DDM Analysis: INDB

Valuation Snapshot

Stable Growth	$168.45 - $531.08	$270.78
Multi-Stage	$111.62 - $121.92	$116.68
Blended Fair Value	$193.73
Current Price	$69.17
Upside	180.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.55%	15.67%	2.23	2.27	2.17	1.45	1.41	1.23	0.93	0.79	0.69	0.61
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.07	34.42	20.65
Cash Retained (M)	176.62	176.62	176.62
(-) Cash Required (M)	-55.07	-34.42	-20.65
(=) Excess Retained (M)	121.55	142.20	155.97
(/) Shares Outstanding (M)	43.20	43.20	43.20
(=) Excess Retained per Share	2.81	3.29	3.61
LTM Dividend per Share	2.29	2.29	2.29
(+) Excess Retained per Share	2.81	3.29	3.61
(=) Adjusted Dividend	5.10	5.58	5.90
WACC / Discount Rate	8.69%	8.69%	8.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$168.45	$270.78	$531.08
Upside / Downside	143.53%	291.47%	667.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	275.35	293.24	312.30	332.60	354.22	377.25	388.57
Payout Ratio	35.86%	46.69%	57.51%	68.34%	79.17%	90.00%	92.50%
Projected Dividends (M)	98.73	136.90	179.62	227.31	280.44	339.52	359.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.69%	8.69%	8.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	124.77	125.95	127.14
Year 2 PV (M)	149.19	152.04	154.90
Year 3 PV (M)	172.08	177.02	182.05
Year 4 PV (M)	193.48	200.92	208.58
Year 5 PV (M)	213.49	223.80	234.50
PV of Terminal Value (M)	3,969.54	4,161.27	4,360.34
Equity Value (M)	4,822.55	5,041.00	5,267.51
Shares Outstanding (M)	43.20	43.20	43.20
Fair Value	$111.62	$116.68	$121.92
Upside / Downside	61.38%	68.69%	76.27%

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Financial Statements

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Ticker

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Sector

Independent Bank Corp. (INDB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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