Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 221,298 - -
Change - 6.27% 17.24% 36.11% 36.22% -20.07% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 264,611 254,862 249,738
Change - 3.34% 13.53% 26.51% 32.96% -18.25% -3.68% -2.01%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.1x 20.9x 18.6x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.75x 4.96x 4.27x
PEG - -1.1x 0x -1.6x 0.4x -2.62x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.14x 3.02x 2.88x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.76x 3.48x 3.25x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.1x 11.8x 11x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.7x 15.9x 14.2x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.1x 14.8x 13.8x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.85% 6.74% 7.23%
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% 2.88% 2.9% 2.96%
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 2 133.66 140.89 163.55 219.83 296.21 234.89 234.89 234.89
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.06x3.76x13.13x2.88% 221B
-131.77x18.43x100.28x-.--% 119B
13.87x1.53x8.03x3.46% 114B
14.91x2.73x10.29x5.51% 88.29B
20.51x5.38x13.21x2.78% 61.88B
14.81x2.16x9.15x5.26% 48.47B
21.96x1.8x11.18x1.33% 43.35B
21.25x1.61x10.31x0.89% 41.03B
17.85x2.28x10.7x4.89% 37.07B
Average 1.83x 4.41x 20.70x 3% 86.05B
Weighted average by Cap. -4.11x 5.30x 24.81x 2.87%

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

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