INDEPENDENT BANK CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 25.25 USD | +0.20% |
|
+1.04% | -2.96% |
| 04-25 | Transcript : Independent Bank Corporation, Q1 2024 Earnings Call, Apr 25, 2024 | |
| 04-25 | Earnings Flash (IBCP) INDEPENDENT BANK CORPORATION Reports Q1 EPS $0.76, vs. Street Est of $0.64 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 509.2 | 404.2 | 507.9 | 503.9 | 542.3 | 527.8 | - |
| Enterprise Value (EV) 1 | 509.2 | 404.2 | 507.9 | 503.9 | 542.3 | 527.8 | 527.8 |
| P/E ratio | 11.2 x | 7.3 x | 8.29 x | 8.05 x | 9.33 x | 8.57 x | 8.61 x |
| Yield | 3.18% | 4.33% | 3.52% | 3.68% | 3.54% | 3.8% | 4% |
| Capitalization / Revenue | 4.15 x | 3.27 x | 3.91 x | 3.37 x | 3.47 x | 3.18 x | 3.03 x |
| EV / Revenue | 4.15 x | 3.27 x | 3.91 x | 3.37 x | 3.47 x | 3.18 x | 3.03 x |
| EV / EBITDA | - | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - |
| Price to Book | 1.45 x | 1.04 x | 1.27 x | 1.45 x | 1.34 x | 1.17 x | 1.06 x |
| Nbr of stocks (in thousands) | 22,481 | 21,884 | 21,277 | 21,065 | 20,840 | 20,902 | - |
| Reference price 2 | 22.65 | 18.47 | 23.87 | 23.92 | 26.02 | 25.25 | 25.25 |
| Announcement Date | 23/01/20 | 28/01/21 | 27/01/22 | 26/01/23 | 25/01/24 | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 122.6 | 123.6 | 129.8 | 149.6 | 156.3 | 166 | 174.1 |
| EBITDA | - | - | - | - | - | - | - |
| EBIT 1 | 63.48 | 95.31 | 78.78 | 68.86 | 79.89 | 84.15 | 87.74 |
| Operating Margin | 51.79% | 77.1% | 60.71% | 46.04% | 51.1% | 50.68% | 50.4% |
| Earnings before Tax (EBT) 1 | 57.76 | 69.48 | 77.31 | 77.79 | 73.68 | 77.42 | 76.97 |
| Net income 1 | 46.44 | 56.15 | 62.9 | 63.35 | 59.07 | 61.91 | 61.35 |
| Net margin | 37.88% | 45.43% | 48.47% | 42.36% | 37.78% | 37.29% | 35.23% |
| EPS 2 | 2.020 | 2.530 | 2.880 | 2.970 | 2.790 | 2.948 | 2.932 |
| Free Cash Flow | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.7200 | 0.8000 | 0.8400 | 0.8800 | 0.9200 | 0.9600 | 1.010 |
| Announcement Date | 23/01/20 | 28/01/21 | 27/01/22 | 26/01/23 | 25/01/24 | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 34.28 | 33 | 36.06 | 39.9 | 40.6 | 38.44 | 38.35 | 39.43 | 40.11 | 40.2 | 41.01 | 42.12 | 42.69 | 42.02 | 42.93 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 16.7 | 12.05 | 15.14 | 24.39 | 20.48 | 18.67 | 19.08 | 23 | 17.33 | 20.56 | 20.67 | 21.98 | 21.78 | 20.1 | 21.7 |
| Operating Margin | 48.72% | 36.5% | 41.98% | 61.14% | 50.45% | 48.57% | 49.74% | 58.34% | 43.21% | 51.16% | 50.42% | 52.17% | 51.02% | 47.84% | 50.55% |
| Earnings before Tax (EBT) 1 | 15.47 | 22.07 | 15.88 | 21.25 | 18.59 | 15.88 | 18.2 | 21.65 | 17.95 | 19.82 | 18.47 | 19.38 | 19.68 | 17.74 | 19.07 |
| Net income 1 | 12.51 | 17.97 | 13 | 17.3 | 15.09 | 12.99 | 14.79 | 17.54 | 13.74 | 15.99 | 14.75 | 15.46 | 15.7 | 14.12 | 15.18 |
| Net margin | 36.48% | 54.44% | 36.05% | 43.35% | 37.16% | 33.79% | 38.57% | 44.49% | 34.26% | 39.78% | 35.98% | 36.72% | 36.78% | 33.6% | 35.35% |
| EPS 2 | 0.5800 | 0.8400 | 0.6100 | 0.8100 | 0.7100 | 0.6100 | 0.7000 | 0.8300 | 0.6500 | 0.7600 | 0.6975 | 0.7400 | 0.7525 | 0.6800 | 0.7300 |
| Dividend per Share 2 | 0.2100 | 0.2200 | 0.2200 | 0.2200 | 0.2200 | 0.2300 | 0.2300 | 0.2300 | 0.2300 | - | 0.2400 | 0.2400 | 0.2400 | 0.2533 | 0.2533 |
| Announcement Date | 27/01/22 | 26/04/22 | 26/07/22 | 25/10/22 | 26/01/23 | 27/04/23 | 25/07/23 | 24/10/23 | 25/01/24 | 25/04/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt | - | - | - | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 13.6% | 15.7% | 16.1% | 18.4% | - | 14.5% | 13.1% |
| ROA (Net income/ Total Assets) | 1.35% | 1.43% | 1.41% | 1.31% | - | 1.16% | 1.13% |
| Assets 1 | 3,440 | 3,927 | 4,461 | 4,836 | - | 5,349 | 5,453 |
| Book Value Per Share 2 | 15.60 | 17.80 | 18.80 | 16.50 | 19.40 | 21.50 | 23.70 |
| Cash Flow per Share | - | - | - | - | - | - | - |
| Capex | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - |
| Announcement Date | 23/01/20 | 28/01/21 | 27/01/22 | 26/01/23 | 25/01/24 | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
25.25
USD
Average target price
27
USD
Spread / Average Target
+6.93%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -2.96% | 528M | |
| +12.87% | 551B | |
| +11.94% | 295B | |
| +12.83% | 249B | |
| +22.29% | 210B | |
| +19.80% | 169B | |
| +12.69% | 170B | |
| +12.12% | 165B | |
| +3.84% | 144B | |
| -11.62% | 139B |
- Stock Market
- Equities
- IBCP Stock
- Financials Independent Bank Corporation
