` Comparison: IBCP, MTB - Alpha Spread

IBCP
vs
MTB

Over the past 12 months, IBCP has underperformed MTB, delivering a return of +1% compared to the MTB's +7% growth.

Valuation Growth Profitability Solvency Stocks Performance
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IBCP
MTB
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Stocks Compared:
IBCP MTB
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Valuation Comparison

IBCP Intrinsic Value
41.25 USD
Undervaluation 15%
Intrinsic Value
Price
MTB Intrinsic Value
255.52 USD
Undervaluation 20%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Independent Bank Corp (Michigan)
NASDAQ:IBCP
35.09 USD
M&T Bank Corp
NYSE:MTB
203.66 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
IBCP, MTB

IBCP
MTB
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Independent Bank Corp (Michigan)
Revenue
M&T Bank Corp
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
IBCP, MTB

IBCP
MTB
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Independent Bank Corp (Michigan)
NASDAQ:IBCP
FCF is not applicable for financial companies
M&T Bank Corp
NYSE:MTB
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

IBCP
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Independent Bank Corp (Michigan)
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Operating Margin

IBCP
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Independent Bank Corp (Michigan)
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Net Margin

IBCP
29.8%
MTB
27.3%

FCF Margin

IBCP
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Independent Bank Corp (Michigan)
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROE

IBCP
14.5%
MTB
9.1%

ROA

IBCP
1.3%
MTB
1.2%

ROIC

IBCP
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Independent Bank Corp (Michigan)
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROCE

IBCP
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Independent Bank Corp (Michigan)
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
IBCP, MTB

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IBCP
MTB
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Performance Gap
IBCP, MTB

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IBCP
MTB
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
IBCP, MTB

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IBCP
MTB
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