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Independent Bank Corp. looks cheap against its earnings. The holding company for Rockland Trust trades at 14x trailing earnings and about 10x next year's, while banks usually get 12x. Fair value is $87.09 to $110.84, based on 12x next year's forecast $8.25 a share, give or take 12%, so the stock sits 9% below the low end of fair. It would be expensive above $89.28. The call leans on the forecast, which is 48% above trailing earnings, and is based on levels only, not fundamental work. x.com
