Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 243,662 - -
Change - 6.27% 17.24% 36.11% 36.22% -12% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 292,027 279,441 275,558
Change - 3.34% 13.53% 26.51% 32.96% -9.78% -4.31% -1.39%
P/E 21x 78.3x 20.1x 34.2x 26.5x 25.8x 23x 20.2x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 6.34x 5.47x 4.72x
PEG - -1.1x 0x -1.6x 0.4x -2.5x 1.9x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.45x 3.33x 3.16x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.14x 3.82x 3.57x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 14.4x 13x 12x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 19.6x 17.5x 15.6x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 18.5x 16.3x 15x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.41% 6.13% 6.66%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.763 6.82 6.952
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.62% 2.65% 2.7%
EPS 2 6.35 1.8 8.14 6.43 11.17 9.997 11.23 12.79
Distribution rate 103% 362% 81.4% 104% 60.1% 67.6% 60.7% 54.3%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,567 73,238 77,211
EBITDA 1 - 14,739 15,447 16,400 19,200 20,258 21,577 22,929
EBIT 1 - 9,937 11,052 11,263 14,126 14,889 15,982 17,719
Net income 1 5,743 1,639 7,502 6,023 10,593 9,559 11,166 12,534
Net Debt 1 44,147 42,108 43,085 40,168 46,789 48,365 35,779 31,897
Reference price 2 133.66 140.89 163.55 219.83 296.21 257.81 257.81 257.81
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 945,121 - -
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.($)
25.79x4.14x14.42x2.62% 244B
21.93x4.63x11.36x0.76% 189B
17.63x2x10.31x2.68% 153B
-121.61x16.7x91.84x-.--% 108B
-484.24x34.35x141.12x-.--% 99.95B
16.32x2.94x11.35x4.93% 95.36B
23.17x6x14.73x2.43% 69.73B
15.55x2.26x9.62x4.96% 50.55B
20.45x1.56x9.85x0.9% 40.87B
Average -51.67x 8.29x 34.95x 2.14% 116.57B
Weighted average by Cap. -41.57x 7.91x 32.63x 2.02%

Y-o-Y evolution of P/E

Valuation ratios - P/E - IBM

Historical PBR trend

Valuation ratios - PBR - IBM

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - IBM

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - IBM


Year-on-year evolution of the Yield

Valuation ratios - Yield - IBM