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 1,94,227 - -
Change - 6.27% 17.24% 36.11% 36.22% -29.85% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,40,922 2,27,894 2,22,824
Change - 3.34% 13.53% 26.51% 32.96% -25.56% -5.41% -2.22%
P/E 21x 78.3x 20.1x 34.2x 26.5x 20.1x 18.7x 16x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.04x 4.37x 3.76x
PEG - -1.1x 0x -1.6x 0.4x -2.57x 2.66x 0.9x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.76x 2.65x 2.51x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.42x 3.1x 2.87x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 11.9x 10.5x 9.78x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 16.1x 14.2x 12.5x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 15.5x 13.4x 12.5x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.47% 7.46% 7.99%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.768 6.795 6.871
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 3.27% 3.29% 3.32%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.3 11.02 12.92
Distribution rate 103% 362% 81.4% 104% 60.1% 65.7% 61.6% 53.2%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,370 73,416 77,524
EBITDA 1 - 14,739 15,447 16,400 19,200 20,258 21,614 22,786
EBIT 1 - 9,937 11,052 11,263 14,126 14,975 16,090 17,815
Net income 1 5,743 1,639 7,502 6,023 10,593 9,887 11,524 12,749
Net Debt 1 44,147 42,108 43,085 40,168 46,789 46,695 33,667 28,596
Reference price 2 133.66 140.89 163.55 219.83 296.21 206.65 206.65 206.65
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.62x3.42x11.96x3.28% 19TCr
-92.86x14.68x84.97x-.--% 9.19TCr
10.37x1.14x5.99x4.63% 8.49TCr
14.32x2.61x9.85x5.74% 8.38TCr
19.18x5.09x12.52x2.95% 5.7TCr
13.67x1.99x8.34x5.7% 4.38TCr
20.09x1.49x9.43x0.98% 3.43TCr
18.92x1.52x9.58x1.57% 3.43TCr
16.85x2.17x10.09x5.13% 3.48TCr
20.59x2.39x15.6x2.91% 2.87TCr
Average 6.27x 3.65x 17.83x 3.29% 6.88TCr
Weighted average by Cap. 2.84x 4.29x 20.35x 3.31%

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