Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 234,676 - -
Change - 6.27% 17.24% 36.11% 36.22% -15.24% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 277,989 268,240 263,117
Change - 3.34% 13.53% 26.51% 32.96% -14.11% -3.51% -1.91%
P/E 21x 78.3x 20.1x 34.2x 26.5x 24.5x 22.1x 19.7x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 6.09x 5.26x 4.53x
PEG - -1.1x 0x -1.6x 0.4x -2.78x 2.1x 1.6x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.33x 3.21x 3.05x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.95x 3.66x 3.42x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.8x 12.4x 11.5x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 18.6x 16.8x 14.9x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 18x 15.6x 14.6x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.57% 6.4% 6.86%
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% 2.72% 2.74% 2.79%
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 2 133.66 140.89 163.55 219.83 296.21 249.09 249.09 249.09
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.($)
24.46x3.95x13.79x2.72% 235B
-130.31x18.17x100.76x-.--% 117B
14.45x1.6x8.39x3.31% 119B
14.25x2.6x9.8x5.77% 83.08B
20.32x5.35x13.15x2.8% 61.29B
13.6x1.96x8.33x5.73% 43.84B
22.63x1.86x11.56x1.29% 45.18B
21.37x1.61x10.31x0.89% 41.61B
16.65x2.09x9.91x5.25% 34.05B
Average 1.93x 4.35x 20.67x 3.08% 86.69B
Weighted average by Cap. -2.95x 5.25x 24.76x 2.83%

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

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