International Business Machines Corporation

NYSE-IBM

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	60,530	61,860	62,753	67,053.8	70,129	73,152.6	73,152.6	73,152.6
Revenue % Chg.	5.5%	2.2%	1.4%
EBIT	7,521	9,903	9,788	13,689.1	14,487.9	15,476.7	15,476.7	15,476.7
EBIT Margin	12.4%	16%	15.6%
Tax Rate	-54.2%	13.5%	-3.8%
NOPAT	11,593.8	8,562.9	10,156.1	11,533	12,246.6	13,064.6	13,064.6	13,064.6
NOPAT Margin	19.2%	13.8%	16.2%	17.2%	17.5%	17.9%	17.9%	17.9%
D&A	4,154	3,736	3,998	5,061	5,060.5	5,135	5,135	5,135
D&A / Revenue	6.9%	6%	6.4%
Capex	-1,346	-1,245	-1,048	-1,490.6	-1,586.5	-1,658.3	-1,658.3	-1,658.3
Capex / Revenue	-2.2%	-2%	-1.7%
Chg. NWC	202	2,184	1,313	1,331.4	1,392.4	1,452.5	1,452.5	1,452.5
Chg. NWC / Revenue	0.3%	3.5%	2.1%
Unlevered FCF (UFCF)	14,603.8	13,237.9	14,419.1	16,434.8	17,113	17,993.7	17,993.7	17,993.7
UFCF % Chg.	34%	-9.4%	8.9%	14%	4.1%	5.1%	—	—
PV of UFCF	—	—	—	15,243.8	14,722.7	14,358.5	13,318	12,352.9
Sum of PV of UFCF	—	—	—	15,243.8	29,966.5	44,325.1	57,643.1	69,996

Perpetuity

Multiple