Company Valuation: Independent Bank Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,695 3,854 2,886 2,728 3,623 3,768 - -
Change - 43.01% -25.11% -5.48% 32.83% 3.99% - -
Enterprise Value (EV) 2,695 3,854 2,886 2,728 3,623 3,768 3,768 3,768
Change - 43.01% -25.11% -5.48% 32.83% 3.99% 0% 0%
P/E 23.5x 14.8x 12.1x 14.2x 16.5x 11.2x 9.56x 9.38x
PBR 1.28x 1.33x 0.97x 0.91x 1.01x 1.05x 0.98x -
PEG - 0.2x -2.55x -0.9x -9.32x 0.2x 0.6x 4.88x
Capitalization / Revenue 5.31x 5.29x 3.95x 3.95x 4.23x 3.64x 3.46x 3.3x
EV / Revenue 0x 0x 0x 0x 0x 3.64x 3.46x 3.3x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 7.95x 7.18x -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.92 2.08 2.2 2.28 2.36 2.54 2.584 2.6
Rate of return 2.35% 2.46% 3.34% 3.55% 3.23% 3.19% 3.25% 3.27%
EPS 2 3.47 5.69 5.42 4.52 4.44 7.107 8.32 8.48
Distribution rate 55.3% 36.6% 40.6% 50.4% 53.2% 35.7% 31.1% 30.7%
Net sales 1 507.4 727.9 731.1 689.7 857.5 1,034 1,088 1,142
EBITDA - - - - - - - -
EBIT 1 266.4 361.4 338.4 283.4 332.7 473.8 524.7 -
Net income 1 121 263.8 239.5 192.1 205.1 338.8 374.9 391.4
Net Debt - - - - - - - -
Reference price 2 81.53 84.43 65.81 64.19 73.08 79.54 79.54 79.54
Nbr of stocks (in thousands) 33,050 45,642 43,853 42,495 49,577 47,369 - -
Announcement Date 1/20/22 1/19/23 1/18/24 1/16/25 1/22/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.19x - - 3.19% 3.77B
6.68x - - 4.74% 352B
16.13x - - 1.05% 97.33B
15.53x - - 4.33% 81.25B
7.64x - - 6.59% 61.04B
5.05x - - 5.99% 56.01B
16.81x - - 3.19% 46.77B
12.78x - - 5.52% 42.52B
8.94x - - 4.81% 40.07B
10.78x - - 3.79% 36.12B
Average 11.15x 4.32% 81.67B
Weighted average by Cap. 9.86x 4.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Independent Bank Corp.