NEW Selling losers for tax season? Check the wash-sale window first

Our free Wash Sale Calculator shows the first day you can buy back — and flags buys that would cancel your tax loss.

Check a trade »

Independent Bank Corp. INDB | NASDAQ

$83.73 $1.01 | 1.22%

TREND SIGNAL: Signal available — unlock to view

|2026-08-19

Add to favoritesFavorite

Company Overview:

Market Cap: $3.95B

Trailing PE: —

FWD PE: —

Payout Ratio (TTM): 42.3%

52-Week Range: $65.44 - $87.50

7.7 Year INDB Performance Metrics:

Total Return (with DRIP): 31.2% (3.59% CAGR)

Total Return (no DRIP): 24.1% (2.84% CAGR)

Share Price: 5.0% (0.63% CAGR)

Yield on Cost (with DRIP): 4.01%

Total Invested: $10,000

Total Value (with DRIP): $13,122

Total Return $ (with DRIP): $3,122

Dividend Increase: 45.5% (5.11% CAGR)

Dividend Yield (FWD): 3.06% ($2.56)

INDB 7.7-yr Total Return ($10K invested)

1M 3M 6M YTD 1Y 3Y 5Y 10Y

INDB Share Price

1M 3M 6M YTD 1Y 3Y 5Y 10Y All

INDB Price CAGR:1Y: 24.90%2Y: 15.13%5Y: -0.18%10Y: 0.63%

INDB Dividend Charts

INDB - Dividends

INDB Dividend CAGR:1Y: 8.47%2Y: 5.96%5Y: 5.92%10Y: 8.24%

INDB - Dividend Payout Ratio

INDB Dividend Payout Ratio CAGR:1Y: -22.79%2Y: -10.23%5Y: -2.08%10Y: 0.15%

INDB - Dividend to Free Cash Flow Ratio

INDB Dividend to FCF Ratio CAGR:1Y: 89.26%2Y: 8.98%5Y: 6.07%10Y: -3.71%

Build Custom Charts

INDB - Chart 1

INDB - Chart 2

INDB - Chart 3

Unlock All Reports & Research Dividend Stocks like a BOSS!

Get 3 Months Free with Annual Plan

PRO

$171 ($14.25/mo) $102.60/yr ($8.55/mo)

7-day free trial

Unlimited Portfolio Tracker
Portfolio - Lots/Sales/Dividends
Portfolio Auto-DRIP
Buy/Sell Signals Dashboard
Stock Fundamentals
Compare Stocks Side-by-Side
Revenue & EPS Estimates
DCF Valuation Modeling

Try it free for 7 days

Combined 55% Lifetime Discount

INDB Financials: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

INDB - Revenue

INDB Revenue CAGR:1Y: 0.14%2Y: 1.69%5Y: 16.22%10Y: 12.45%

INDB - Earnings Per Share (EPS)

INDB EPS CAGR:1Y: 41.67%2Y: 18.53%5Y: 8.32%10Y: 8.24%

INDB - Net Income

🔓 See the full chart40% off right now · 7-day free trial

INDB Net Income CAGR:1Y: 60.15%2Y: 26.27%5Y: 16.85%10Y: 14.92%

INDB - EBITDA

🔓 See the full chart40% off right now · 7-day free trial

INDB EBITDA CAGR:1Y: 12.49%2Y: 4.46%5Y: 6.52%10Y: 8.06%

INDB - Free Cash Flow

🔓 See the full chart40% off right now · 7-day free trial

INDB Free Cash Flow CAGR:1Y: -34.67%2Y: 4.00%5Y: 7.87%10Y: 19.53%

INDB - Free Cash Flow / Share

🔓 See the full chart40% off right now · 7-day free trial

INDB Free Cash Flow / Share CAGR:1Y: -42.05%2Y: -2.23%5Y: 0.08%10Y: 12.54%

INDB - Operating Income

🔓 See the full chart40% off right now · 7-day free trial

INDB Operating Income CAGR:1Y: 7.36%2Y: 3.16%5Y: 5.77%10Y: 7.43%

INDB - Gross Profit

🔓 See the full chart40% off right now · 7-day free trial

INDB Gross Profit CAGR:1Y: 22.19%2Y: 13.27%5Y: 12.26%10Y: 10.51%

INDB - Shares Outstanding

🔓 See the full chart40% off right now · 7-day free trial

INDB Shares Outstanding CAGR:1Y: 12.75%2Y: 6.39%5Y: 7.78%10Y: 6.20%

INDB - Share Buybacks

🔓 See the full chart40% off right now · 7-day free trial

INDB Share Buybacks CAGR:1Y: 220,697.06%2Y: 0.00%5Y: 404.37%10Y: 186.71%

INDB - Stock-Based Comp

🔓 See the full chart40% off right now · 7-day free trial

INDB Stock-Based Comp CAGR:1Y: 12.62%2Y: 24.58%5Y: 15.57%10Y: 15.77%

INDB - Expenses

🔓 See the full chart40% off right now · 7-day free trial

INDB Expenses CAGR:1Y: 185.37%2Y: 79.57%5Y: 22.04%10Y: 25.39%

INDB - Revenue vs Net Income

🔓 See the full chart40% off right now · 7-day free trial

INDB - EPS vs FCF / Share

🔓 See the full chart40% off right now · 7-day free trial

INDB - EPS vs PE Ratio

🔓 See the full chart40% off right now · 7-day free trial

INDB - FCF vs FCF / Share

🔓 See the full chart40% off right now · 7-day free trial

INDB - FCF vs Stock Based Comp

🔓 See the full chart40% off right now · 7-day free trial

INDB - Cash & Debt

🔓 See the full chart40% off right now · 7-day free trial

INDB - Revenue by Segment

🔓 See the full chart40% off right now · 7-day free trial

INDB Revenue CAGR:1Y: 0.14%2Y: 1.69%5Y: 16.22%10Y: 12.45%

Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

INDB - REVENUE: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

INDB Actual Revenue CAGR:1Y: 0.14%2Y: 1.69%5Y: 16.22%10Y: 12.45%

INDB - EPS: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

INDB Actual EPS CAGR:1Y: 41.67%2Y: 18.53%5Y: 8.32%10Y: 8.24%

INDB - NET INCOME: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

INDB Actual Net Income CAGR:1Y: 60.15%2Y: 26.27%5Y: 16.85%10Y: 14.92%

INDB - EBITDA: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

INDB Actual EBITDA CAGR:1Y: 12.49%2Y: 4.46%5Y: 6.52%10Y: 8.06%

Ratios, Profit Margins & Return on Capital:

INDB - Net Profit Margin

🔓 See the full chart40% off right now · 7-day free trial

INDB Net Profit Margin CAGR:1Y: 38.68%2Y: 15.63%5Y: -2.28%10Y: 0.75%

INDB - Gross Profit Margin

🔓 See the full chart40% off right now · 7-day free trial

INDB Gross Profit Margin CAGR:1Y: 5.80%2Y: 3.72%5Y: -6.12%10Y: -3.11%

INDB - Price to Earnings

🔓 See the full chart40% off right now · 7-day free trial

INDB Price to Earnings CAGR:1Y: -6.03%2Y: 9.67%5Y: -5.80%10Y: -1.79%

INDB - Price To Sales Ratio

🔓 See the full chart40% off right now · 7-day free trial

INDB Price To Sales Ratio CAGR:1Y: 29.96%2Y: 26.69%5Y: -7.98%10Y: -1.07%

INDB - Return on Capital Employed

🔓 See the full chart40% off right now · 7-day free trial

INDB Return on Capital Employed CAGR:1Y: 5.21%2Y: 0.21%5Y: 18.46%10Y: 13.39%

INDB - Return on Invested Capital

🔓 See the full chart40% off right now · 7-day free trial

INDB Return on Invested Capital CAGR:1Y: 0.00%2Y: 0.00%5Y: 0.00%10Y: 0.00%

INDB Dividends Info:

Annual Dividend: $2.56

Forward Yield: 3.06%

Ex-Dividend Date: 2026-09-28

Lifetime Dividends / Share: $34.30

INDB Dividend History: Dates, Payments & Yield list

Below is a schedule of all INDB dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield

Ex-Date	Payment Date	Amount	Yield	Forward Yield	Price on Ex-Date
09/28/2026	09/30/2026	$0.640	3.22%	3.3%	$77.65
06/29/2026	07/01/2026	$0.640	3.07%	3.01%	$85.00
03/30/2026	04/01/2026	$0.640	3.48%	3.36%	$76.21
12/29/2025	12/31/2025	$0.590	3.16%	3.23%	$73.08
09/29/2025	10/01/2025	$0.590	3.4%	3.41%	$69.13
06/30/2025	07/02/2025	$0.590	3.75%	3.57%	$66.15
03/31/2025	04/02/2025	$0.590	3.77%	3.75%	$62.88
12/30/2024	01/01/2025	$0.570	3.56%	3.59%	$63.44
09/30/2024	10/02/2024	$0.570	3.86%	4%	$57.04
07/01/2024	07/03/2024	$0.570	4.61%	4.66%	$48.97
03/28/2024	04/01/2024	$0.570	4.38%	4.49%	$50.80
12/22/2023	12/25/2023	$0.550	3.34%	3.45%	$63.68
09/29/2023	10/02/2023	$0.550	4.48%	4.54%	$48.45
06/23/2023	06/26/2023	$0.550	4.84%	4.8%	$45.79
03/24/2023	03/27/2023	$0.550	3.24%	3.26%	$67.52
12/23/2022	01/06/2023	$0.550	2.59%	2.7%	$81.57
09/23/2022	10/07/2022	$0.510	2.63%	2.65%	$76.95
06/24/2022	07/08/2022	$0.510	2.58%	2.54%	$80.36
03/25/2022	04/08/2022	$0.510	2.39%	2.64%	$77.16
12/23/2021	01/07/2022	$0.480	2.41%	2.22%	$86.64
09/24/2021	10/08/2021	$0.480	2.6%	2.36%	$81.29
06/25/2021	07/09/2021	$0.480	2.45%	2.66%	$72.27
03/26/2021	04/09/2021	$0.480	2.21%	2.3%	$83.49
12/24/2020	01/08/2021	$0.460	2.49%	2.39%	$77.07
09/25/2020	10/09/2020	$0.460	3.67%	3.34%	$55.04
06/26/2020	07/10/2020	$0.460	2.99%	2.93%	$62.76
03/27/2020	04/09/2020	$0.460	2.93%	2.57%	$71.63
12/27/2019	01/10/2020	$0.440	2.1%	2.17%	$81.20
09/27/2019	10/11/2019	$0.440	2.35%	2.41%	$72.88
06/28/2019	07/12/2019	$0.440	2.31%	2.4%	$73.36
03/22/2019	04/05/2019	$0.440	2.37%	2.06%	$85.58
12/28/2018	01/11/2019	$0.380	0%	1.91%	$79.78
09/28/2018	10/05/2018	$0.380	0%	1.91%	$79.78
06/29/2018	07/10/2018	$0.380	0%	1.91%	$79.78
03/23/2018	04/06/2018	$0.380	0%	1.91%	$79.78
12/22/2017	01/05/2018	$0.320	0%	1.6%	$79.78
09/29/2017	10/06/2017	$0.320	0%	1.6%	$79.78
09/22/2017	10/06/2017	$0.320	0%	1.6%	$79.78
06/22/2017	07/07/2017	$0.320	0%	1.6%	$79.78
03/23/2017	04/07/2017	$0.320	0%	1.6%	$79.78
12/21/2016	01/06/2017	$0.290	0%	1.45%	$79.78
09/22/2016	10/07/2016	$0.290	0%	1.45%	$79.78
06/23/2016	07/08/2016	$0.290	0%	1.45%	$79.78
03/23/2016	04/08/2016	$0.290	0%	1.45%	$79.78
12/23/2015	01/08/2016	$0.260	0%	1.3%	$79.78
09/24/2015	10/09/2015	$0.260	0%	1.3%	$79.78
06/25/2015	07/10/2015	$0.260	0%	1.3%	$79.78
03/26/2015	04/10/2015	$0.260	0%	1.3%	$79.78
12/24/2014	01/09/2015	$0.240	0%	1.2%	$79.78
09/25/2014	10/10/2014	$0.240	0%	1.2%	$79.78
06/26/2014	07/11/2014	$0.240	0%	1.2%	$79.78
03/27/2014	04/11/2014	$0.240	0%	1.2%	$79.78
12/26/2013	01/10/2014	$0.220	0%	1.1%	$79.78
09/26/2013	10/11/2013	$0.220	0%	1.1%	$79.78
06/27/2013	07/12/2013	$0.220	0%	1.1%	$79.78
03/27/2013	04/12/2013	$0.220	0%	1.1%	$79.78
12/20/2012	12/31/2012	$0.210	0%	1.05%	$79.78
09/27/2012	10/12/2012	$0.210	0%	1.05%	$79.78
06/28/2012	07/13/2012	$0.210	0%	1.05%	$79.78
03/22/2012	04/05/2012	$0.210	0%	1.05%	$79.78
12/21/2011	01/06/2012	$0.190	0%	0.95%	$79.78
09/22/2011	10/07/2011	$0.190	0%	0.95%	$79.78
06/23/2011	07/08/2011	$0.190	0%	0.95%	$79.78
03/24/2011	04/08/2011	$0.190	0%	0.95%	$79.78
12/22/2010	01/07/2011	$0.180	0%	0.9%	$79.78
09/23/2010	10/08/2010	$0.180	0%	0.9%	$79.78
06/24/2010	07/09/2010	$0.180	0%	0.9%	$79.78
03/25/2010	04/09/2010	$0.180	0%	0.9%	$79.78
12/23/2009	01/08/2010	$0.180	0%	0.9%	$79.78
09/24/2009	10/09/2009	$0.180	0%	0.9%	$79.78
06/25/2009	07/10/2009	$0.180	0%	0.9%	$79.78
03/26/2009	04/09/2009	$0.180	0%	0.9%	$79.78
12/24/2008	01/09/2009	$0.180	0%	0.9%	$79.78
09/25/2008	10/10/2008	$0.180	0%	0.9%	$79.78
06/26/2008	07/11/2008	$0.180	0%	0.9%	$79.78
03/27/2008	04/11/2008	$0.180	0%	0.9%	$79.78
12/20/2007	01/04/2008	$0.170	0%	0.85%	$79.78
09/21/2007	10/05/2007	$0.170	0%	0.85%	$79.78
06/22/2007	07/06/2007	$0.170	0%	0.85%	$79.78
03/22/2007	04/06/2007	$0.170	0%	0.85%	$79.78
12/21/2006	01/05/2007	$0.160	0%	0.8%	$79.78
09/26/2006	10/06/2006	$0.160	0%	0.8%	$79.78
06/22/2006	07/07/2006	$0.160	0%	0.8%	$79.78
03/23/2006	04/07/2006	$0.160	0%	0.8%	$79.78
12/21/2005	01/06/2006	$0.150	0%	0.75%	$79.78
09/22/2005	10/07/2005	$0.150	0%	0.75%	$79.78
06/23/2005	07/08/2005	$0.150	0%	0.75%	$79.78
03/22/2005	04/08/2005	$0.150	0%	0.75%	$79.78
12/29/2004	01/14/2005	$0.140	0%	0.7%	$79.78
09/22/2004	10/08/2004	$0.140	0%	0.7%	$79.78
06/23/2004	07/09/2004	$0.140	0%	0.7%	$79.78
03/24/2004	04/09/2004	$0.140	0%	0.7%	$79.78
12/23/2003	01/09/2004	$0.130	0%	0.65%	$79.78
09/24/2003	10/10/2003	$0.130	0%	0.65%	$79.78
06/25/2003	07/11/2003	$0.130	0%	0.65%	$79.78
03/26/2003	04/11/2003	$0.130	0%	0.65%	$79.78
12/24/2002	01/10/2003	$0.120	0%	0.6%	$79.78
09/25/2002	10/11/2002	$0.120	0%	0.6%	$79.78
06/26/2002	07/12/2002	$0.120	0%	0.6%	$79.78
03/26/2002	04/12/2002	$0.120	0%	0.6%	$79.78
12/26/2001	01/11/2002	$0.110	0%	0.55%	$79.78
09/26/2001	10/12/2001	$0.110	0%	0.55%	$79.78
06/27/2001	07/13/2001	$0.110	0%	0.55%	$79.78
03/28/2001	04/13/2001	$0.110	0%	0.55%	$79.78
12/27/2000	01/12/2001	$0.100	0%	0.5%	$79.78
09/27/2000	10/13/2000	$0.100	0%	0.5%	$79.78
06/28/2000	07/14/2000	$0.100	0%	0.5%	$79.78
03/29/2000	04/14/2000	$0.100	0%	0.5%	$79.78
12/29/1999	01/14/2000	$0.100	0%	0.5%	$79.78
09/22/1999	10/08/1999	$0.100	0%	0.5%	$79.78
06/23/1999	07/09/1999	$0.100	0%	0.5%	$79.78
03/24/1999	04/09/1999	$0.100	0%	0.5%	$79.78
12/22/1998	01/08/1999	$0.100	0%	0.5%	$79.78
09/23/1998	10/09/1998	$0.100	0%	0.5%	$79.78
06/24/1998	07/10/1998	$0.100	0%	0.5%	$79.78
03/25/1998	04/10/1998	$0.100	0%	0.5%	$79.78
12/23/1997	01/09/1998	$0.090	0%	0.45%	$79.78
09/24/1997	10/10/1997	$0.090	0%	0.45%	$79.78
06/25/1997	07/11/1997	$0.080	0%	0.4%	$79.78
03/25/1997	04/11/1997	$0.080	0%	0.4%	$79.78
12/24/1996	01/10/1997	$0.070	0%	0.35%	$79.78
09/25/1996	10/11/1996	$0.060	0%	0.3%	$79.78
06/26/1996	07/12/1996	$0.060	0%	0.3%	$79.78
03/27/1996	04/12/1996	$0.060	0%	0.3%	$79.78
12/27/1995	01/12/1996	$0.050	0%	0.25%	$79.78
09/27/1995	10/13/1995	$0.050	0%	0.25%	$79.78
06/21/1995	07/07/1995	$0.040	0%	0.2%	$79.78
03/20/1995	04/07/1995	$0.040	0%	0.2%	$79.78
12/19/1994	01/06/1995	$0.040	0%	0.2%	$79.78
10/07/1994	10/28/1994	$0.030	0%	0.15%	$79.78
03/15/1990	04/02/1990	$0.090	0%	0.45%	$79.78
12/18/1989	01/01/1990	$0.090	0%	0.45%	$79.78
09/14/1989	10/02/1989	$0.090	0%	0.45%	$79.78
06/14/1989	07/03/1989	$0.080	0%	0.4%	$79.78
03/14/1989	04/03/1989	$0.080	0%	0.4%	$79.78
12/16/1988	01/02/1989	$0.080	0%	0.4%	$79.78
08/16/1988	09/01/1988	$0.080	0%	0.4%	$79.78
05/17/1988	06/01/1988	$0.070	0%	0.35%	$79.78
02/16/1988	03/01/1988	$0.070	0%	0.35%	$79.78
12/16/1987	01/07/1988	$0.067	0%	0.33%	$79.78
11/23/1987	12/01/1987	$0.053	0%	0.27%	$79.78
08/18/1987	09/01/1987	$0.053	0%	0.27%	$79.78
05/19/1987	06/01/1987	$0.047	0%	0.23%	$79.78
02/18/1987	03/02/1987	$0.047	0%	0.23%	$79.78
12/18/1986	01/07/1987	$0.060	0%	0.3%	$79.78

Projected Future Returns & Dividends for INDB

Based on past 7.7-year performance, here are INDB growth metrics:

Share price CAGR of +0.63%
Dividend CAGR of +8.26%

Using INDB CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

	INDB (DRIP)	INDB - No DRIP
Current Price	$83.73	$83.73
Start Shares	119.43	119.43
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	183.91	119.43
Dividends Payment	$1.41	$1.41
Annual Dividends	$1,041	$676
Yield on cost	10.41%	6.76%
Share Price	$89.15	$89.15
Total Dividends	$5,587	$4,483
Final Value	$16,396	$15,131

Estimated Future Value + Dividends - INDB

NOTE: Above numbers are our estimate based on INDB's Dividend and Price CAGR over past 7.7 years. These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.

We cannot guarantee that your actual returns will meet these estimates.

Get the best Dividend Stock Research Tools:

Get 3 Months Free with Annual Plan

PRO

$171 ($14.25/mo) $102.60/yr ($8.55/mo)

7-day free trial

Unlimited Portfolio Tracker
Portfolio - Lots/Sales/Dividends
Portfolio Auto-DRIP
Buy/Sell Signals Dashboard
Stock Fundamentals
Compare Stocks Side-by-Side
Revenue & EPS Estimates
DCF Valuation Modeling

Try it free for 7 days

Combined 55% Lifetime Discount

Company Info

Independent Bank Corp. (INDB) had its IPO on 1986-05-14, and is traded on NASDAQ stock exchange.

Independent Bank Corp. functions as the parent company for Rockland Trust Company, delivering a wide array of commercial banking products and services. Its clientele primarily consists of private individuals and small to mid-sized businesses, largely within Massachusetts. The institution offers diverse deposit options, including interest-bearing checking, money market, and savings accounts, in addition to demand deposits and time certificates of deposit. Its extensive lending portfolio covers commercial and industrial loans, commercial real estate and construction financing, small business loans, consumer real estate loans, and personal loans. Beyond core banking, the company provides wealth management and fiduciary services for a broad spectrum of clients, from private individuals and institutions to small businesses and charitable organizations. It also offers digital banking solutions (online and mobile), estate planning, financial advisory, and tax assistance. Customers have access to ATM and debit card services, alongside various investment products such as mutual funds, unit investment trusts, general securities, fixed and variable annuities, and life insurance. As of December 31, 2021, Independent Bank Corp. maintained a substantial physical presence, operating 119 retail branches, two limited-service retail branches, and one mobile branch. These facilities are strategically located across Eastern Massachusetts, encompassing Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties. Established in 1907, the company is headquartered in Rockland, Massachusetts.

INDB website: https://www.rocklandtrust.com

Get Full Access to All Reports with DRIPCalc PRO

Get 3 Months Free with Annual Plan

PRO

$171 ($14.25/mo) $102.60/yr ($8.55/mo)

7-day free trial

Unlimited Portfolio Tracker
Portfolio - Lots/Sales/Dividends
Portfolio Auto-DRIP
Buy/Sell Signals Dashboard
Stock Fundamentals
Compare Stocks Side-by-Side
Revenue & EPS Estimates
DCF Valuation Modeling

Try it free for 7 days

Combined 55% Lifetime Discount

DCF Model — INDB

Value from:

EPS (TTM)icompany profit per share over the last 12 months

EPS Growth %ihow fast profit per share grows each of the next 5 years — prefilled with what analysts expect

EPS growth after year 5 (forever)ithe slower pace once the fast 5 years are over — only drives years 6-10 of the price path below

Exit multiple (PE in 5 yrs)iwhat buyers pay per $1 of profit in 2031 — prefilled with today’s forward PE

Desired return %/yrithe yearly return you want from buying today — the S&P has done ~14%/yr, ask for more from a single stock

FCF growth %/yr (next 5 yrs)ihow fast free cash flow grows while the company is still expanding fast

Years of fast FCF growthihow many years the fast growth lasts before the business settles down

FCF growth after year 5 (forever)ithe slow, steady pace once the company is mature — usually 2-3%, near inflation. Must stay below your target return

Risk-free rate %iwhat a 10-yr US treasury pays with zero risk — the floor any risky stock must beat

Your target return %/yrithe yearly return you want for taking this risk — rule of thumb: risk-free rate + extra for risk

FCF base ($M, TTM)ilast 12 months of free cash flow, added up from reported quarters

Include dividends in returnidividends hand you part of the return in cash, so the share price needs to climb less

Pay up to today

—

vs current price $83.73

—

Cash flow & implied price by year

FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.

EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.

Free cash flow today

—

grows for the next years

Then mature

—

every future dollar counted back to today

Pile of today-dollars

—

÷ shares

Implied price path

Year	FCF	Implied price

Sensitivity — fair value: growth ↓ × target return →