Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 216,267 - -
Change - 6.27% 17.24% 36.11% 36.22% -21.89% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 259,580 249,831 244,707
Change - 3.34% 13.53% 26.51% 32.96% -19.8% -3.76% -2.05%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.5x 20.4x 18.1x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.62x 4.85x 4.18x
PEG - -1.1x 0x -1.6x 0.4x -2.55x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.07x 2.95x 2.81x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.69x 3.41x 3.18x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.9x 11.6x 10.7x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.3x 15.6x 13.9x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.8x 14.5x 13.6x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.96% 6.87% 7.38%
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% 2.95% 2.97% 3.03%
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 2 133.66 140.89 163.55 219.83 296.21 229.55 229.55 229.55
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.($)
22.54x3.69x12.88x2.95% 216B
-130.35x18.18x100.79x-.--% 117B
13.46x1.48x7.8x3.56% 111B
13.63x2.48x9.35x6.03% 79.37B
19.51x5.17x12.71x2.91% 58.38B
13.79x1.99x8.45x5.65% 44.37B
22.36x1.83x11.42x1.31% 43.97B
21.06x1.6x10.17x0.89% 40.66B
17.22x2.17x10.3x5.08% 35.23B
Average 1.47x 4.29x 20.43x 3.15% 82.93B
Weighted average by Cap. -4.86x 5.23x 24.92x 2.95%

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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