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Ingles Markets

Nasdaq:IMKT.A
Snowflake Description

Undervalued with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IMKT.A
Nasdaq
$622M
Market Cap
  1. Home
  2. US
  3. Consumer Retailing
Company description

Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. The last earnings update was 75 days ago. More info.


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IMKT.A Share Price and Events
7 Day Returns
-4.9%
NasdaqGS:IMKT.A
-0.9%
US Consumer Retailing
-1.2%
US Market
1 Year Returns
6.4%
NasdaqGS:IMKT.A
16.8%
US Consumer Retailing
3.3%
US Market
IMKT.A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ingles Markets (IMKT.A) -4.9% -2.8% 9.1% 6.4% -23.7% 22.8%
US Consumer Retailing -0.9% 3.1% 8.6% 16.8% 28.9% 43%
US Market -1.2% 0.8% 0.9% 3.3% 35.9% 41.7%
1 Year Return vs Industry and Market
  • IMKT.A underperformed the Consumer Retailing industry which returned 16.8% over the past year.
  • IMKT.A outperformed the Market in United States of America which returned 3.3% over the past year.
Price Volatility
IMKT.A
Industry
5yr Volatility vs Market

Value

 Is Ingles Markets undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ingles Markets to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ingles Markets.

NasdaqGS:IMKT.A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:IMKT.A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.503 (1 + (1- 21%) (137.82%))
1.033
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.033 * 5.96%)
8.89%

Discounted Cash Flow Calculation for NasdaqGS:IMKT.A using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ingles Markets is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:IMKT.A DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.89%)
2020 65.50 Est @ 29.07% 60.16
2021 79.37 Est @ 21.17% 66.94
2022 91.78 Est @ 15.64% 71.09
2023 102.58 Est @ 11.77% 72.97
2024 111.87 Est @ 9.06% 73.08
2025 119.88 Est @ 7.16% 71.92
2026 126.87 Est @ 5.83% 69.90
2027 133.08 Est @ 4.9% 67.34
2028 138.74 Est @ 4.25% 64.47
2029 144.00 Est @ 3.79% 61.45
Present value of next 10 years cash flows $679.31
NasdaqGS:IMKT.A DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $144.00 × (1 + 2.73%) ÷ (8.89% – 2.73%)
$2,402.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,402.01 ÷ (1 + 8.89%)10
$1,025.07
NasdaqGS:IMKT.A Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $679.31 + $1,025.07
$1,704.38
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,704.38 / 20.26
$84.13
NasdaqGS:IMKT.A Discount to Share Price
Calculation Result
Value per share (USD) From above. $84.13
Current discount Discount to share price of $30.71
= -1 x ($30.71 - $84.13) / $84.13
63.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Ingles Markets is available for.
Intrinsic value
>50%
Share price is $30.71 vs Future cash flow value of $84.13
Current Discount Checks
For Ingles Markets to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ingles Markets's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ingles Markets's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ingles Markets's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ingles Markets's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:IMKT.A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-30) in USD $3.95
NasdaqGS:IMKT.A Share Price ** NasdaqGS (2019-07-22) in USD $30.71
United States of America Consumer Retailing Industry PE Ratio Median Figure of 23 Publicly-Listed Consumer Retailing Companies 20.52x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.86x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ingles Markets.

NasdaqGS:IMKT.A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:IMKT.A Share Price ÷ EPS (both in USD)

= 30.71 ÷ 3.95

7.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ingles Markets is good value based on earnings compared to the US Consumer Retailing industry average.
  • Ingles Markets is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Ingles Markets's expected growth come at a high price?
Raw Data
NasdaqGS:IMKT.A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
6.8%per year
United States of America Consumer Retailing Industry PEG Ratio Median Figure of 14 Publicly-Listed Consumer Retailing Companies 3.32x
United States of America Market PEG Ratio Median Figure of 2,119 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Ingles Markets, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Ingles Markets's assets?
Raw Data
NasdaqGS:IMKT.A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-30) in USD $30.90
NasdaqGS:IMKT.A Share Price * NasdaqGS (2019-07-22) in USD $30.71
United States of America Consumer Retailing Industry PB Ratio Median Figure of 32 Publicly-Listed Consumer Retailing Companies 2.03x
United States of America Market PB Ratio Median Figure of 5,248 Publicly-Listed Companies 1.79x
NasdaqGS:IMKT.A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:IMKT.A Share Price ÷ Book Value per Share (both in USD)

= 30.71 ÷ 30.90

0.99x

* Primary Listing of Ingles Markets.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ingles Markets is good value based on assets compared to the US Consumer Retailing industry average.
X
Value checks
We assess Ingles Markets's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Retailing industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Ingles Markets has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Ingles Markets expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Ingles Markets, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ingles Markets expected to grow at an attractive rate?
  • Ingles Markets's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Ingles Markets's earnings growth is positive but not above the United States of America market average.
  • Ingles Markets's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:IMKT.A Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:IMKT.A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 6.8%
NasdaqGS:IMKT.A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 2%
United States of America Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:IMKT.A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:IMKT.A Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30 4,544 1
2022-09-30 4,455 1
2021-09-30 4,368 1
2020-09-30 4,282 1
2019-09-30 4,198 1
NasdaqGS:IMKT.A Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-30 4,158 202 80
2018-12-29 4,141 187 74
2018-09-29 4,093 161 97
2018-06-30 4,123 157 98
2018-03-31 4,072 159 85
2017-12-30 4,034 177 85
2017-09-30 4,003 156 54
2017-06-24 3,876 162 49
2017-03-25 3,848 167 50
2016-12-24 3,827 170 55
2016-09-24 3,795 159 54
2016-06-25 3,785 156 56

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ingles Markets's earnings are expected to grow by 6.8% yearly, however this is not considered high growth (20% yearly).
  • Ingles Markets's revenue is expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:IMKT.A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Ingles Markets Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:IMKT.A Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30
2020-09-30
2019-09-30
NasdaqGS:IMKT.A Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-30 3.95
2018-12-29 3.67
2018-09-29 4.81
2018-06-30 4.85
2018-03-31 4.21
2017-12-30 4.21
2017-09-30 2.66
2017-06-24 2.40
2017-03-25 2.46
2016-12-24 2.72
2016-09-24 2.67
2016-06-25 2.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Ingles Markets will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Ingles Markets's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ingles Markets has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Ingles Markets performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ingles Markets's growth in the last year to its industry (Consumer Retailing).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ingles Markets's year on year earnings growth rate has been positive over the past 5 years.
  • Ingles Markets's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Ingles Markets's 1-year earnings growth is negative, it can't be compared to the US Consumer Retailing industry average.
Earnings and Revenue History
Ingles Markets's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ingles Markets Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:IMKT.A Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-30 4,158.14 80.08 870.76
2018-12-29 4,140.86 74.37 865.93
2018-09-29 4,092.80 97.36 856.07
2018-06-30 4,122.51 98.30 855.42
2018-03-31 4,072.14 85.34 848.30
2017-12-30 4,033.73 85.20 839.68
2017-09-30 4,002.70 53.87 837.14
2017-06-24 3,875.68 48.69 821.86
2017-03-25 3,848.46 49.83 813.69
2016-12-24 3,826.62 55.03 806.82
2016-09-24 3,794.98 54.19 794.59
2016-06-25 3,785.44 56.24 782.68
2016-03-26 3,774.24 57.35 773.98
2015-12-26 3,765.26 57.29 763.41
2015-09-26 3,778.64 59.35 756.31
2015-06-27 3,790.64 60.72 747.38
2015-03-28 3,822.93 60.78 739.37
2014-12-27 3,855.36 56.93 732.19
2014-09-27 3,835.99 51.43 722.64
2014-06-28 3,820.00 49.38 717.41
2014-03-29 3,775.75 21.13 712.51
2013-12-28 3,748.69 18.76 709.08
2013-09-28 3,738.54 20.80 706.50
2013-06-29 3,790.34 18.51 712.06
2013-03-30 3,774.08 45.99 706.50
2012-12-29 3,735.05 44.41 700.64
2012-09-29 3,718.31 43.44 697.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ingles Markets has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ingles Markets used its assets more efficiently than the US Consumer Retailing industry average last year based on Return on Assets.
  • Ingles Markets's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ingles Markets's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Retailing industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ingles Markets has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Ingles Markets's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ingles Markets's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ingles Markets is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ingles Markets's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ingles Markets's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ingles Markets Company Filings, last reported 3 months ago.

NasdaqGS:IMKT.A Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-30 625.94 857.47 16.68
2018-12-29 614.66 879.93 14.10
2018-09-29 595.41 865.59 10.54
2018-06-30 580.23 887.76 11.64
2018-03-31 558.99 888.88 6.93
2017-12-30 552.95 890.54 13.76
2017-09-30 511.05 877.87 23.91
2017-06-24 494.93 870.74 8.02
2017-03-25 486.65 876.48 6.10
2016-12-24 480.75 900.24 15.16
2016-09-24 470.18 876.47 5.68
2016-06-25 459.24 898.24 5.44
2016-03-26 449.82 907.71 9.07
2015-12-26 438.71 924.75 8.55
2015-09-26 428.98 886.05 7.51
2015-06-27 415.99 918.17 8.64
2015-03-28 405.46 928.54 8.68
2014-12-27 394.40 970.38 6.26
2014-09-27 382.60 937.26 8.61
2014-06-28 433.61 909.30 4.03
2014-03-29 423.40 911.13 7.39
2013-12-28 416.56 925.05 4.63
2013-09-28 410.64 912.47 16.84
2013-06-29 398.69 934.51 4.55
2013-03-30 454.07 860.01 12.18
2012-12-29 445.98 877.00 9.45
2012-09-29 457.41 835.17 4.68
  • Ingles Markets's level of debt (137%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (215.1% vs 137% today).
  • Debt is well covered by operating cash flow (23.5%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Ingles Markets's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ingles Markets has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Ingles Markets's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.15%
Current annual income from Ingles Markets dividends.
If you bought $2,000 of Ingles Markets shares you are expected to receive $43 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ingles Markets's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Ingles Markets's dividend is below the markets top 25% of dividend payers in United States of America (3.78%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:IMKT.A Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 1.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:IMKT.A Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30
2020-09-30
2019-09-30
NasdaqGS:IMKT.A Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-08 0.660 2.126
2018-12-31 0.660 2.300
2018-10-01 0.660 2.149
2018-07-02 0.660 2.035
2018-04-02 0.660 2.106
2018-02-08 0.660 2.015
2017-10-02 0.660 2.316
2017-06-26 0.660 2.471
2017-03-27 0.660 1.654
2016-12-27 0.660 1.426
2016-09-26 0.660 1.515
2016-06-27 0.660 1.723
2016-03-28 0.660 1.787
2015-12-28 0.660 1.830
2015-09-28 0.660 1.326
2015-06-29 0.660 1.344
2015-03-30 0.660 1.372
2014-12-29 0.660 1.491
2014-09-29 0.660 2.415
2014-06-30 0.660 2.604
2014-03-31 0.660 2.602
2013-12-30 0.660 2.681
2013-09-30 0.660 2.521
2013-07-01 0.660 2.461
2013-04-01 0.660 2.993
2013-02-07 0.660 3.223
2013-02-04 0.660 3.428
2012-10-01 0.660 3.947
2012-06-25 0.660 4.091
2012-03-26 0.660 4.008
2011-12-27 0.660 3.859
2011-09-26 0.660 4.415
2011-06-27 0.660 4.294
2011-03-28 0.660 3.690
2010-12-27 0.660 3.429
2010-09-27 0.660 3.534
2010-06-28 0.660 4.259
2010-03-29 0.660 4.279
2009-12-28 0.660 4.570
2009-09-29 0.660 4.207
2009-06-29 0.660 4.114
2009-03-30 0.660 4.272
2008-12-29 0.660 4.463
2008-09-29 0.660 4.020

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • No dividend growth in 10 years.
Current Payout to shareholders
What portion of Ingles Markets's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Ingles Markets's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ingles Markets afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ingles Markets has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Ingles Markets's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
James Lanning
COMPENSATION $1,199,679
AGE 60
TENURE AS CEO 3.3 years
CEO Bio

Mr. James W. Lanning has been the Chief Executive Officer of Ingles Markets, Incorporated since March 25, 2016 and has been its President since March 2003. Mr. Lanning served as Chief Operating Officer of Ingles Markets, Incorporated since March 2003. He held many positions in his 28 years and most recently serving as a District Manager in Georgia. He has been a Director of Ingles Markets, Incorporated since May 15, 2003.

CEO Compensation
  • James's compensation has been consistent with company performance over the past year, both up more than 20%.
  • James's remuneration is lower than average for companies of similar size in United States of America.
Management Team

James Lanning

TITLE
CEO, President
COMPENSATION
$1M
AGE
60
TENURE
3.3 yrs

Ron Freeman

TITLE
CFO, VP of Finance & Director
COMPENSATION
$469K
AGE
62
TENURE
14.3 yrs

Pat Jackson

TITLE
Secretary & Controller
Board of Directors Tenure

Average tenure and age of the Ingles Markets board of directors in years:

13.8
Average Tenure
62
Average Age
  • The average tenure for the Ingles Markets board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Robert Ingle

TITLE
Chairman
COMPENSATION
$1M
AGE
50
TENURE
15.2 yrs

James Lanning

TITLE
CEO, President
COMPENSATION
$1M
AGE
60
TENURE
16.2 yrs

Ron Freeman

TITLE
CFO, VP of Finance & Director
COMPENSATION
$469K
AGE
62
TENURE
14.2 yrs

Fred Ayers

TITLE
Director
COMPENSATION
$39K
AGE
76
TENURE
13.4 yrs

Brenda Tudor

TITLE
Director
COMPENSATION
$34K
AGE
62
TENURE
4.6 yrs

Laura Sharp

TITLE
Director
COMPENSATION
$20K
AGE
62
TENURE
22.4 yrs

Ernest Ferguson

TITLE
Director
COMPENSATION
$33K
AGE
72
TENURE
4.6 yrs

Jack Lowden

TITLE
Director
COMPENSATION
$9K
AGE
62
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • Ingles Markets individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
02. Jul 19 Sell Laura Sharp Individual 28. Jun 19 28. Jun 19 -5,000 $31.06 $-155,318
19. Jun 19 Sell Laura Sharp Individual 17. Jun 19 17. Jun 19 -5,000 $32.01 $-160,069
17. May 19 Sell Associated Capital Group Inc, Asset Management Arm Company 16. Apr 19 16. Apr 19 -100 $27.75 $-2,775
17. May 19 Buy Associated Capital Group Inc, Asset Management Arm Company 23. Apr 19 16. May 19 400 $30.47 $11,919
17. May 19 Sell GAMCO Investors, Inc. Company 14. May 19 16. May 19 -54,300 $30.71 $-285,099
01. Apr 19 Sell Laura Sharp Individual 28. Mar 19 28. Mar 19 -2,500 $27.39 $-68,484
22. Aug 18 Buy Ernest Ferguson Individual 21. Aug 18 21. Aug 18 250 $33.61 $8,402
X
Management checks
We assess Ingles Markets's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ingles Markets has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Ingles Markets (NASDAQ:IMKT.A) Seems To Be Using An Awful Lot Of Debt

We note that Ingles Markets, Incorporated (NASDAQ:IMKT.A) does have debt on its balance sheet. … NasdaqGS:IMKT.A Historical Debt, July 15th 2019 A Look At Ingles Markets's Liabilities The latest balance sheet data shows that Ingles Markets had liabilities of US$248.5m due within a year, and liabilities of US$968.0m falling due after that. … Since Ingles Markets does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time.

Simply Wall St -

Is Ingles Markets, Incorporated (NASDAQ:IMKT.A) An Attractive Dividend Stock?

NasdaqGS:IMKT.A Historical Dividend Yield, July 1st 2019 Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. So we need to form a view on if a company's dividend is sustainable, relative to its net profit after tax. Ingles Markets paid out 17% of its profit as dividends, over the trailing twelve month period. We'd say its dividends are thoroughly covered by earnings. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Ingles Markets's cash payout ratio in the last year was 28%, which suggests dividends were well covered by cash generated by the business. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. Is Ingles Markets's Balance Sheet Risky? As Ingles Markets has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments. Essentially we check that a) the company does not have too much debt, and b) that it can afford to pay the interest. … For the purpose of this article, we only scrutinise the last decade of Ingles Markets's dividend payments. … Conclusion To summarise, shareholders should always check that Ingles Markets's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

Simply Wall St -

Did Changing Sentiment Drive Ingles Markets's (NASDAQ:IMKT.A) Share Price Down By 19%?

Unfortunately, that's been the case for longer term Ingles Markets, Incorporated (NASDAQ:IMKT.A) shareholders, since the share price is down 19% in the last three years, falling well short of the market return of around 46%. … Although the share price is down over three years, Ingles Markets actually managed to grow EPS by 12% per year in that time. … As it happens, Ingles Markets's TSR for the last 3 years was -14%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Are Ingles Markets, Incorporated’s Returns On Capital Worth Investigating?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Ingles Markets: 0.083 = US$132m ÷ (US$1.8b - US$249m) (Based on the trailing twelve months to March 2019.) So, Ingles Markets has an ROCE of 8.3%. … How Ingles Markets's Current Liabilities Impact Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

What Ingles Markets, Incorporated's (NASDAQ:IMKT.A) ROE Can Tell Us

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Ingles Markets: 13% = US$80m ÷ US$626m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Ingles Markets Have A Good Return On Equity? … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

Is Ingles Markets, Incorporated's (NASDAQ:IMKT.A) CEO Paid Enough Relative To Peers?

James Lanning has been the CEO of Ingles Markets, Incorporated (NASDAQ:IMKT.A) since 2016. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does James Lanning's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Calculating The Intrinsic Value Of Ingles Markets, Incorporated (NASDAQ:IMKT.A)

by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. … We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows

Simply Wall St -

Read This Before Buying Ingles Markets, Incorporated (NASDAQ:IMKT.A) Shares

So before you buy or sell Ingles Markets, Incorporated (NASDAQ:IMKT.A), you may well want to know whether insiders have been buying or selling. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … That means that even when the share price was slightly below the current price of US$27.66, an insider wanted to cash in some shares.

Simply Wall St -

Is Ingles Markets, Incorporated (NASDAQ:IMKT.A) Creating Value For Shareholders?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Is Ingles Markets, Incorporated's (NASDAQ:IMKT.A) P/E Ratio Really That Good?

To keep it practical, we'll show how Ingles Markets, Incorporated's (NASDAQ:IMKT.A) P/E ratio could help you assess the value on offer. … Based on the last twelve months, Ingles Markets's P/E ratio is 5.95. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Company Info

Description

Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. Its supermarkets offer various food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, such as fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items. The company also provides home meal replacement items, delicatessens, bakeries, floral departments, and greeting cards, as well as organic, beverage, and health-related items. As of September 30, 2018, it operated 190 supermarkets under the Ingles name; and 10 supermarkets under the Sav-Mor name in western North Carolina, western South Carolina, northern Georgia, eastern Tennessee, southwestern Virginia, and northeastern Alabama, as well as 108 pharmacies and 102 fuel stations. In addition, it is involved in the fluid dairy operation and shopping center rental businesses. Ingles Markets, Incorporated was founded in 1963 and is based in Asheville, North Carolina.

Details
Name: Ingles Markets, Incorporated
IMKT.A
Exchange: NasdaqGS
Founded: 1963
$622,177,720
20,259,776
Website: http://www.ingles-markets.com
Address: Ingles Markets, Incorporated
PO Box 6676,
Asheville,
North Carolina, 28816,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS IMKT.A Class A Common Stock Nasdaq Global Select US USD 22. Sep 1987
Number of employees
Current staff
Staff numbers
17,940
Ingles Markets employees.
Industry
Food Retail
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 23:37
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/30
Last annual earnings reported: 2018/09/29


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.