Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 269,042 - -
Change - 6.27% 17.24% 36.11% 36.22% -2.83% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 319,672 311,103 301,762
Change - 3.34% 13.53% 26.51% 32.96% -1.23% -2.68% -3%
P/E 21x 78.3x 20.1x 34.2x 26.5x 27.8x 24.4x 21.3x
PBR 6.34x 5.8x 6.64x 7.46x - 6.98x 5.97x 5.1x
PEG - -1.1x 0x -1.6x 0.4x -3.51x 1.7x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.76x 3.6x 3.41x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.47x 4.17x 3.82x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 15.6x 14.1x 12.8x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 20.9x 19.1x 16.9x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 20.4x 18.3x 16.4x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 4.91% 5.46% 6.1%
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% - 2.36% 2.37% 2.4%
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 71,496 74,658 78,952
EBITDA 1 - 14,739 15,447 16,400 19,200 20,490 22,041 23,589
EBIT 1 - 9,937 11,052 11,263 14,126 15,271 16,289 17,853
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 2 133.66 140.89 163.55 219.83 296.21 286.25 286.25 286.25
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 939,885 - -
Announcement Date 24/1/22 25/1/23 24/1/24 29/1/25 28/1/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-91.48x14.45x83.68x-.--% 90.53B
12.74x2.31x8.57x6.48% 75.45B
9.74x1.07x5.6x4.95% 80.24B
18.66x4.9x12.1x3.07% 55.22B
12.77x1.85x7.76x6.08% 41.94B
12.84x1.47x10.06x1.26% 34.58B
18.45x1.35x8.62x1.07% 32.51B
14.09x1.78x8.26x6.14% 29.43B
8.14x0.58x5.12x1.09% 26.83B
Average 1.77x 3.31x 16.64x 3.35% 51.86B
Weighted average by Cap. -7.06x 4.45x 22.87x 3.43%

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