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 2,13,921 - -
Change - 6.27% 17.24% 36.11% 36.22% -22.74% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,57,234 2,47,485 2,42,361
Change - 3.34% 13.53% 26.51% 32.96% -20.53% -3.79% -2.07%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.3x 20.2x 18x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.56x 4.8x 4.13x
PEG - -1.1x 0x -1.6x 0.4x -2.52x 1.9x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.04x 2.93x 2.78x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.65x 3.39x 3.15x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.8x 11.5x 10.6x
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 14.4x 13.4x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.02% 6.94% 7.45%
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% 2.98% 3% 3.06%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.18 11.25 12.65
Distribution rate 103% 362% 81.4% 104% 60.1% 66.4% 60.6% 54.9%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,384 73,100 76,948
EBITDA 1 - 14,739 15,447 16,400 19,200 20,153 21,474 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 9,866 11,298 12,433
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 227.06 227.06 227.06
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.($)
22.3x3.65x12.76x2.98% 21TCr
-130.96x18.27x101.27x-.--% 12TCr
13.18x1.45x7.63x3.64% 11TCr
13.51x2.46x9.27x6.08% 7.87TCr
19.71x5.2x12.77x2.88% 5.81TCr
22.47x1.84x11.5x1.3% 4.36TCr
13.3x1.92x8.13x5.86% 4.28TCr
20.97x1.59x10.13x0.9% 4TCr
103.96x10.39x38.79x-.--% 3.61TCr
16.94x2.16x10.34x5.1% 3.51TCr
Average 11.54x 4.89x 22.26x 2.87% 7.74TCr
Weighted average by Cap. -0.35x 5.50x 25.78x 2.84%

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