Definitive Analysis
Definitive Analysis

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Independent Bank Corp. (INDB)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$168.50 - $531.49$270.90
Multi-Stage$111.64 - $121.95$116.70
Blended Fair Value$193.80
Current Price$69.17
Upside180.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.55%15.67%2.232.272.171.451.411.230.930.790.690.61
YoY Growth---1.84%4.56%49.41%3.12%14.20%32.63%17.98%14.59%13.52%16.62%
Dividend Yield--3.55%4.47%3.31%1.78%1.67%1.92%1.11%1.10%1.06%1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)275.35
(-) Cash Dividends Paid (M)98.73
(=) Cash Retained (M)176.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)55.0734.4220.65
Cash Retained (M)176.62176.62176.62
(-) Cash Required (M)-55.07-34.42-20.65
(=) Excess Retained (M)121.55142.20155.97
(/) Shares Outstanding (M)43.2043.2043.20
(=) Excess Retained per Share2.813.293.61
LTM Dividend per Share2.292.292.29
(+) Excess Retained per Share2.813.293.61
(=) Adjusted Dividend5.105.585.90
WACC / Discount Rate8.69%8.69%8.69%
Growth Rate5.50%6.50%7.50%
Fair Value$168.50$270.90$531.49
Upside / Downside143.60%291.64%668.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)275.35293.24312.30332.60354.22377.25388.57
Payout Ratio35.86%46.69%57.51%68.34%79.17%90.00%92.50%
Projected Dividends (M)98.73136.90179.62227.31280.44339.52359.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.69%8.69%8.69%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)124.77125.95127.14
Year 2 PV (M)149.20152.04154.91
Year 3 PV (M)172.08177.02182.05
Year 4 PV (M)193.49200.93208.59
Year 5 PV (M)213.50223.81234.51
PV of Terminal Value (M)3,970.364,162.134,361.24
Equity Value (M)4,823.395,041.885,268.43
Shares Outstanding (M)43.2043.2043.20
Fair Value$111.64$116.70$121.95
Upside / Downside61.41%68.72%76.30%

High-Yield Dividend Screener

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