Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 254,530 - -
Change - 6.27% 17.24% 36.11% 36.22% -8.07% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 305,160 296,591 287,251
Change - 3.34% 13.53% 26.51% 32.96% -5.72% -2.81% -3.15%
P/E 21x 78.3x 20.1x 34.2x 26.5x 26.3x 23.1x 20.1x
PBR 6.34x 5.8x 6.64x 7.46x - 6.61x 5.65x 4.83x
PEG - -1.1x 0x -1.6x 0.4x -3.32x 1.6x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.56x 3.41x 3.23x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.27x 3.97x 3.64x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 14.9x 13.5x 12.2x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 20x 18.2x 16.1x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 19.5x 17.5x 15.6x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.14% 5.72% 6.41%
Dividend per Share 2 6.55 6.52 6.63 6.67 - 6.75 6.792 6.868
Rate of return 4.9% 4.63% 4.05% 3.03% - 2.49% 2.51% 2.54%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.28 11.74 13.44
Distribution rate 103% 362% 81.4% 104% - 65.6% 57.9% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,473 74,641 78,922
EBITDA 1 - 14,739 15,447 16,400 19,200 20,477 22,030 23,571
EBIT 1 - 9,937 11,052 11,263 14,126 15,258 16,278 17,836
Net income 1 5,743 1,639 7,502 6,023 10,593 9,937 11,532 12,821
Net Debt 1 44,147 42,108 43,085 40,168 46,789 50,630 42,061 32,720
Reference price 2 133.66 140.89 163.55 219.83 296.21 270.81 270.81 270.81
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 939,885 - -
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.($)
12.3x1.31x6.87x3.93% 102B
14.11x2.58x9.51x5.88% 84.15B
-83.47x13.15x76.29x-.--% 82.6B
19.02x5x12.35x2.99% 57.23B
14.85x2.18x9.14x5.22% 48.95B
12.99x1.49x10.19x1.24% 35.42B
15.79x2x9.45x5.47% 33.17B
20.64x1.4x9.95x0.85% 31.82B
20.3x2.35x15.3x2.96% 27.81B
Average 5.17x 3.50x 17.67x 3.17% 55.86B
Weighted average by Cap. -0.87x 4.09x 20.63x 3.29%

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

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