Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 223,747 - -
Change - 6.27% 17.24% 36.11% 36.22% -19.19% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 267,060 257,312 252,188
Change - 3.34% 13.53% 26.51% 32.96% -17.49% -3.65% -1.99%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.3x 21.1x 18.8x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.81x 5.02x 4.32x
PEG - -1.1x 0x -1.6x 0.4x -2.64x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.18x 3.06x 2.91x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.79x 3.52x 3.28x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.3x 11.9x 11.1x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.8x 16.1x 14.3x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.3x 15x 14x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.8% 6.67% 7.16%
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% 2.85% 2.87% 2.93%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.19 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 73,198 76,948
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 9,867 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 2 133.66 140.89 163.55 219.83 296.21 237.49 237.49 237.49
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 942,134 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.32x3.79x13.25x2.85% 224B
14.09x1.55x8.16x3.41% 116B
-129.79x18.1x100.35x-.--% 117B
14.17x2.58x9.74x5.8% 82.55B
19.85x5.25x12.89x2.86% 59.74B
13.9x2.01x8.53x5.61% 44.75B
22.11x1.81x11.28x1.37% 44B
21.19x1.61x10.23x0.89% 41.4B
17.27x2.18x10.33x5.06% 35.34B
Average 1.79x 4.32x 20.53x 3.09% 84.92B
Weighted average by Cap. -3.73x 5.21x 24.68x 2.89%

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

LAST HOURS | 40% Discount: The Best Subscriber-Only Tools to Unlock Hidden Opportunities!
d
:
:
SEIZE THE OFFER!