AlphaMadera's AlphaVal page classifies Independent Bank Corp. as a Banks, Insurers & Asset Managers business and values it using P/Tangible Book × ROE Quality, then compares the result to the current market price to flag INDB as undervalued, fairly valued, or overvalued.

What is Independent Bank Corp.'s fair value?

Fair value for INDB comes from a P/Tangible Book × ROE Quality model -- the approach AlphaVal selected for this company's Banks, Insurers & Asset Managers classification. The live AlphaVal page shows bear, base, and bull scenarios alongside the key assumption behind each.

How does AlphaMadera value INDB?

AlphaVal routes each company to one of ten valuation archetypes based on its business model. INDB was classified as Banks, Insurers & Asset Managers and is valued using P/Tangible Book × ROE Quality, built from INDB's most recent reported fundamentals.

INDB - Independent Bank Corp.

Price: -- -- | CONSENSUS: Hold DETAILS | PRICE TARGET: $93.33 DETAILS

AlphaVal

Deterministic, archetype-aware fair value

Banks, Insurers & Asset Managers 85% confidence

Primary model: P/Tangible Book × ROE Quality

Valuation Signal Overvalued Strong

Trading 49.6% above fair value

Current Price $82.78

Bear Case $38.74 53.2% downside ($38.74 - $82.78) / $82.78 = -53.2% ROTCE 6.6% → 0.56x TBV

Fair Value $55.34 33.1% downside ($55.34 - $82.78) / $82.78 = -33.1% ROTCE 8.8% → 1.03x TBV

Bull Case $71.95 13.1% downside ($71.95 - $82.78) / $82.78 = -13.1% ROTCE 10.1% → 1.31x TBV

Adjust Assumptions

Return on Tangible Equity

8.8%

Cost of Equity

8.6%

Key Value Driver

ROTCE (8.8%) vs. cost of equity (8.6%)

Terminal Value % of EV

Implied Market Multiple 1.71x

Market is pricing in (growth)

Plain-Language Summary

With ROTCE of 8.8% vs. 8.6% cost of equity, fair P/TBV is 1.03x on $48.53 tangible book, implying $55.34 per share. DDM cross-check: $61.37.

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.

Average Target (15 analysts) $93.33

Analyst Range $88.00 – $97.00

Divergence from AlphaVal 41%

Warnings

⚠ Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.

⚠ Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.

ℹ Wall Street's average price target is $93.33 (from 15 analysts). Our estimate is 41% below the consensus -- consider that gap carefully.

Key Risks

Book value quality matters as much as level — check loan loss reserves
Interest rate sensitivity creates non-linear earnings surprises
Insurance reserving is actuarial, not financial — errors emerge slowly