Independent Bank Corporation (IBCP) Stock Analysis & Winston Score

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services. It also provides title insurance, insurance brokerage, and investment services. The company offers its se

Winston Score History

Score breakdown

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Quality

Gross Margin

73.6%

Premium pricing power — 73.6% gross margin

Operating Margin

27.1%

Excellent — 27.1% operating margin

ROCE

3.5%

Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

EPS YoY

+6.6%

Modest earnings growth (6.6% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

51%

Weak — only 51% of profit becomes cash

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.13

Conservative — low debt load (0.13)

Interest Cover

0.95x

Dangerous — barely covers interest (1.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

10.6x

no trend

Attractive valuation — P/E 10.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.5

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.00%

no trend

Moderate income — 3.00% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+8.0%

no trend

Dividend growing modestly (8.0% YoY)

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