Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 220,167 - -
Change - 6.27% 17.24% 36.11% 36.22% -20.48% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 263,480 253,731 248,608
Change - 3.34% 13.53% 26.51% 32.96% -18.6% -3.7% -2.02%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.9x 20.8x 18.5x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.72x 4.94x 4.25x
PEG - -1.1x 0x -1.6x 0.4x -2.6x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.13x 3.01x 2.86x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.74x 3.47x 3.23x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.1x 11.8x 10.9x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.6x 15.9x 14.1x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17x 14.8x 13.8x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.87% 6.77% 7.26%
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% 2.9% 2.92% 2.97%
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 2 133.66 140.89 163.55 219.83 296.21 233.69 233.69 233.69
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 942,134 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.94x3.74x13.07x2.9% 220B
-112.76x17.91x103.21x-.--% 111B
13.44x1.48x7.8x3.56% 111B
14.88x2.72x10.26x5.52% 86.89B
20.25x5.32x13.07x2.81% 61.65B
14.81x2.15x9.14x5.26% 47.82B
21.07x1.73x10.68x1.39% 40.9B
21.28x1.62x10.31x0.89% 40.27B
17.96x2.33x10.83x4.81% 37.28B
Average 3.76x 4.33x 20.93x 3.02% 84.15B
Weighted average by Cap. -0.50x 5.12x 24.60x 2.92%

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