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 2,29,212 - -
Change - 6.27% 17.24% 36.11% 36.22% -17.22% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,72,525 2,62,776 2,57,652
Change - 3.34% 13.53% 26.51% 32.96% -15.8% -3.58% -1.95%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.9x 21.6x 19.2x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.95x 5.14x 4.43x
PEG - -1.1x 0x -1.6x 0.4x -2.71x 2.1x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.26x 3.13x 2.98x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.87x 3.59x 3.35x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.5x 12.2x 11.3x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 18.2x 16.4x 14.6x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.6x 15.3x 14.3x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.68% 6.53% 7.01%
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% 2.78% 2.8% 2.86%
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 2 133.66 140.89 163.55 219.83 296.21 243.29 243.29 243.29
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.($)
23.89x3.87x13.52x2.78% 23TCr
-129x17.99x99.72x-.--% 12TCr
13.66x1.51x7.91x3.51% 11TCr
14.25x2.6x9.8x5.77% 8.33TCr
19.32x5.13x12.59x2.94% 5.85TCr
13.6x1.96x8.33x5.73% 4.4TCr
21.07x1.72x10.72x1.39% 4.23TCr
19.99x1.5x9.62x0.95% 3.92TCr
16.65x2.09x9.91x5.25% 3.42TCr
Average 1.49x 4.26x 20.24x 3.15% 8.44TCr
Weighted average by Cap. -3.67x 5.20x 24.55x 2.91%

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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