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 2,87,727 - -
Change - 6.27% 17.24% 36.11% 36.22% 3.92% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 3,38,357 3,29,788 3,20,447
Change - 3.34% 13.53% 26.51% 32.96% 4.54% -2.53% -2.83%
P/E 21x 78.3x 20.1x 34.2x 26.5x 29.7x 26x 22.8x
PBR 6.34x 5.8x 6.64x 7.46x - 7.47x 6.38x 5.45x
PEG - -1.1x 0x -1.6x 0.4x -3.87x 1.8x 1.6x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 4.02x 3.85x 3.65x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.73x 4.42x 4.07x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 16.5x 15x 13.6x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 22.2x 20.2x 17.9x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 21.6x 19.5x 17.4x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 4.62% 5.12% 5.73%
Dividend per Share 2 6.55 6.52 6.63 6.67 - 6.75 6.792 6.868
Rate of return 4.9% 4.63% 4.05% 3.03% - 2.2% 2.22% 2.24%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.31 11.78 13.44
Distribution rate 103% 362% 81.4% 104% - 65.4% 57.7% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,525 74,651 78,770
EBITDA 1 - 14,739 15,447 16,400 19,200 20,497 22,050 23,589
EBIT 1 - 9,937 11,052 11,263 14,126 15,275 16,295 17,853
Net income 1 5,743 1,639 7,502 6,023 10,593 9,983 11,588 12,951
Net Debt 1 44,147 42,108 43,085 40,168 46,789 50,630 42,061 32,720
Reference price 2 133.66 140.89 163.55 219.83 296.21 306.13 306.13 306.13
Nbr of stocks (in thousands) 8,96,800 9,04,126 9,13,119 9,24,645 9,34,735 9,39,885 - -
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.($)
-92.02x14.54x84.19x-.--% 9.11TCr
10.56x1.16x6.08x4.57% 8.7TCr
13.49x2.45x9.1x6.14% 7.99TCr
19.36x5.09x12.56x2.94% 5.8TCr
13.92x2.03x8.51x5.59% 4.57TCr
19.35x1.55x9.76x1.48% 3.63TCr
20.15x1.48x9.46x0.98% 3.56TCr
15.91x2.04x9.47x5.43% 3.33TCr
19.71x2.29x14.9x3.05% 2.68TCr
Average 4.49x 3.63x 18.23x 3.35% 5.49TCr
Weighted average by Cap. -4.35x 4.55x 23.19x 3.37%

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