# Intercorp Financial Services (IFS.US)

Canonical: https://gigainvestors.com/s/IFS

Analysis as of: 2026-10-16T07:29:18.118Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: PEN.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $54.31 per share; close as of 2026-10-15.

Estimated value: low $58.31 per share, central $72.89 per share, high $97.19 per share. Buy at or below the central value $72.89 per share. Valuation as of 2026-10-16T07:29:18.118Z; scenarios are not confidence intervals.

Expected annual return: 11.4% at the stated quote. About 11.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.31×

Chart: Net income; fiscal year observations.

- FY2016: PEN 945M

- FY2017: PEN 1.0B

- FY2018: PEN 1.1B

- FY2019: PEN 1.4B

- FY2020: PEN 383M

- FY2021: PEN 1.8B

- FY2022: PEN 1.7B

- FY2023: PEN 1.1B

- FY2024: PEN 1.3B

- FY2025: PEN 1.9B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 18.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 20.5%

- FY2017: 21.1%

- FY2018: 17.8%

- FY2019: 18.3%

- FY2020: 4.9%

- FY2021: 23.4%

- FY2022: 21.5%

- FY2023: 13.0%

- FY2024: 14.1%

- FY2025: 18.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 18.3%

- Book return interval: 10 years

- Starting book value per share: PEN 38.10

- Ending book value per share: PEN 95.97

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 25.4%

- FY2017: 16.3%

- FY2018: 30.8%

- FY2019: 37.1%

- FY2020: 6.2%

- FY2021: 5.2%

- FY2022: 11.1%

- FY2023: 13.8%

- FY2024: 17.8%

- FY2025: 23.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: -0.7%

- Share growth excluding flagged crisis recapitalisations: 0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -0.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.02×

- Book value created per share: PEN 57.87

- Earnings retained per share after dividends and buybacks: PEN 56.83

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 98

- FY2018: 101

- FY2019: 104

- FY2020: 106

- FY2021: 106

- FY2022: 106

- FY2023: 106

- FY2024: 105

- FY2025: 103

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 4.6% a year forever · net income +48.6%

Story as of 2026-10-16T09:58:56.632Z; price observation 2026-10-15.

The price assumes profits grow 4.6% a year forever

### Net income · FY2025

net income +48.6%; source https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm; observed 2026-04-24.

- FY2016: PEN 945M 

- FY2017: PEN 1.0B 

- FY2018: PEN 1.1B 

- FY2019: PEN 1.4B 

- FY2020: PEN 383M 

- FY2021: PEN 1.8B 

- FY2022: PEN 1.7B 

- FY2023: PEN 1.1B 

- FY2024: PEN 1.3B 

- FY2025: PEN 1.9B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are PEN 9.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm (filed 2026-04-24); FY2025: revenue 9238769400.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFS.US: Intercorp Financial Services Inc., together with its subsidiaries, provides banking, insurance, wealth management, and payment services for retail and commercial clients in Peru. The company offers loans, credit facilities, deposits, and current accounts; life annuity products with single payment and life insurance products, as well as other retail insurance products; and brokerage and investment management services. It also engages in the development, management, operation, and processing of credit and debit cards; facilitation of payments and services through commercial stores; and installation and maintenance of infrastructure for transactions through electronic commerce modality and networks of payment methods processors. In addition, the company manages mutual funds and investment funds; and provides investment consultancy and related services. The company was incorporated in 1897 and is headquartered in Lima, Peru. Intercorp Financial Services Inc. operates as a subsidiary of Intercorp Perú Ltd.

### Why customers stay

It earns 18.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); 10-year return on tangible equity observations [[2016,0.2048287945252412],[2017,0.2105738346516842],[2018,0.17793961068202196],[2019,0.18295629840936486],[2020,0.04872644212896687],[2021,0.23431038411664976],[2022,0.21456569654021454],[2023,0.12982154269761084],[2024,0.14058724310033802],[2025,0.18024447032626295]]; median 0.1816003843678139. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back PEN 262.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Dividend observations: [[2016,496862000],[2017,475773000],[2018,510688000],[2019,654464000],[2020,698228000],[2021,633853000],[2022,751532000],[2023,511788000],[2024,427369000],[2025,406830000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm (filed 2026-04-24); FY2025: cash repurchases 262549000 PEN.

### Are managers owners

Insiders own 73.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFS.US SharesStats.PercentInsiders = 73.411 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Price 54.31; FX 0.29082; original perpetual distributable cash 10.025721187090754; discount 0.1; growth 0.04631411829074327. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-01: $40.00 per share

- 2018-02: $42.80 per share

- 2018-05: $41.00 per share

- 2018-06: $40.97 per share

- 2018-09: $38.84 per share

- 2018-10: $38.50 per share

- 2019-07: $42.20 per share

- 2019-08: $39.95 per share

- 2019-09: $41.23 per share

- 2019-10: $41.73 per share

- 2019-11: $40.30 per share

- 2019-12: $41.30 per share

- 2020-01: $42.25 per share

- 2020-02: $38.80 per share

- 2020-03: $27.72 per share

- 2020-04: $25.14 per share

- 2020-05: $24.79 per share

- 2020-06: $26.44 per share

- 2020-07: $25.25 per share

- 2020-08: $24.71 per share

- 2020-09: $23.11 per share

- 2020-10: $20.77 per share

- 2020-11: $30.00 per share

- 2020-12: $32.35 per share

- 2021-01: $32.03 per share

- 2021-02: $34.90 per share

- 2021-03: $29.90 per share

- 2021-04: $25.66 per share

- 2021-05: $28.14 per share

- 2021-06: $25.12 per share

- 2021-07: $20.35 per share

- 2021-08: $22.61 per share

- 2021-09: $22.33 per share

- 2021-10: $28.72 per share

- 2021-11: $29.00 per share

- 2021-12: $26.38 per share

- 2022-01: $31.53 per share

- 2022-02: $32.30 per share

- 2022-03: $34.55 per share

- 2022-04: $27.33 per share

- 2022-05: $27.29 per share

- 2022-06: $23.40 per share

- 2022-07: $24.06 per share

- 2022-08: $21.56 per share

- 2022-09: $20.06 per share

- 2022-10: $24.60 per share

- 2022-11: $24.60 per share

- 2022-12: $23.50 per share

- 2023-01: $23.99 per share

- 2023-02: $23.83 per share

- 2023-03: $22.82 per share

- 2023-04: $22.37 per share

- 2023-05: $21.25 per share

- 2023-06: $24.84 per share

- 2023-07: $24.54 per share

- 2023-08: $23.33 per share

- 2023-09: $22.52 per share

- 2023-10: $18.78 per share

- 2023-11: $19.14 per share

- 2023-12: $21.95 per share

- 2024-01: $23.45 per share

- 2024-02: $27.30 per share

- 2024-03: $23.81 per share

- 2024-04: $21.32 per share

- 2024-05: $24.07 per share

- 2024-06: $22.41 per share

- 2024-07: $22.76 per share

- 2024-08: $25.40 per share

- 2024-09: $26.13 per share

- 2024-10: $27.07 per share

- 2024-11: $27.75 per share

- 2024-12: $29.34 per share

- 2025-01: $29.78 per share

- 2025-02: $32.04 per share

- 2025-03: $33.13 per share

- 2025-04: $33.87 per share

- 2025-05: $34.61 per share

- 2025-06: $38.13 per share

- 2025-07: $36.06 per share

- 2025-08: $39.72 per share

- 2025-09: $40.34 per share

- 2025-10: $43.03 per share

- 2025-11: $40.29 per share

- 2025-12: $42.36 per share

- 2026-01: $48.98 per share

- 2026-02: $48.38 per share

- 2026-03: $50.20 per share

- 2026-04: $44.58 per share

- 2026-05: $49.48 per share

- 2026-06: $56.96 per share

- 2026-07: $58.31 per share

- 2026-08: $54.62 per share

- 2026-09: $54.39 per share

- 2026-10: $54.31 per share

## Annual estimated value (USD per share)

- FY2016: low $40.14 per share, central $50.17 per share, high $66.89 per share

- FY2017: low $42.54 per share, central $53.17 per share, high $70.90 per share

- FY2018: low $51.35 per share, central $64.19 per share, high $85.58 per share

- FY2019: low $65.00 per share, central $81.25 per share, high $108.33 per share

- FY2020: low $63.40 per share, central $79.26 per share, high $105.67 per share

- FY2021: low $61.60 per share, central $77.00 per share, high $102.67 per share

- FY2022: low $59.69 per share, central $74.61 per share, high $99.49 per share

- FY2023: low $61.72 per share, central $77.15 per share, high $102.87 per share

- FY2024: low $63.01 per share, central $78.77 per share, high $105.02 per share

- FY2025: low $67.24 per share, central $84.04 per share, high $112.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm); period 2025-12-31, filed 2026-04-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.