Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 224,972 - -
Change - 6.27% 17.24% 36.11% 36.22% -18.75% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 268,285 258,536 253,413
Change - 3.34% 13.53% 26.51% 32.96% -17.11% -3.63% -1.98%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.4x 21.2x 18.9x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.84x 5.04x 4.35x
PEG - -1.1x 0x -1.6x 0.4x -2.65x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.2x 3.07x 2.92x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.81x 3.53x 3.29x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.3x 12x 11.1x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.9x 16.2x 14.4x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.3x 15.1x 14x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.77% 6.64% 7.12%
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% 2.83% 2.85% 2.91%
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 2 133.66 140.89 163.55 219.83 296.21 238.79 238.79 238.79
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.($)
23.44x3.81x13.31x2.83% 225B
13.92x1.53x8.06x3.45% 115B
-115.12x18.31x105.89x-.--% 114B
14.56x2.66x10.03x5.64% 85.18B
20.89x5.46x13.41x2.73% 63.33B
14.56x2.12x8.98x5.35% 47.1B
21.18x1.73x10.68x1.43% 40.87B
20.56x1.56x9.88x0.9% 39.42B
17.7x2.23x10.7x4.94% 36.32B
Average 3.52x 4.38x 21.22x 3.03% 85.1B
Weighted average by Cap. -0.91x 5.23x 25.25x 2.89%

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