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 2,72,116 - -
Change - 6.27% 17.24% 36.11% 36.22% -1.72% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 3,22,745 3,14,176 3,04,836
Change - 3.34% 13.53% 26.51% 32.96% -0.28% -2.66% -2.97%
P/E 21x 78.3x 20.1x 34.2x 26.5x 28.2x 24.7x 21.5x
PBR 6.34x 5.8x 6.64x 7.46x - 7.06x 6.04x 5.16x
PEG - -1.1x 0x -1.6x 0.4x -3.56x 1.7x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.81x 3.64x 3.45x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.51x 4.21x 3.86x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 15.8x 14.3x 12.9x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 21.1x 19.3x 17.1x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 20.6x 18.5x 16.6x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 4.86% 5.4% 6.04%
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% - 2.33% 2.35% 2.37%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.28 11.74 13.44
Distribution rate 103% 362% 81.4% 104% - 65.6% 57.9% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,496 74,658 78,952
EBITDA 1 - 14,739 15,447 16,400 19,200 20,490 22,041 23,589
EBIT 1 - 9,937 11,052 11,263 14,126 15,271 16,289 17,853
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 50,630 42,061 32,720
Reference price 2 133.66 140.89 163.55 219.83 296.21 289.52 289.52 289.52
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.($)
27.83x4.47x15.6x2.36% 27TCr
-91.48x14.45x83.68x-.--% 9.05TCr
9.74x1.07x5.6x4.95% 8.02TCr
12.74x2.31x8.57x6.48% 7.54TCr
18.66x4.9x12.1x3.07% 5.52TCr
12.77x1.85x7.76x6.08% 4.19TCr
12.84x1.47x10.06x1.26% 3.46TCr
18.45x1.35x8.62x1.07% 3.25TCr
14.09x1.78x8.26x6.14% 2.94TCr
8.14x0.58x5.12x1.09% 2.68TCr
Average 4.38x 3.42x 16.54x 3.25% 7.36TCr
Weighted average by Cap. 5.70x 4.46x 20.21x 3.04%

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