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Tuesday, January 16, 2018

International Business Machines Corp Valuation – November 2015 Update $IBM



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Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – October 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how International Business Machines Corp (IBM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): International Business Machines Corporation is a technology company. The Company operates in five business segments: Global Technology Services (GTS), which includes Strategic Outsourcing, Integrated Technology Services, Cloud and Technology Support Services, and also provides information technology (IT) infrastructure and business process services; Global Business Services (GBS), which offers its services across Consulting and Systems Integration, Global Process Services and Application Management Services; Software, which consists of middleware and operating systems software; Systems and Technology (STG), which provides infrastructure technologies, and Global Financing, which provides financing solutions for products or services that are critical to the end users’ business operations. Its IBM Watson Health Cloud platform collects clinical, research and social data from a range of health sources and creates a cloud-based data sharing hub.


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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.


Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Total Current Assets $42,112,000,000
Total Current Liabilities $33,732,000,000
Long-Term Debt $32,122,000,000
Total Assets $108,649,000,000
Intangible Assets $33,051,000,000
Total Liabilities $95,355,000,000
Shares Outstanding (Diluted Average) 979,000,000

Earnings Per Share History

Next Fiscal Year Estimate $13.53
Dec14 $11.90
Dec13 $14.94
Dec12 $14.37
Dec11 $13.06
Dec10 $11.52
Dec09 $10.01
Dec08 $8.89
Dec07 $7.18
Dec06 $6.11
Dec05 $4.87
Dec04 $4.38
Dec03 $4.32
Dec02 $1.39
Dec01 $3.69
Dec00 $4.44
Dec99 $4.12
Dec98 $3.29
Dec97 $3.01
Dec96 $2.51
Dec95 $1.81

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $13.46
Dec14 $13.33
Dec13 $13.63
Dec12 $12.50
Dec11 $11.09
Dec10 $9.65
Dec09 $8.28
Dec08 $7.04
Dec07 $5.87
Dec06 $4.88
Dec05 $4.09
Dec04 $3.68
Dec03 $3.42
Dec02 $3.10
Dec01 $3.88
Dec00 $3.80
Dec99 $3.31

Recommended Reading:

Other ModernGraham posts about the company

30 Companies in the Spotlight This Week – 11/15/14
International Business Machines Annual Valuation – 2014 $IBM
5 Outstanding Dow Components – March 2014
ModernGraham Valuation: International Business Machines (IBM)

Other ModernGraham posts about related companies

Motorola Solutions Inc. Valuation – November 2015 Update $MSI
Qualcomm Inc. Valuation – October 2015 Update $QCOM
Cognizant Technology Solutions Corp Analysis – October 2015 Update $CTSH
Infosys Limited Analysis – October 2015 Update $INFY
Teradata Corporation Analysis – September 2015 Update $TDC
Akamai Technologies Inc. Analysis – August 2015 Update $AKAM
Total System Services Inc. Analysis – August 2015 Update $TSS
Acxiom Corporation Analysis – Initial Coverage $ACXM
ACI Worldwide Inc. Analysis – Initial Coverage $ACIW
Motorola Solutions Inc. Analysis – July 2015 Update $MSI

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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