Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,19,866 1,27,382 1,49,341 2,03,265 2,76,878 2,22,042 - -
Change - 6.27% 17.24% 36.11% 36.22% -19.81% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,65,355 2,55,606 2,50,483
Change - 3.34% 13.53% 26.51% 32.96% -18.02% -3.67% -2%
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 5.77x 4.98x 4.29x
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 3.15x 3.03x 2.89x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.77x 3.49x 3.26x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.2x 11.9x 11x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.7x 16x 14.2x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.1x 14.9x 13.9x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.83% 6.72% 7.21%
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% 2.87% 2.89% 2.95%
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 2 133.66 140.89 163.55 219.83 296.21 235.68 235.68 235.68
Nbr of stocks (in thousands) 8,96,800 9,04,126 9,13,119 9,24,645 9,34,735 9,42,134 - -
Announcement Date 24/01/22 25/01/23 24/01/24 29/01/25 28/01/26 - - -
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% 22TCr
-112.76x17.91x103.21x-.--% 11TCr
13.44x1.48x7.8x3.56% 11TCr
14.88x2.72x10.26x5.52% 8.69TCr
20.25x5.32x13.07x2.81% 6.16TCr
14.81x2.15x9.14x5.26% 4.78TCr
21.07x1.73x10.68x1.39% 4.09TCr
21.28x1.62x10.31x0.89% 4.03TCr
17.96x2.33x10.83x4.81% 3.73TCr
Average 3.76x 4.33x 20.93x 3.02% 8.41TCr
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