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 2,23,437 - -
Change - 6.27% 17.24% 36.11% 36.22% -19.3% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,66,750 2,57,001 2,51,877
Change - 3.34% 13.53% 26.51% 32.96% -17.59% -3.65% -1.99%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.9x 20.8x 18.5x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.72x 4.94x 4.25x
PEG - -1.1x 0x -1.6x 0.4x -2.6x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.17x 3.05x 2.9x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.79x 3.51x 3.27x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.2x 11.9x 11.1x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.8x 16.1x 14.3x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.2x 15x 14x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.8% 6.68% 7.17%
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% 2.9% 2.92% 2.97%
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 2 133.66 140.89 163.55 219.83 296.21 233.69 233.69 233.69
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.28x3.79x13.24x2.85% 22TCr
-114.07x18.13x104.43x-.--% 11TCr
13.58x1.5x7.88x3.53% 11TCr
14.83x2.71x10.22x5.54% 8.66TCr
20.04x5.27x12.95x2.84% 6.08TCr
14.67x2.13x9.05x5.31% 4.74TCr
20.31x1.66x10.27x1.44% 3.95TCr
20.63x1.57x9.95x0.92% 3.9TCr
18.05x2.34x10.89x4.79% 3.75TCr
Average 3.48x 4.34x 20.99x 3.03% 8.43TCr
Weighted average by Cap. -0.85x 5.17x 24.91x 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