Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse Other stock markets 04:00:02 2024-05-31 pm EDT			After market 06:00:55 pm
166.9 ^USD	+0.77%		168	+0.66%

May. 30	HashiCorp Fiscal Q1 Swings to Non-GAAP Earnings; Revenue Increases	MT
May. 30	Singapore to invest $222 mln to boost quantum computing capability	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	118,711	112,166	119,866	127,382	149,341	152,148	-	-
Enterprise Value (EV) ¹	172,601	159,429	164,013	169,490	192,426	189,260	184,055	177,951
P/E ratio	12.7 x	20.2 x	21 x	78.3 x	20.1 x	19.2 x	18.7 x	17.3 x
Yield	4.8%	5.17%	4.9%	4.63%	4.05%	4.01%	4.06%	4.13%
Capitalization / Revenue	1.54 x	1.52 x	2.09 x	2.1 x	2.41 x	2.41 x	2.3 x	2.2 x
EV / Revenue	2.24 x	2.17 x	2.86 x	2.8 x	3.11 x	3 x	2.79 x	2.58 x
EV / EBITDA	9.46 x	10.4 x	-	11.5 x	12.5 x	12 x	11.1 x	9.95 x
EV / FCF	14.5 x	14.8 x	25.2 x	18.2 x	17.2 x	15.8 x	14.7 x	13.3 x
FCF Yield	6.9%	6.78%	3.97%	5.48%	5.83%	6.32%	6.82%	7.5%
Price to Book	5.71 x	5.44 x	6.34 x	5.8 x	6.64 x	5.83 x	5.08 x	4.47 x
Nbr of stocks (in thousands)	885,637	891,057	896,800	904,126	913,119	918,603	-	-
Reference price ²	134.0	125.9	133.7	140.9	163.6	166.8	166.8	166.8
Announcement Date	1/21/20	1/21/21	1/24/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	77,147	73,620	57,350	60,530	61,860	63,126	66,051	69,092
EBITDA ¹	18,246	15,379	-	14,739	15,447	15,733	16,627	17,881
EBIT ¹	12,187	8,684	-	9,937	11,052	11,457	12,434	13,375
Operating Margin	15.8%	11.8%	-	16.42%	17.87%	18.15%	18.83%	19.36%
Earnings before Tax (EBT) ¹	10,166	4,637	4,837	1,156	8,690	8,728	9,828	10,764
Net income ¹	9,431	5,590	5,743	1,639	7,502	8,106	8,395	9,143
Net margin	12.22%	7.59%	10.01%	2.71%	12.13%	12.84%	12.71%	13.23%
EPS ²	10.56	6.230	6.350	1.800	8.140	8.686	8.926	9.650
Free Cash Flow ¹	11,909	10,805	6,508	9,291	11,210	11,967	12,551	13,338
FCF margin	15.44%	14.68%	11.35%	15.35%	18.12%	18.96%	19%	19.31%
FCF Conversion (EBITDA)	65.27%	70.26%	-	63.04%	72.57%	76.06%	75.49%	74.59%
FCF Conversion (Net income)	126.28%	193.29%	113.32%	566.87%	149.43%	147.63%	149.5%	145.89%
Dividend per Share ²	6.430	6.510	6.550	6.520	6.630	6.686	6.780	6.889
Announcement Date	1/21/20	1/21/21	1/24/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,622	15,053	17,797	14,825	16,188
EBITDA ¹	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	2,759	3,775	3,783	5,269	3,500	3,900
EBIT ¹	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,678	2,704	4,199	2,210	2,640
Operating Margin	21.76%	11.6%	15.43%	13.94%	23.52%	11.06%	16.52%	17.01%	25.39%	11.25%	17.15%	17.96%	23.6%	14.91%	16.31%
Earnings before Tax (EBT) ¹	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	1,891	2,087	3,743	1,150	2,000
Net income ¹	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,667	1,799	3,180	1,124	1,754
Net margin	13.97%	5.16%	8.96%	-22.66%	16.24%	6.5%	10.23%	11.55%	18.92%	11.1%	10.67%	11.95%	17.87%	7.58%	10.83%
EPS ²	2.570	0.8100	1.530	-3.540	2.960	1.010	1.720	1.840	3.550	1.720	1.805	1.939	3.427	1.160	1.950
Dividend per Share ²	1.640	1.640	1.650	1.649	1.631	1.650	1.660	-	1.660	-	1.670	1.675	1.675	1.680	1.680
Announcement Date	1/24/22	4/19/22	7/18/22	10/19/22	1/25/23	4/19/23	7/19/23	10/25/23	1/24/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,890	47,263	44,147	42,108	43,085	37,111	31,907	25,803
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.954 x	3.073 x	-	2.857 x	2.789 x	2.359 x	1.919 x	1.443 x
Free Cash Flow ¹	11,909	10,805	6,508	9,291	11,210	11,967	12,551	13,339
ROE (net income / shareholders' equity)	60.8%	37.5%	36.3%	40.8%	33.8%	38.4%	33.9%	31.2%
ROA (Net income/ Total Assets)	8.3%	5.05%	3.99%	6.42%	5.73%	6.67%	6.89%	7.18%
Assets ¹	113,628	110,792	143,989	25,516	131,032	121,566	121,797	127,336
Book Value Per Share ²	23.50	23.10	21.10	24.30	24.60	28.60	32.80	37.40
Cash Flow per Share ²	16.50	20.30	14.10	11.40	15.10	15.00	15.20	15.80
Capex ¹	2,370	3,042	2,381	1,860	1,488	1,695	1,815	1,821
Capex / Sales	3.07%	4.13%	4.15%	3.07%	2.41%	2.68%	2.75%	2.64%
Announcement Date	1/21/20	1/21/21	1/24/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IBM

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

166.8 USD

Average target price

180.2 USD

Spread / Average Target

+8.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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