Independent Bank Corp.

NasdaqGS:INDB Stock Report

Market Cap: US$3.0b

Independent Bank Valuation

Is INDB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of INDB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: INDB ($70.81) is trading below our estimate of fair value ($108.3)

Significantly Below Fair Value: INDB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INDB?

Key metric: As INDB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for INDB. This is calculated by dividing INDB's market cap by their current earnings.
What is INDB's PE Ratio?
PE Ratio15.3x
EarningsUS$196.85m
Market CapUS$3.01b

Price to Earnings Ratio vs Peers

How does INDB's PE Ratio compare to its peers?

The above table shows the PE ratio for INDB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.3x
WSFS WSFS Financial
12.9x-0.02%US$3.4b
FFBC First Financial Bancorp
12.4x4.2%US$2.7b
WAFD WaFd
15.7x20.3%US$2.9b
CVBF CVB Financial
16x3.3%US$3.1b
INDB Independent Bank
15.3x14.1%US$3.0b

Price-To-Earnings vs Peers: INDB is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the peer average (14.3x).

Price to Earnings Ratio vs Industry

How does INDB's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
INDB 15.3xIndustry Avg. 12.8xNo. of Companies75PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: INDB is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the US Banks industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is INDB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INDB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.3x
Fair PE Ratio15.5x

Price-To-Earnings vs Fair Ratio: INDB is good value based on its Price-To-Earnings Ratio (15.3x) compared to the estimated Fair Price-To-Earnings Ratio (15.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst INDB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$70.81
US$68.75
-2.9%
6.3%US$74.00US$64.00n/a4
Nov ’25US$62.60
US$68.75
+9.8%
6.3%US$74.00US$64.00n/a4
Oct ’25US$57.27
US$63.67
+11.2%
2.0%US$65.00US$62.00n/a3
Sep ’25US$63.31
US$62.67
-1.0%
2.7%US$65.00US$61.00n/a3
Aug ’25US$61.77
US$62.67
+1.5%
2.7%US$65.00US$61.00n/a3
Jul ’25US$49.49
US$57.50
+16.2%
4.3%US$60.00US$55.00n/a2
Jun ’25US$50.79
US$57.50
+13.2%
4.3%US$60.00US$55.00n/a2
May ’25US$50.87
US$57.50
+13.0%
4.3%US$60.00US$55.00n/a2
Apr ’25US$50.80
US$61.00
+20.1%
4.9%US$64.00US$58.00n/a2
Mar ’25US$50.95
US$64.50
+26.6%
0.8%US$65.00US$64.00n/a2
Feb ’25US$54.60
US$64.50
+18.1%
0.8%US$65.00US$64.00n/a2
Jan ’25US$65.81
US$60.00
-8.8%
8.3%US$65.00US$55.00n/a2
Dec ’24US$59.77
US$53.00
-11.3%
3.8%US$55.00US$51.00n/a2
Nov ’24US$49.98
US$53.00
+6.0%
3.8%US$55.00US$51.00US$62.602
Oct ’24US$49.09
US$53.33
+8.6%
12.3%US$61.00US$45.00US$57.273
Sep ’24US$56.04
US$58.00
+3.5%
5.2%US$61.00US$55.00US$63.312
Aug ’24US$59.05
US$58.00
-1.8%
5.2%US$61.00US$55.00US$61.772
Jul ’24US$44.51
US$60.00
+34.8%
13.3%US$68.00US$52.00US$49.492
Jun ’24US$45.49
US$66.50
+46.2%
2.3%US$68.00US$65.00US$50.792
May ’24US$53.85
US$66.50
+23.5%
2.3%US$68.00US$65.00US$50.872
Apr ’24US$65.62
US$85.33
+30.0%
11.2%US$94.00US$72.00US$50.803
Mar ’24US$78.63
US$89.00
+13.2%
5.1%US$94.00US$83.00US$50.953
Feb ’24US$80.30
US$89.00
+10.8%
5.1%US$94.00US$83.00US$54.603
Jan ’24US$84.43
US$96.33
+14.1%
5.4%US$100.00US$89.00US$65.813
Dec ’23US$90.86
US$95.67
+5.3%
6.4%US$100.00US$87.00US$59.773
Nov ’23US$86.97
US$95.67
+10.0%
6.4%US$100.00US$87.00US$49.983

Analyst Forecast: Target price is lower than the current share price.

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