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 2,14,694 - -
Change - 6.27% 17.24% 36.11% 36.22% -22.46% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,58,007 2,48,258 2,43,134
Change - 3.34% 13.53% 26.51% 32.96% -20.29% -3.78% -2.06%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.4x 20.3x 18x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.57x 4.81x 4.14x
PEG - -1.1x 0x -1.6x 0.4x -2.47x 1.9x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.05x 2.94x 2.79x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.67x 3.39x 3.16x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.8x 11.6x 10.7x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.2x 15.5x 13.8x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.6x 14.5x 13.5x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.01% 6.88% 7.42%
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% 2.97% 2.99% 3.05%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.16 11.24 12.65
Distribution rate 103% 362% 81.4% 104% 60.1% 66.6% 60.6% 54.9%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,396 73,131 76,960
EBITDA 1 - 14,739 15,447 16,400 19,200 20,146 21,417 22,816
EBIT 1 - 9,937 11,052 11,263 14,126 14,979 16,014 17,650
Net income 1 5,743 1,639 7,502 6,023 10,593 9,836 11,258 12,433
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 227.88 227.88 227.88
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.43x3.67x12.81x2.97% 21TCr
22.58x4.75x11.66x0.73% 19TCr
15.97x1.74x9.13x3% 13TCr
-131.83x18.31x100.67x-.--% 12TCr
-559.51x39.76x163.36x-.--% 12TCr
15.03x2.7x10.41x5.36% 8.76TCr
21.53x5.62x13.79x2.63% 6.35TCr
23.9x1.98x12.56x1.3% 4.66TCr
14.23x2.07x8.78x5.47% 4.63TCr
22.43x1.72x10.8x0.83% 4.33TCr
Average -53.32x 8.23x 35.40x 2.23% 10.58TCr
Weighted average by Cap. -60.03x 9.02x 37.98x 2.03%

Y-o-Y evolution of P/E

Valuation ratios - P/E - IBM

Historical PBR trend

Valuation ratios - PBR - IBM

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - IBM

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - IBM


Year-on-year evolution of the Yield

Valuation ratios - Yield - IBM