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 2,39,323 - -
Change - 6.27% 17.24% 36.11% 36.22% -13.56% - -
Enterprise Value (EV) 1 1,64,013 1,69,490 1,92,426 2,43,433 3,23,667 2,87,689 2,75,102 2,71,220
Change - 3.34% 13.53% 26.51% 32.96% -11.12% -4.38% -1.41%
P/E 21x 78.3x 20.1x 34.2x 26.5x 25.3x 22.5x 19.8x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 6.23x 5.38x 4.63x
PEG - -1.1x 0x -1.6x 0.4x -2.4x 1.8x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.39x 3.27x 3.1x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.08x 3.76x 3.51x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 14.2x 12.8x 11.8x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 19.3x 17.2x 15.3x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 18.2x 16.1x 14.8x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.49% 6.22% 6.77%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.763 6.82 6.951
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.67% 2.69% 2.75%
EPS 2 6.35 1.8 8.14 6.43 11.17 9.997 11.23 12.79
Distribution rate 103% 362% 81.4% 104% 60.1% 67.7% 60.7% 54.3%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,561 73,219 77,211
EBITDA 1 - 14,739 15,447 16,400 19,200 20,299 21,577 22,961
EBIT 1 - 9,937 11,052 11,263 14,126 14,889 15,982 17,719
Net income 1 5,743 1,639 7,502 6,023 10,593 9,559 11,166 12,534
Net Debt 1 44,147 42,108 43,085 40,168 46,789 48,365 35,779 31,897
Reference price 2 133.66 140.89 163.55 219.83 296.21 253.22 253.22 253.22
Nbr of stocks (in thousands) 8,96,800 9,04,126 9,13,119 9,24,645 9,34,735 9,45,121 - -
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.($)
25.03x4.04x14.03x2.7% 24TCr
23.05x4.84x11.87x0.72% 20TCr
16.05x1.83x9.4x2.95% 14TCr
-134.06x18.45x101.45x-.--% 12TCr
-565.49x40.19x165.11x-.--% 12TCr
16.28x2.93x11.32x4.94% 9.51TCr
22.8x5.91x14.51x2.48% 6.8TCr
15.27x2.22x9.43x4.99% 4.96TCr
25.04x2.08x13.19x1.24% 4.92TCr
Average -61.78x 9.17x 38.92x 2.22% 11.9TCr
Weighted average by Cap. -59.87x 9.29x 38.74x 2%

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