VS Free CF VS DividendIBTX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M

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INDEPENDENT BANK GROUP INC

NASDAQ:IBTX (12/31/2024, 8:00:02 PM)

After market: 60.63 -0.04 (-0.07%)

60.67

+0.28 (+0.46%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)10-21 2024-10-21/amc
Earnings (Next)01-20 2025-01-20/amc
Inst Owners77.53%
Inst Owner Change-99.05%
Ins Owners3.11%
Ins Owner Change-14.31%
Market Cap2.51B
Analysts80
Price Target58.31 (-3.89%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.51%
Yearly Dividend1.52
Dividend Growth(5Y)23.11%
DP-15.39%
Div Incr Years0
Div Non Decr Years11
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-13.55%
Min EPS beat(2)-28.26%
Max EPS beat(2)1.17%
EPS beat(4)2
Avg EPS beat(4)-7.83%
Min EPS beat(4)-28.26%
Max EPS beat(4)4.56%
EPS beat(8)3
Avg EPS beat(8)-5.37%
EPS beat(12)5
Avg EPS beat(12)-3.26%
EPS beat(16)7
Avg EPS beat(16)-2.85%
Revenue beat(2)0
Avg Revenue beat(2)-4.46%
Min Revenue beat(2)-5.4%
Max Revenue beat(2)-3.51%
Revenue beat(4)0
Avg Revenue beat(4)-5.69%
Min Revenue beat(4)-7.43%
Max Revenue beat(4)-3.51%
Revenue beat(8)0
Avg Revenue beat(8)-6.9%
Revenue beat(12)0
Avg Revenue beat(12)-5.13%
Revenue beat(16)0
Avg Revenue beat(16)-4.72%
PT rev (1m)2.69%
PT rev (3m)1.57%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-14.46%
EPS NY rev (1m)0%
EPS NY rev (3m)-14.59%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-3.84%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.93%
Valuation
Industry RankSector Rank
PE 25.82
Fwd PE 14.87
P/S 4.28
P/FCF 59.94
P/OCF 44.69
P/B 1.29
P/tB 1.76
EV/EBITDA N/A
EPS(TTM)2.35
EY3.87%
EPS(NY)4.08
Fwd EY6.72%
FCF(TTM)1.01
FCFY1.67%
OCF(TTM)1.36
OCFY2.24%
SpS14.18
BVpS47.03
TBVpS34.54
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -2.2%
ROE -20.96%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM N/A
FCFM 7.14%
ROA(3y)0.83%
ROA(5y)0.98%
ROE(3y)6.2%
ROE(5y)6.94%
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-36.52%
PM growth 5Y-24.46%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.26
Debt/FCF 12.15
Debt/EBITDA N/A
Cap/Depr 45.25%
Cap/Sales 2.44%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC17.25%
ROIC/WACCN/A
Cap/Depr(3y)194.46%
Cap/Depr(5y)158.96%
Cap/Sales(3y)8.88%
Cap/Sales(5y)7.12%
Profit Quality(3y)168.82%
Profit Quality(5y)129.43%
High Growth Momentum
Growth
EPS 1Y (TTM)-39.43%
EPS 3Y-10.93%
EPS 5Y-5.8%
EPS Q2Q%-36.71%
EPS Next Y-25.82%
EPS Next 2Y11.19%
EPS Next 3Y14.84%
EPS Next 5YN/A
Revenue 1Y (TTM)8.01%
Revenue growth 3Y-5.48%
Revenue growth 5Y6.63%
Sales Q2Q%-1.95%
Revenue Next Year-5.75%
Revenue Next 2Y8.16%
Revenue Next 3Y9.19%
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-65.51%
FCF growth 3Y2.7%
FCF growth 5Y3.65%
OCF growth 1Y-73.99%
OCF growth 3Y2.32%
OCF growth 5Y0.81%