Stock INDB INDEPENDENT BANK CORP.
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Financials Independent Bank Corp.

Equities

INDB

US4538361084

Banks

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
52.73 USD +0.73% Intraday chart for Independent Bank Corp. +4.29% -19.88%
Apr. 25 Earnings Flash (IBCP) INDEPENDENT BANK CORPORATION Reports Q1 EPS $0.76, vs. Street Est of $0.64 MT
Apr. 25 North American Morning Briefing : More Tech -2- DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 2,862 2,408 2,695 3,854 2,886 2,239 -
Enterprise Value (EV) 1 2,862 2,408 2,695 3,854 2,886 2,239 2,239
P/E ratio 16.6 x 20.1 x 23.5 x 14.8 x 12.1 x 11.5 x 10.8 x
Yield 2.11% 2.52% 2.35% - 3.34% 4.31% 4.36%
Capitalization / Revenue 5.63 x 5.02 x 5.31 x 5.29 x 3.95 x 3.28 x 3.16 x
EV / Revenue 5.63 x 5.02 x 5.31 x 5.29 x 3.95 x 3.28 x 3.16 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 1.68 x 1.41 x 1.28 x 1.33 x 0.97 x 0.75 x 0.72 x
Nbr of stocks (in thousands) 34,374 32,965 33,050 45,642 43,853 42,452 -
Reference price 2 83.25 73.04 81.53 84.43 65.81 52.73 52.73
Announcement Date 1/16/20 1/21/21 1/20/22 1/19/23 1/18/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 508.4 479.2 507.4 727.9 731.1 681.9 708.3
EBITDA - - - - - - -
EBIT 1 224.1 206 266.4 361.4 338.4 274.9 284.1
Operating Margin 44.08% 43% 52.51% 49.64% 46.28% 40.32% 40.12%
Earnings before Tax (EBT) 1 218.1 152.8 156.7 347.8 315.1 252 266.6
Net income 1 165.2 121.2 121 263.8 239.5 193.6 204.8
Net margin 32.49% 25.29% 23.85% 36.24% 32.76% 28.4% 28.92%
EPS 2 5.030 3.640 3.470 5.690 5.420 4.568 4.872
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 1.760 1.840 1.920 - 2.200 2.273 2.300
Announcement Date 1/16/20 1/21/21 1/20/22 1/19/23 1/18/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 116.5 151.7 163.7 172.8 190.8 200.7 187.2 183.3 183.4 177.2 167.4 169.6 174.1 175.6 173.3
EBITDA - - - - - - - - - - - - - - -
EBIT 1 46.07 122.5 - - 98.07 105.8 88.58 87.75 85.64 76.42 67.5 67.73 67.8 70.74 66.17
Operating Margin 39.53% 80.72% - - 51.4% 52.72% 47.31% 47.87% 46.69% 43.13% 40.32% 39.92% 38.95% 40.28% 38.18%
Earnings before Tax (EBT) 1 54.13 -1.121 70.2 82.2 95.07 100.3 81.33 82.75 80.14 70.92 62.5 62.23 62.92 63.68 62.54
Net income 1 40.01 1.702 53.1 61.78 71.9 77.04 61.25 62.64 60.81 54.8 47.77 47.88 48.39 48.96 48.1
Net margin 34.33% 1.12% 32.43% 35.76% 37.68% 38.4% 32.71% 34.18% 33.15% 30.93% 28.54% 28.22% 27.79% 27.88% 27.76%
EPS 2 1.210 0.0400 1.120 1.320 1.570 1.690 1.360 1.420 1.380 1.260 1.120 1.130 1.142 1.160 1.142
Dividend per Share 2 0.4800 0.4800 0.5100 0.5100 0.5100 - 0.5500 0.5500 - 0.5500 0.5567 0.5700 0.5700 0.5700 0.5700
Announcement Date 10/21/21 1/20/22 4/21/22 7/21/22 10/20/22 1/19/23 4/20/23 7/20/23 10/19/23 1/18/24 4/18/24 - - - -
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) 10.9% 7.16% 9.83% 9.22% 8.31% 6.7% 7.05%
ROA (Net income/ Total Assets) 1.52% 0.97% 1.26% 1.35% 1.24% 1.01% 1.06%
Assets 1 10,867 12,491 9,603 19,542 19,315 19,234 19,383
Book Value Per Share 2 49.70 51.70 63.80 63.30 67.50 70.00 72.90
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 1/16/20 1/21/21 1/20/22 1/19/23 1/18/24 - -
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

Ratings for Independent Bank Corp.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
52.73 USD
Average target price
57.5 USD
Spread / Average Target
+9.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Commercial Banks
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