Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 261,288 - -
Change - 6.27% 17.24% 36.11% 36.22% -5.63% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 311,918 303,349 294,008
Change - 3.34% 13.53% 26.51% 32.96% -3.63% -2.75% -3.08%
P/E 21x 78.3x 20.1x 34.2x 26.5x 27x 23.7x 20.7x
PBR 6.34x 5.8x 6.64x 7.46x - 6.78x 5.8x 4.95x
PEG - -1.1x 0x -1.6x 0.4x -3.41x 1.7x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.65x 3.5x 3.31x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.36x 4.06x 3.72x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 15.2x 13.8x 12.5x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 20.4x 18.6x 16.5x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 19.9x 17.9x 16x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.03% 5.6% 6.26%
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% - 2.43% 2.44% 2.47%
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 2 133.66 140.89 163.55 219.83 296.21 278.00 278.00 278.00
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.($)
-87.2x13.76x79.66x-.--% 87.22B
13.45x2.45x9.04x6.15% 80.28B
9.58x1.05x5.51x5.03% 76.33B
18.71x4.89x12.09x3.06% 55.09B
13.5x1.97x8.24x5.76% 44.38B
12.69x1.45x9.94x1.27% 35.17B
14.99x1.91x8.86x5.76% 31.55B
17.59x1.28x8.2x1.12% 33.15B
8.72x0.59x5.3x1.02% 27.74B
Average 2.45x 3.26x 16.31x 3.24% 52.32B
Weighted average by Cap. -5.14x 4.25x 21.60x 3.38%

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