Discounted Cash Flow

Independent Bank Corp.

INDB · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $76.6m $82.9m $2.90
2017 $87.2m (13.8%) $105.8m (27.6%) $3.19 (10.0%)
2018 $121.6m (39.5%) $130.7m (23.5%) $4.41 (38.2%)
2019 $165.2m (35.8%) $199.9m (52.9%) $5.03 (14.1%)
2020 $121.2m (-26.6%) $52.0m (-74.0%) $3.64 (-27.6%)
2021 $121.0m (-0.1%) $165.0m (217.0%) $3.47 (-4.7%)
2022 $263.8m (118.0%) $399.1m (141.9%) $5.69 (64.0%)
2023 $239.5m (-9.2%) $261.1m (-34.6%) $5.42 (-4.7%)
2024 $192.1m (-19.8%) $209.5m (-19.8%) $4.52 (-16.6%)
2025 $205.1m (6.8%) $239.0m (14.1%) $4.44 (-1.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model