Independent Bank Corp.
Find Ratings ReportsINDEPENDENT BANK CORP/MA's gross profit margin for the fourth quarter of its fiscal year 2023 has decreased when compared to the same period a year ago. Even though sales increased, the net income has decreased, representing a decrease to the bottom line.
During the same period, stockholders' equity ("net worth") has remained unchanged from the same quarter last year.
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Income Statement | Q4 FY23 | Q4 FY22 |
---|---|---|
Net Sales ($mil) | 239.06 | 215.74 |
EBITDA ($mil) | 102.04 | 128.13 |
EBIT ($mil) | 93.52 | 112.73 |
Net Income ($mil) | 54.8 | 77.04 |
Balance Sheet | Q4 FY23 | Q4 FY22 |
---|---|---|
Cash & Equiv. ($mil) | 224.33 | 352.93 |
Total Assets ($mil) | 19347.37 | 19294.17 |
Total Debt ($mil) | 1274.66 | 174.08 |
Equity ($mil) | 2895.25 | 2886.7 |
Profitability | Q4 FY23 | Q4 FY22 |
---|---|---|
Gross Profit Margin | 71.73 | 90.14 |
EBITDA Margin | 42.68 | 59.38 |
Operating Margin | 39.12 | 52.25 |
Sales Turnover | 0.05 | 0.04 |
Return on Assets | 1.23 | 1.36 |
Return on Equity | 8.27 | 9.14 |
Debt | Q4 FY23 | Q4 FY22 |
---|---|---|
Current Ratio | 0.0 | 0.0 |
Debt/Capital | 0.31 | 0.06 |
Interest Expense | 0.0 | 0.0 |
Interest Coverage | 0.0 | 0.0 |
Share Data | Q4 FY23 | Q4 FY22 |
---|---|---|
Shares outstanding (mil) | 42.87 | 45.64 |
Div / share | 0.55 | 0.55 |
EPS | 1.26 | 1.69 |
Book value / share | 67.53 | 63.25 |
Institutional Own % | n/a | n/a |
Avg Daily Volume | 277120.0 | 229022.0 |
HOLD. This stock's P/E ratio indicates a discount compared to an average of 17.75 for the Credit Intermediation and Related Activities subsector and a significant discount compared to the S&P 500 average of 27.95. For additional comparison, its price-to-book ratio of 0.72 indicates a significant discount versus the S&P 500 average of 4.68 and a significant discount versus the subsector average of 8.64. The price-to-sales ratio is well below both the S&P 500 average and the subsector average, indicating a discount. Upon assessment of these and other key valuation criteria, INDEPENDENT BANK CORP/MA proves to trade at a discount to investment alternatives.
Price/Earnings |
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Price/Cash Flow |
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INDB 9.03 | Peers 17.75 | INDB 7.57 | Peers 20.18 | |||||||||||||||||||||
Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. INDB is trading at a significant discount to its peers. |
Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. INDB is trading at a significant discount to its peers. |
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Price/Projected Earnings |
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Price to Earnings/Growth |
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INDB 10.29 | Peers 13.86 | INDB NM | Peers 1.78 | |||||||||||||||||||||
Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations. INDB is trading at a discount to its peers. |
Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. INDB's negative PEG ratio makes this valuation measure meaningless. |
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Price/Book |
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Earnings Growth |
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INDB 0.72 | Peers 8.64 | INDB -4.92 | Peers 24.72 | |||||||||||||||||||||
Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. INDB is trading at a significant discount to its peers. |
Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. However, INDB is expected to significantly trail its peers on the basis of its earnings growth rate. |
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Price/Sales |
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Sales Growth |
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INDB 2.29 | Peers 4.87 | INDB 21.39 | Peers 44.87 | |||||||||||||||||||||
Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. INDB is trading at a significant discount to its subsector on this measurement. |
Lower. A sales growth rate that trails the subsector implies that a company is losing market share. INDB significantly trails its peers on the basis of sales growth. |
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