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Alerus Financial (ALRS) vs Independent Bank Corp. (IBCP)

Alerus Financial and Independent Bank Corp. are both Banks Regional companies. Alerus Financial and Independent Bank Corp. are of similar size ($837.6M and $802.2M). Independent Bank Corp. trades at the lower P/E: 10.6× against 28.4×. Independent Bank Corp. grew revenue faster over the last twelve months: 3.49% against −15.0%. Independent Bank Corp. has the higher net margin (21.6% vs 8.81%) and the lower return on invested capital (0.00% vs 4.30%). Both pay a dividend; Independent Bank Corp. yields more (3.08% vs 2.55%). Across the 18 metrics below, Independent Bank Corp. leads on 14 and Alerus Financial on 4.

Valuation

Metric ALRS IBCP Banks Regional median
P/E 28.36 10.58 12.02
P/S 2.47 2.42 2.36
P/B 1.45 1.40 1.23
Price to free cash flow 9.39 21.14 10.60
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 3.53% 9.45% 8.21%
Free cash flow yield 10.65% 4.73% 9.23%

Profitability

Metric ALRS IBCP Banks Regional median
Gross margin 72.40% 75.45% 69.81%
Operating margin 0.00% 0.00% 0.00%
Net margin 8.81% 21.63% 18.82%
Free cash flow margin 0.00% 0.00% 17.97%
Return on equity 5.30% 13.50% 10.28%
Return on assets 0.56% 1.23% 1.13%
Return on invested capital 4.30% 0.00% 8.45%

Growth

Metric ALRS IBCP Banks Regional median
Revenue growth (TTM) (15.00%) 3.49% 6.37%
EPS growth (last fiscal year) (18.07%) 3.48% 18.85%
Revenue growth, 5-year CAGR 6.19% 7.41% 12.65%
Net income growth, 5-year CAGR (16.83%) 4.07% 9.81%

Health

Metric ALRS IBCP Banks Regional median
Debt to equity 0.10 0.00 0.17
Current ratio 0.90 0.00 0.93
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric ALRS IBCP Banks Regional median
Dividend yield 2.55% 3.08% 2.49%
Payout ratio 0.73 0.33 0.29

Size

Metric ALRS IBCP Banks Regional median
Market cap 837.59m 802.22m 934.85m

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