Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 249,013 - -
Change - 6.27% 17.24% 36.11% 36.22% -10.06% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 299,643 291,074 281,734
Change - 3.34% 13.53% 26.51% 32.96% -7.42% -2.86% -3.21%
P/E 21x 78.3x 20.1x 34.2x 26.5x 25.8x 22.6x 19.7x
PBR 6.34x 5.8x 6.64x 7.46x - 6.46x 5.52x 4.72x
PEG - -1.1x 0x -1.6x 0.4x -3.25x 1.6x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.48x 3.34x 3.15x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.19x 3.9x 3.57x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 14.6x 13.2x 11.9x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 19.6x 17.9x 15.8x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 19.1x 17.1x 15.3x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.23% 5.83% 6.53%
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% - 2.55% 2.56% 2.59%
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 2 133.66 140.89 163.55 219.83 296.21 264.94 264.94 264.94
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 939,885 - -
Announcement Date 24/1/22 25/1/23 24/1/24 29/1/25 28/1/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.65x2.49x9.18x6.08% 81.47B
-79.36x12.49x72.3x-.--% 78.54B
9.28x1.01x5.33x5.2% 76.39B
18.3x4.83x11.93x3.11% 54.37B
13.83x2.02x8.46x5.6% 45.63B
12.64x1.44x9.9x1.28% 34.26B
15.6x1.95x9.2x5.64% 32.37B
20.12x1.36x9.7x0.87% 30.83B
20.66x2.4x15.58x2.91% 28.24B
Average 4.97x 3.33x 16.84x 3.41% 51.34B
Weighted average by Cap. -1.39x 3.98x 20.00x 3.57%

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

-40%: Exceptional extension
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