Financials IBM London S.E.

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - London S.E. Other stock markets 09:05:26 03/07/2024 pm IST			After market 10:57:15 pm
119 ^USD	0.00%		176.3	+48.18%

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Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,18,711	1,12,166	1,19,866	1,27,382	1,49,341	1,61,426	-	-
Enterprise Value (EV) ¹	1,72,601	1,59,429	1,64,013	1,69,490	1,92,426	1,98,316	1,91,715	1,87,417
P/E ratio	12.7 x	20.2 x	21 x	78.3 x	20.1 x	20.5 x	19.9 x	18.4 x
Yield	4.8%	5.17%	4.9%	4.63%	4.05%	3.77%	3.83%	3.88%
Capitalization / Revenue	1.54 x	1.52 x	2.09 x	2.1 x	2.41 x	2.56 x	2.44 x	2.34 x
EV / Revenue	2.24 x	2.17 x	2.86 x	2.8 x	3.11 x	3.14 x	2.9 x	2.71 x
EV / EBITDA	9.46 x	10.4 x	-	11.5 x	12.5 x	12.5 x	11.5 x	10.4 x
EV / FCF	14.5 x	14.8 x	25.2 x	18.2 x	17.2 x	16.6 x	15.3 x	14.1 x
FCF Yield	6.9%	6.78%	3.97%	5.48%	5.83%	6.03%	6.55%	7.12%
Price to Book	5.71 x	5.44 x	6.34 x	5.8 x	6.64 x	6.19 x	5.4 x	4.75 x
Nbr of stocks (in thousands)	8,85,637	8,91,057	8,96,800	9,04,126	9,13,119	9,18,603	-	-
Reference price ²	134.0	125.9	133.7	140.9	163.6	177.3	177.3	177.3
Announcement Date	21/01/20	21/01/21	24/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	77,147	73,620	57,350	60,530	61,860	63,104	66,064	69,044
EBITDA ¹	18,246	15,379	-	14,739	15,447	15,804	16,647	17,945
EBIT ¹	12,187	8,684	-	9,937	11,052	11,489	12,505	13,434
Operating Margin	15.8%	11.8%	-	16.42%	17.87%	18.21%	18.93%	19.46%
Earnings before Tax (EBT) ¹	10,166	4,637	4,837	1,156	8,690	8,765	9,804	10,729
Net income ¹	9,431	5,590	5,743	1,639	7,502	8,080	8,381	9,119
Net margin	12.22%	7.59%	10.01%	2.71%	12.13%	12.8%	12.69%	13.21%
EPS ²	10.56	6.230	6.350	1.800	8.140	8.640	8.900	9.627
Free Cash Flow ¹	11,909	10,805	6,508	9,291	11,210	11,967	12,551	13,338
FCF margin	15.44%	14.68%	11.35%	15.35%	18.12%	18.96%	19%	19.32%
FCF Conversion (EBITDA)	65.27%	70.26%	-	63.04%	72.57%	75.73%	75.39%	74.33%
FCF Conversion (Net income)	126.28%	193.29%	113.32%	566.87%	149.43%	148.11%	149.75%	146.28%
Dividend per Share ²	6.430	6.510	6.550	6.520	6.630	6.689	6.783	6.883
Announcement Date	21/01/20	21/01/21	24/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,620	15,073	17,868	14,787	16,131
EBITDA ¹	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	2,759	3,775	3,783	5,269	3,500	3,900
EBIT ¹	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,694	2,711	4,389	1,905	2,640
Operating Margin	21.76%	11.6%	15.43%	13.94%	23.52%	11.06%	16.52%	17.01%	25.39%	11.25%	17.25%	17.99%	24.57%	12.88%	16.37%
Earnings before Tax (EBT) ¹	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	1,891	2,087	3,743	1,150	2,000
Net income ¹	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,667	1,799	3,180	1,124	1,754
Net margin	13.97%	5.16%	8.96%	-22.66%	16.24%	6.5%	10.23%	11.55%	18.92%	11.1%	10.67%	11.94%	17.8%	7.6%	10.87%
EPS ²	2.570	0.8100	1.530	-3.540	2.960	1.010	1.720	1.840	3.550	1.720	1.805	1.939	3.427	1.160	1.950
Dividend per Share ²	1.640	1.640	1.650	1.649	1.631	1.650	1.660	-	1.660	-	1.670	1.675	1.675	1.680	1.680
Announcement Date	24/01/22	19/04/22	18/07/22	19/10/22	25/01/23	19/04/23	19/07/23	25/10/23	24/01/24	24/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,890	47,263	44,147	42,108	43,085	36,890	30,289	25,991
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.954 x	3.073 x	-	2.857 x	2.789 x	2.334 x	1.819 x	1.448 x
Free Cash Flow ¹	11,909	10,805	6,508	9,291	11,210	11,967	12,551	13,339
ROE (net income / shareholders' equity)	60.8%	37.5%	36.3%	40.8%	33.8%	38.4%	33.9%	31.2%
ROA (Net income/ Total Assets)	8.3%	5.05%	3.99%	6.42%	5.73%	6.67%	6.89%	7.18%
Assets ¹	1,13,628	1,10,792	1,43,989	25,516	1,31,032	1,21,174	1,21,594	1,26,999
Book Value Per Share ²	23.50	23.10	21.10	24.30	24.60	28.60	32.80	37.40
Cash Flow per Share ²	16.50	20.30	14.10	11.40	15.10	15.00	15.20	15.80
Capex ¹	2,370	3,042	2,381	1,860	1,488	1,695	1,815	1,821
Capex / Sales	3.07%	4.13%	4.15%	3.07%	2.41%	2.69%	2.75%	2.64%
Announcement Date	21/01/20	21/01/21	24/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IBM

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

177.3 USD

Average target price

179.8 USD

Spread / Average Target

+1.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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