Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 220,337 - -
Change - 6.27% 17.24% 36.11% 36.22% -20.42% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 263,650 253,901 248,777
Change - 3.34% 13.53% 26.51% 32.96% -18.54% -3.7% -2.02%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23x 20.8x 18.5x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.72x 4.94x 4.26x
PEG - -1.1x 0x -1.6x 0.4x -2.61x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.13x 3.01x 2.86x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.75x 3.47x 3.23x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.1x 11.8x 10.9x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.6x 15.9x 14.1x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17x 14.8x 13.8x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.87% 6.76% 7.26%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.766 6.813 6.949
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.89% 2.91% 2.97%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.19 11.25 12.65
Distribution rate 103% 362% 81.4% 104% 60.1% 66.4% 60.6% 54.9%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,384 73,198 76,948
EBITDA 1 - 14,739 15,447 16,400 19,200 20,153 21,555 22,784
EBIT 1 - 9,937 11,052 11,263 14,126 14,973 15,999 17,606
Net income 1 5,743 1,639 7,502 6,023 10,593 9,867 11,298 12,433
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 233.87 233.87 233.87
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 942,134 - -
Announcement Date 24/01/22 25/01/23 24/01/24 29/01/25 28/01/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.96x3.75x13.08x2.89% 220B
14.1x1.55x8.16x3.4% 116B
-115.94x18.44x106.65x-.--% 115B
15.54x2.85x10.74x5.29% 91.23B
20.92x5.47x13.43x2.72% 63.24B
14.86x2.16x9.18x5.24% 48.26B
21.83x1.79x11.03x1.39% 42.01B
21.31x1.62x10.27x0.87% 40.75B
18.11x2.29x10.97x4.82% 37.32B
Average 3.74x 4.43x 21.50x 2.96% 86.02B
Weighted average by Cap. -0.91x 5.24x 25.38x 2.86%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield