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 2,22,325 - -
Change - 6.27% 17.24% 36.11% 36.22% -19.7% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,65,638 2,55,889 2,50,765
Change - 3.34% 13.53% 26.51% 32.96% -17.93% -3.67% -2%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.4x 20.9x 18.5x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.77x 4.99x 4.29x
PEG - -1.1x 0x -1.6x 0.4x -2.39x 1.7x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.16x 3.03x 2.88x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.77x 3.49x 3.25x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.2x 11.9x 11x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.7x 16x 14.2x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.2x 14.9x 13.9x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.83% 6.71% 7.2%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.759 6.799 6.875
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.86% 2.88% 2.91%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.08 11.29 12.72
Distribution rate 103% 362% 81.4% 104% 60.1% 67.1% 60.2% 54%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,375 73,260 77,067
EBITDA 1 - 14,739 15,447 16,400 19,200 20,153 21,555 22,784
EBIT 1 - 9,937 11,052 11,263 14,126 14,973 15,999 17,606
Net income 1 5,743 1,639 7,502 6,023 10,593 9,810 11,336 12,506
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 235.98 235.98 235.98
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.42x3.77x13.18x2.86% 22TCr
-116.48x18.54x107.06x-.--% 12TCr
13.35x1.47x7.74x3.6% 11TCr
15.22x2.78x10.51x5.4% 8.91TCr
19.89x5.24x12.87x2.86% 5.99TCr
15.4x2.25x9.55x5.07% 4.99TCr
21.76x1.58x10.05x0.87% 4.09TCr
20.86x1.7x10.55x1.4% 4.03TCr
18.6x2.39x11.35x4.65% 3.87TCr
20.86x2.43x15.81x2.85% 2.85TCr
Average 5.29x 4.22x 20.87x 2.96% 7.95TCr
Weighted average by Cap. -0.47x 5.16x 25.18x 2.88%

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