Financials IBM London S.E.

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - London S.E. Other stock markets 11:35:15 2024-05-01 am EDT			5-day change	1st Jan Change
119 ^USD	0.00%		0.00%	0.00%

Apr. 30	IBM wins reversal of $1.6 billion judgment to BMC over software contract	RE
Apr. 30	IBM Raises Quarterly Dividend by 0.6% to $1.67	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	118,711	112,166	119,866	127,382	149,341	151,046	-	-
Enterprise Value (EV) ¹	172,601	159,429	164,013	169,490	192,426	188,653	183,672	178,260
P/E ratio	12.7 x	20.2 x	21 x	78.3 x	20.1 x	18.7 x	18.3 x	17 x
Yield	4.8%	5.17%	4.9%	4.63%	4.05%	4.16%	4.25%	4.21%
Capitalization / Revenue	1.54 x	1.52 x	2.09 x	2.1 x	2.41 x	2.39 x	2.28 x	2.19 x
EV / Revenue	2.24 x	2.17 x	2.86 x	2.8 x	3.11 x	2.98 x	2.78 x	2.58 x
EV / EBITDA	9.46 x	10.4 x	-	11.5 x	12.5 x	12.3 x	11.2 x	10.4 x
EV / FCF	14.5 x	14.8 x	25.2 x	18.2 x	17.2 x	15.8 x	14.5 x	13.4 x
FCF Yield	6.9%	6.78%	3.97%	5.48%	5.83%	6.31%	6.89%	7.46%
Price to Book	5.71 x	5.44 x	6.34 x	5.8 x	6.64 x	5.65 x	4.91 x	4.32 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	164.4	164.4	164.4
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	63,263	66,109	68,992
EBITDA ¹	18,246	15,379	-	14,739	15,447	15,399	16,364	17,123
EBIT ¹	12,187	8,684	-	9,937	11,052	11,307	12,385	13,503
Operating Margin	15.8%	11.8%	-	16.42%	17.87%	17.87%	18.73%	19.57%
Earnings before Tax (EBT) ¹	10,166	4,637	4,837	1,156	8,690	9,108	9,902	10,758
Net income ¹	9,431	5,590	5,743	1,639	7,502	8,274	8,446	9,141
Net margin	12.22%	7.59%	10.01%	2.71%	12.13%	13.08%	12.78%	13.25%
EPS ²	10.56	6.230	6.350	1.800	8.140	8.799	8.980	9.670
Free Cash Flow ¹	11,909	10,805	6,508	9,291	11,210	11,903	12,650	13,296
FCF margin	15.44%	14.68%	11.35%	15.35%	18.12%	18.81%	19.14%	19.27%
FCF Conversion (EBITDA)	65.27%	70.26%	-	63.04%	72.57%	77.3%	77.3%	77.65%
FCF Conversion (Net income)	126.28%	193.29%	113.32%	566.87%	149.43%	143.86%	149.78%	145.46%
Dividend per Share ²	6.430	6.510	6.550	6.520	6.630	6.837	6.983	6.924
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	15,669	15,108	17,852	14,763	16,128
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	2,623	2,615	4,169	1,972	2,638
Operating Margin	21.76%	11.6%	15.43%	13.94%	23.52%	11.06%	16.52%	17.01%	25.39%	11.25%	16.74%	17.31%	23.35%	13.36%	16.35%
Earnings before Tax (EBT) ¹	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	1,936	2,131	3,615	-	-
Net income ¹	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,675	1,797	3,093	1,172	1,699
Net margin	13.97%	5.16%	8.96%	-22.66%	16.24%	6.5%	10.23%	11.55%	18.92%	11.1%	10.69%	11.89%	17.33%	7.94%	10.53%
EPS ²	2.570	0.8100	1.530	-3.540	2.960	1.010	1.720	1.840	3.550	1.720	1.811	1.934	3.329	-	-
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	37,607	32,626	27,214
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.954 x	3.073 x	-	2.857 x	2.789 x	2.442 x	1.994 x	1.589 x
Free Cash Flow ¹	11,909	10,805	6,508	9,291	11,210	11,903	12,650	13,297
ROE (net income / shareholders' equity)	60.8%	37.5%	36.3%	40.8%	33.8%	38.7%	33.8%	30.9%
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	124,083	122,524	127,312
Book Value Per Share ²	23.50	23.10	21.10	24.30	24.60	29.10	33.50	38.10
Cash Flow per Share ²	16.50	20.30	14.10	11.40	15.10	15.10	15.50	16.40
Capex ¹	2,370	3,042	2,381	1,860	1,488	1,784	1,815	1,781
Capex / Sales	3.07%	4.13%	4.15%	3.07%	2.41%	2.82%	2.75%	2.58%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

164.4 USD

Average target price

182.9 USD

Spread / Average Target

+11.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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