Intrinsic value of Independent Bank (Michigan) - IBCP

Previous Close

$25.70

  Intrinsic Value

$0.00

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  Rating & Target

str. sell

-100%

Previous close

$25.70

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as IBCP.

We calculate the intrinsic value of IBCP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  0
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  238
  250
  263
  277
  291
  307
  322
  339
  356
  375
  394
  414
  435
  457
  480
  505
  530
  557
  585
  614
Variable operating expenses, $m
 
  39
  42
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
Fixed operating expenses, $m
 
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  87
  88
  90
  92
  94
  96
  99
  101
  103
  105
  108
Total operating expenses, $m
  0
  96
  100
  104
  107
  111
  116
  120
  125
  129
  134
  138
  144
  149
  154
  160
  166
  172
  179
  186
  193
  199
  207
  215
  223
  232
  242
  251
  261
  271
  282
Operating income, $m
  0
  42
  47
  51
  56
  62
  67
  73
  79
  85
  92
  99
  107
  114
  123
  131
  140
  150
  160
  171
  182
  194
  206
  220
  233
  248
  263
  279
  296
  314
  333
EBITDA, $m
  5
  326
  347
  369
  392
  416
  441
  467
  495
  523
  553
  585
  618
  653
  689
  727
  767
  809
  854
  900
  948
  999
  1,053
  1,109
  1,168
  1,230
  1,295
  1,363
  1,435
  1,510
  1,590
Interest expense (income), $m
  6
  139
  130
  137
  144
  152
  160
  168
  177
  186
  195
  205
  216
  227
  238
  250
  262
  276
  289
  304
  319
  335
  351
  369
  387
  406
  426
  447
  470
  493
  517
Earnings before tax, $m
  33
  -97
  -83
  -85
  -88
  -90
  -93
  -95
  -98
  -100
  -103
  -106
  -109
  -112
  -115
  -119
  -122
  -126
  -129
  -133
  -137
  -141
  -145
  -149
  -154
  -158
  -163
  -168
  -173
  -179
  -184
Tax expense, $m
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  23
  -97
  -83
  -85
  -88
  -90
  -93
  -95
  -98
  -100
  -103
  -106
  -109
  -112
  -115
  -119
  -122
  -126
  -129
  -133
  -137
  -141
  -145
  -149
  -154
  -158
  -163
  -168
  -173
  -179
  -184

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,549
  2,477
  2,621
  2,771
  2,928
  3,092
  3,263
  3,442
  3,629
  3,824
  4,029
  4,243
  4,467
  4,701
  4,947
  5,205
  5,475
  5,758
  6,054
  6,365
  6,691
  7,033
  7,391
  7,767
  8,162
  8,576
  9,010
  9,466
  9,944
  10,446
  10,973
Adjusted assets (=assets-cash), $m
  2,549
  2,477
  2,621
  2,771
  2,928
  3,092
  3,263
  3,442
  3,629
  3,824
  4,029
  4,243
  4,467
  4,701
  4,947
  5,205
  5,475
  5,758
  6,054
  6,365
  6,691
  7,033
  7,391
  7,767
  8,162
  8,576
  9,010
  9,466
  9,944
  10,446
  10,973
Revenue / Adjusted assets
  0.000
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
  0.056
Average production assets, $m
  57
  2,837
  3,002
  3,174
  3,353
  3,541
  3,737
  3,941
  4,155
  4,379
  4,613
  4,859
  5,115
  5,384
  5,666
  5,961
  6,270
  6,594
  6,933
  7,289
  7,662
  8,054
  8,465
  8,895
  9,347
  9,821
  10,319
  10,841
  11,388
  11,963
  12,566
Working capital, $m
  0
  -2,681
  -2,837
  -3,000
  -3,170
  -3,347
  -3,532
  -3,725
  -3,928
  -4,139
  -4,361
  -4,592
  -4,835
  -5,089
  -5,355
  -5,634
  -5,926
  -6,232
  -6,553
  -6,890
  -7,242
  -7,612
  -8,001
  -8,408
  -8,835
  -9,283
  -9,753
  -10,246
  -10,764
  -11,307
  -11,877
Total debt, $m
  36
  2,406
  2,536
  2,671
  2,812
  2,959
  3,113
  3,274
  3,442
  3,618
  3,802
  3,995
  4,197
  4,408
  4,629
  4,861
  5,104
  5,359
  5,625
  5,905
  6,199
  6,506
  6,829
  7,168
  7,523
  7,895
  8,286
  8,696
  9,127
  9,578
  10,053
Total liabilities, $m
  2,300
  2,230
  2,359
  2,494
  2,635
  2,783
  2,937
  3,097
  3,266
  3,442
  3,626
  3,818
  4,020
  4,231
  4,453
  4,684
  4,927
  5,182
  5,449
  5,728
  6,022
  6,330
  6,652
  6,991
  7,346
  7,718
  8,109
  8,520
  8,950
  9,402
  9,876
Total equity, $m
  249
  248
  262
  277
  293
  309
  326
  344
  363
  382
  403
  424
  447
  470
  495
  520
  547
  576
  605
  636
  669
  703
  739
  777
  816
  858
  901
  947
  994
  1,045
  1,097
Total liabilities and equity, $m
  2,549
  2,478
  2,621
  2,771
  2,928
  3,092
  3,263
  3,441
  3,629
  3,824
  4,029
  4,242
  4,467
  4,701
  4,948
  5,204
  5,474
  5,758
  6,054
  6,364
  6,691
  7,033
  7,391
  7,768
  8,162
  8,576
  9,010
  9,467
  9,944
  10,447
  10,973
Debt-to-equity ratio
  0.145
  9.710
  9.670
  9.640
  9.600
  9.570
  9.540
  9.510
  9.490
  9.460
  9.440
  9.420
  9.400
  9.380
  9.360
  9.340
  9.320
  9.310
  9.290
  9.280
  9.260
  9.250
  9.240
  9.230
  9.220
  9.210
  9.200
  9.190
  9.180
  9.170
  9.160
Adjusted equity ratio
  0.098
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  -97
  -83
  -85
  -88
  -90
  -93
  -95
  -98
  -100
  -103
  -106
  -109
  -112
  -115
  -119
  -122
  -126
  -129
  -133
  -137
  -141
  -145
  -149
  -154
  -158
  -163
  -168
  -173
  -179
  -184
Depreciation, amort., depletion, $m
  5
  284
  300
  317
  335
  354
  374
  394
  416
  438
  461
  486
  512
  538
  567
  596
  627
  659
  693
  729
  766
  805
  846
  890
  935
  982
  1,032
  1,084
  1,139
  1,196
  1,257
Funds from operations, $m
  10
  186
  217
  232
  248
  264
  281
  299
  318
  337
  358
  380
  402
  426
  451
  477
  505
  534
  564
  596
  629
  665
  702
  740
  781
  824
  869
  916
  966
  1,018
  1,072
Change in working capital, $m
  -14
  -149
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -212
  -221
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -321
  -337
  -353
  -370
  -388
  -407
  -427
  -448
  -470
  -493
  -518
  -543
  -570
Cash from operations, $m
  24
  336
  373
  394
  417
  441
  466
  492
  520
  549
  579
  611
  645
  680
  717
  756
  797
  840
  885
  933
  982
  1,035
  1,090
  1,147
  1,208
  1,272
  1,339
  1,409
  1,483
  1,561
  1,643
Maintenance CAPEX, $m
  0
  -267
  -284
  -300
  -317
  -335
  -354
  -374
  -394
  -416
  -438
  -461
  -486
  -512
  -538
  -567
  -596
  -627
  -659
  -693
  -729
  -766
  -805
  -846
  -890
  -935
  -982
  -1,032
  -1,084
  -1,139
  -1,196
New CAPEX, $m
  -3
  -168
  -165
  -172
  -180
  -187
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
  -356
  -373
  -392
  -411
  -431
  -452
  -474
  -497
  -522
  -548
  -575
  -603
Cash from investing activities, $m
  -139
  -435
  -449
  -472
  -497
  -522
  -550
  -579
  -608
  -640
  -672
  -706
  -743
  -781
  -820
  -862
  -905
  -951
  -999
  -1,049
  -1,102
  -1,158
  -1,216
  -1,277
  -1,342
  -1,409
  -1,479
  -1,554
  -1,632
  -1,714
  -1,799
Free cash flow, $m
  -115
  -99
  -76
  -78
  -80
  -82
  -84
  -86
  -88
  -90
  -93
  -95
  -98
  -100
  -103
  -105
  -108
  -111
  -114
  -117
  -120
  -123
  -126
  -130
  -133
  -137
  -141
  -145
  -149
  -153
  -157
Issuance/(repayment) of debt, $m
  0
  -177
  130
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  293
  308
  323
  339
  355
  373
  391
  410
  430
  452
  474
Issuance/(repurchase) of shares, $m
  -17
  405
  98
  100
  103
  107
  110
  113
  116
  120
  124
  128
  132
  136
  140
  144
  149
  154
  159
  164
  169
  175
  181
  187
  193
  200
  207
  214
  221
  229
  237
Cash from financing (excl. dividends), $m  
  119
  228
  228
  235
  244
  254
  264
  274
  284
  296
  308
  321
  334
  347
  361
  376
  392
  409
  426
  444
  462
  483
  504
  526
  548
  573
  598
  624
  651
  681
  711
Total cash flow (excl. dividends), $m
  4
  129
  151
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  377
  396
  415
  435
  457
  479
  503
  528
  554
Retained Cash Flow (-), $m
  2
  -405
  -98
  -100
  -103
  -107
  -110
  -113
  -116
  -120
  -124
  -128
  -132
  -136
  -140
  -144
  -149
  -154
  -159
  -164
  -169
  -175
  -181
  -187
  -193
  -200
  -207
  -214
  -221
  -229
  -237
Prev. year cash balance distribution, $m
 
  60
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash available for distribution, $m
 
  -216
  54
  57
  61
  66
  70
  75
  80
  86
  91
  98
  104
  111
  119
  127
  135
  144
  153
  163
  173
  185
  196
  209
  222
  236
  250
  266
  282
  299
  317
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -189
  41
  37
  33
  29
  26
  22
  18
  15
  12
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  35.9
  25.9
  18.9
  13.8
  10.2
  7.6
  5.7
  4.3
  3.2
  2.4
  1.9
  1.4
  1.1
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. The Company's principal markets are the rural and suburban communities across lower Michigan. As of December 31, 2016, the Company's markets were served by the Bank's main office in Grand Rapids, Michigan, and a total of 62 branches, a drive-in facility and 12 loan production offices. The Bank's branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). Its Bank also offers title insurance services through a subsidiary, and investment and insurance services through a third party agreement with Cetera Investment Services LLC.

FINANCIAL RATIOS  of  Independent Bank (Michigan) (IBCP)

Valuation Ratios
P/E Ratio 23.8
Price to Sales 0
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 26
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -17.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 14.5%
Total Debt to Equity 14.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 30.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 30.4%

IBCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IBCP stock intrinsic value calculation we used $131 million for the last fiscal year's total revenue generated by Independent Bank (Michigan). The default revenue input number comes from 2016 income statement of Independent Bank (Michigan). You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IBCP stock valuation model: a) initial revenue growth rate of 5.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.3%, whose default value for IBCP is calculated based on our internal credit rating of Independent Bank (Michigan), is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Independent Bank (Michigan).
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IBCP stock the variable cost ratio is equal to 28.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $56 million in the base year in the intrinsic value calculation for IBCP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Independent Bank (Michigan).

Corporate tax rate of 27% is the nominal tax rate for Independent Bank (Michigan). In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IBCP stock is equal to 1.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IBCP are equal to 2045%.

Life of production assets of 10 years is the average useful life of capital assets used in Independent Bank (Michigan) operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IBCP is equal to -1932.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Independent Bank (Michigan) - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 21 million for Independent Bank (Michigan) is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Independent Bank (Michigan) at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Earnings Outlook For Independent Bank   [Jul-19-18 08:39AM  Benzinga]
▶ Bank M&A Deals Vaulting Higher in 2018   [May-25-18 11:10AM  Barrons.com]
▶ Trump advisers bank among 10 DFW firms to catch break under Senate plan   [Apr-06-18 07:25AM  American City Business Journals]
▶ Why Dividend Hunters Love Independent Bank Corp (NASDAQ:INDB)   [Apr-04-18 08:47AM  Simply Wall St.]
▶ Independent Bank posts 4Q profit   [Jan-30-18 09:24AM  Associated Press]
▶ Independent Bank Group posts 4Q profit   [Jan-29-18 05:39PM  Associated Press]
▶ Independent Bank Corp. posts 4Q profit   [Jan-18-18 04:31PM  Associated Press]
▶ Composite Rating For Independent Bank Jumps To 96   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Independent Bank to buy third Houston-based bank in $164.3M deal   [Nov-29-17 09:44AM  American City Business Journals]
▶ What Is Independent Bank Group Incs (IBTX) Share Price Doing?   [Oct-30-17 01:11PM  Simply Wall St.]
▶ Independent Bank Corporation to Host Earnings Call   [Oct-26-17 08:20AM  ACCESSWIRE]
▶ Independent Bank meets 3Q profit forecasts   [08:11AM  Associated Press]
▶ Independent Bank Group posts 3Q profit   [Oct-23-17 05:09PM  Associated Press]
▶ Independent Bank misses Street 2Q forecasts   [Jul-27-17 10:32PM  Associated Press]
▶ Independent Bank Group posts 2Q profit   [Jul-24-17 10:20PM  Associated Press]
▶ Independent Bank Corp. posts 2Q profit   [Jul-20-17 09:51PM  Associated Press]
▶ Stocks With Rising Composite Ratings: Independent Bank   [Apr-26-17 11:03AM  Investor's Business Daily]
▶ Independent Bank Group posts 1Q profit   [05:12PM  Associated Press]
Financial statements of IBCP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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