Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 223,418 - -
Change - 6.27% 17.24% 36.11% 36.22% -19.31% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 266,731 256,982 251,858
Change - 3.34% 13.53% 26.51% 32.96% -17.59% -3.65% -1.99%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.5x 21x 18.6x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.8x 5.01x 4.32x
PEG - -1.1x 0x -1.6x 0.4x -2.4x 1.7x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.17x 3.05x 2.9x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.79x 3.51x 3.27x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.2x 11.9x 11.1x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.8x 16.1x 14.3x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.2x 15x 14x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.8% 6.68% 7.17%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.759 6.799 6.875
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.85% 2.87% 2.9%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.08 11.29 12.72
Distribution rate 103% 362% 81.4% 104% 60.1% 67.1% 60.2% 54%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,375 73,260 77,067
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 9,810 11,336 12,506
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 237.14 237.14 237.14
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.42x3.77x13.18x2.86% 222B
-116.48x18.54x107.06x-.--% 115B
13.35x1.47x7.74x3.6% 110B
15.22x2.78x10.51x5.4% 89.13B
19.89x5.24x12.87x2.86% 59.95B
15.4x2.25x9.55x5.07% 49.94B
21.76x1.58x10.05x0.87% 40.92B
20.86x1.7x10.55x1.4% 40.32B
18.6x2.39x11.35x4.65% 38.74B
Average 3.56x 4.42x 21.43x 2.97% 85.19B
Weighted average by Cap. -1.26x 5.27x 25.53x 2.89%

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