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 2,58,327 - -
Change - 6.27% 17.24% 36.11% 36.22% -6.7% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 3,06,202 2,94,845 2,91,048
Change - 3.34% 13.53% 26.51% 32.96% -5.4% -3.71% -1.29%
P/E Ratio 21x 78.3x 20.1x 34.2x 26.5x 26.8x 23.4x 20.4x
PBR 6.34x 5.8x 6.64x 7.46x - 6.71x 5.73x 4.9x
PEG - -1.1x 0x -1.6x 0.4x -3.31x 1.6x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.61x 3.46x 3.27x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.28x 3.95x 3.69x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 15x 13.4x 12.3x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 20.2x 18.3x 16.3x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 19.5x 17.4x 15.8x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.12% 5.76% 6.32%
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% - 2.46% 2.47% 2.5%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.26 11.77 13.44
Distribution rate 103% 362% 81.4% 104% - 65.8% 57.7% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,465 74,636 78,922
EBITDA 1 - 14,739 15,447 16,400 19,200 20,477 22,030 23,571
EBIT 1 - 9,937 11,052 11,263 14,126 15,144 16,149 17,836
Net income 1 5,743 1,639 7,502 6,023 10,593 9,937 11,532 12,821
Net Debt 1 44,147 42,108 43,085 40,168 46,789 47,874 36,518 32,720
Reference price 2 133.66 140.89 163.55 219.83 296.21 274.85 274.85 274.85
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.78x4.28x14.95x2.46% 26TCr
12.45x1.32x6.96x3.88% 10TCr
-84.2x13.27x76.98x-.--% 8.33TCr
13.71x2.5x9.22x6.08% 8.07TCr
19.35x5.07x12.53x2.94% 5.79TCr
14.47x2.12x8.89x5.35% 4.71TCr
13.35x1.53x10.5x1.21% 3.64TCr
21.44x1.45x10.35x0.81% 3.31TCr
15.12x1.91x9.01x5.72% 3.14TCr
19.69x2.28x14.74x3.05% 2.69TCr
Average 7.22x 3.57x 17.41x 3.15% 7.58TCr
Weighted average by Cap. 8.30x 4.18x 18.85x 3.01%

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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