Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 277,548 - -
Change - 6.27% 17.24% 36.11% 36.22% 0.24% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 328,253 319,637 310,292
Change - 3.34% 13.53% 26.51% 32.96% 1.42% -2.62% -2.92%
P/E 21x 78.3x 20.1x 34.2x 26.5x 28.6x 25.1x 22x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 7.2x 6.16x 5.26x
PEG - -1.1x 0x -1.6x 0.4x -3.73x 1.8x 1.6x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.88x 3.72x 3.52x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.59x 4.28x 3.94x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 16x 14.5x 13.2x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 21.5x 19.6x 17.4x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 21x 18.9x 16.9x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 4.77% 5.28% 5.92%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.75 6.792 6.868
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.29% 2.3% 2.33%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.31 11.78 13.44
Distribution rate 103% 362% 81.4% 104% 60.1% 65.4% 57.7% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,513 74,651 78,770
EBITDA 1 - 14,739 15,447 16,400 19,200 20,484 22,052 23,591
EBIT 1 - 9,937 11,052 11,263 14,126 15,263 16,297 17,855
Net income 1 5,743 1,639 7,502 6,023 10,593 9,975 11,589 12,953
Net Debt 1 44,147 42,108 43,085 40,168 46,789 50,705 42,089 32,744
Reference price 2 133.66 140.89 163.55 219.83 296.21 295.30 295.30 295.30
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.($)
29.29x4.68x16.32x2.23% 284B
-91.52x14.46x83.72x-.--% 90.57B
10.19x1.12x5.87x4.73% 83.95B
13.24x2.4x8.92x6.26% 77.74B
18.88x4.98x12.29x3.01% 56.49B
13.89x2.03x8.49x5.61% 45.19B
19.13x1.54x9.65x1.5% 35.77B
20.15x1.48x9.47x0.98% 35.46B
15.61x1.99x9.27x5.54% 32.37B
19.47x2.26x14.71x3.08% 26.42B
Average 6.83x 3.69x 17.87x 3.29% 76.79B
Weighted average by Cap. 7.84x 4.59x 20.64x 2.98%

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