What is Independent Bank Corp worth?
With the base-case assumptions below, a discounted cash flow model on Independent Bank Corp's reported free cash flow gives $74.84 per share. The share price was $36.64 on November 10, 2026, 51% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 1.0% | 10.0% | $49.47 | +35% |
| Base | 6.0% | 9.0% | $74.84 | +104% |
| Bull | 11.0% | 8.0% | $122.20 | +234% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $93.11 | $98.68 | $105.50 | $114.01 | $124.96 |
| 8.0% | $79.48 | $83.09 | $87.37 | $92.49 | $98.76 |
| 9.0% | $69.52 | $71.99 | $74.84 | $78.17 | $82.10 |
| 10.0% | $61.93 | $63.69 | $65.68 | $67.96 | $70.58 |
| 11.0% | $55.96 | $57.25 | $58.69 | $60.31 | $62.15 |
Where the presets come from
Base: years 1 to 5 grow at Independent Bank Corp's revenue growth rate over the last 5 fiscal years (5.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions