{"id":3365,"date":"2026-05-27T12:36:45","date_gmt":"2026-05-27T10:36:45","guid":{"rendered":"https:\/\/mumak.me\/?p=3365"},"modified":"2026-05-29T10:05:21","modified_gmt":"2026-05-29T08:05:21","slug":"valuation-analysis-ibm","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/research-insights\/valuation-analysis\/valuation-analysis-ibm\/","title":{"rendered":"Valuation analysis: IBM"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3365\" class=\"elementor elementor-3365 elementor-3364\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab0bcff e-flex e-con-boxed e-con e-parent\" data-id=\"ab0bcff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-71b808b elementor-widget elementor-widget-text-editor\" data-id=\"71b808b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Brief Introduction \u2013 IBM<\/h2><p><span data-contrast=\"none\">International Business Machines (IBM) is one of the world&#8217;s most traditional technology companies and has been undergoing a profound strategic transformation for several years.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The company is increasingly evolving from a classic hardware and infrastructure group into a provider of:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Enterprise AI<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Hybrid cloud infrastructure<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">automation<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">cybersecurity<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"none\">Enterprise software<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><span data-contrast=\"none\">Data management<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"301\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">Mission-critical IT systems.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">The acquisition of Red Hat in particular accelerated the shift toward a more software- and cloud-oriented business model.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The current investment story for IBM is primarily based on:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 Artificial Intelligence + Hybrid Cloud + Enterprise Software + Automation + Recurring Revenues<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6fc547c e-con e-atomic-element e-div-block-base e-6fc547c-de8a3ea \" data-id=\"6fc547c\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"6fc547c\" data-e-type=\"e-div-block\" data-id=\"6fc547c\">\n    <div class=\"elementor-element elementor-element-969f4aa e-con e-atomic-element e-div-block-base e-969f4aa-67d7b1f \" data-id=\"969f4aa\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"969f4aa\" 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data-interaction-id=\"a2e5b6c\" class=\"e-a2e5b6c-f5c6f5c rating-sub e-heading-base\" data-e-type=\"widget\" data-id=\"a2e5b6c\">Analysis Result: 5 out of 5 MUMAKS<\/h4>\n\t\t\n<\/div>\n\n<\/div>\n\t\t<div class=\"elementor-element elementor-element-7cecee3 elementor-widget elementor-widget-text-editor\" data-id=\"7cecee3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Rating<\/h2><p><span data-contrast=\"none\">This analysis evaluates IBM according to the UMBRELLA strategy using the MUMAK method. The assessment is carried out across five decision-making phases: Geopolitics, Industry, Fundamental Data, Market Sentiment, and Technical Analysis. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><p><strong>Structure: Classification \u2192 Key Statement \u2192 Rationale \u2192 Conclusion <\/strong><\/p><p><span data-contrast=\"none\">The goal is not to predict the future precisely. The goal is orientation. We contextualize facts, demonstrate causal relationships, and structure a comprehensible decision logic.  <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><p><b><span data-contrast=\"none\">We explain \u2013 you decide.<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><h3>Geopolitics<\/h3><h4 aria-level=\"2\"><strong>Classification <\/strong><\/h4><p><span data-contrast=\"none\">The geopolitical environment is fundamentally supportive for IBM. Governments, companies, and institutions increasingly view digital infrastructure, artificial intelligence, cybersecurity, and data control as core strategic areas. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">Technological sovereignty is gaining importance globally. The USA, Europe, and Asia in particular are investing heavily in: <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">AI infrastructure<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Cloud technologies<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Semiconductors<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Cybersecurity<\/span><\/li><li><span data-contrast=\"none\">Digital modernization.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Key Takeaway<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">IBM benefits from the global trend toward enterprise AI, hybrid cloud infrastructure, and strategic digitalization.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Rationale<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Artificial Intelligence Becomes Strategic Infrastructure<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">Companies are increasingly investing in generative AI, automation, and data-driven decision-making processes.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">IBM positions itself here particularly through:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">watsonx<\/span><\/li><li><span data-contrast=\"none\">Enterprise AI platforms<\/span><\/li><li><span data-contrast=\"none\">AI governance<\/span><\/li><li><span data-contrast=\"none\">automation<\/span><\/li><li><span data-contrast=\"none\">Hybrid AI infrastructure.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">The focus here is more on enterprise customers than on consumer AI.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Cybersecurity Gains Structural Importance<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">As digitalization increases, so do:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Cyber risks<\/span><\/li><li><span data-contrast=\"none\">Regulatory requirements<\/span><\/li><li><span data-contrast=\"none\">Data security requirements<\/span><\/li><li><span data-contrast=\"none\">Compliance requirements.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">IBM holds strong positions in the areas of:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Security<\/span><\/li><li><span data-contrast=\"none\">Data management<\/span><\/li><li><span data-contrast=\"none\">Enterprise infrastructure<\/span><\/li><li><span data-contrast=\"none\">Regulatory consulting.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Hybrid Cloud Remains Strategically Relevant<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">Many large enterprises do not migrate their systems entirely to public clouds.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">IBM therefore benefits from:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Hybrid infrastructures<\/span><\/li><li><span data-contrast=\"none\">OpenShift<\/span><\/li><li><span data-contrast=\"none\">Red Hat<\/span><\/li><li><span data-contrast=\"none\">Multi-cloud management<\/span><\/li><li><span data-contrast=\"none\">Integration of existing enterprise systems.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Competition Remains Intense<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">IBM competes directly or indirectly with:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Microsoft<\/span><\/li><li><span data-contrast=\"none\">Amazon AWS<\/span><\/li><li><span data-contrast=\"none\">Google Cloud<\/span><\/li><li><span data-contrast=\"none\">Oracle<\/span><\/li><li><span data-contrast=\"none\">NVIDIA ecosystems<\/span><\/li><li><span data-contrast=\"none\">Accenture.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">Long-term competitiveness depends heavily on the speed of innovation and AI implementation.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Conclusion<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">The geopolitical and technological environment remains overall positive for IBM. The global AI and digitalization cycle supports long-term demand for enterprise technologies. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 MUMAK.me rating Phase 1: positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-247c04b e-con e-atomic-element e-div-block-base e-247c04b-4ef77fa \" data-id=\"247c04b\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"247c04b\" data-e-type=\"e-div-block\" data-id=\"247c04b\">\n    <div class=\"elementor-element elementor-element-1e44b73 e-con e-atomic-element e-div-block-base e-1e44b73-5ba3c89 \" data-id=\"1e44b73\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"1e44b73\" data-e-type=\"e-div-block\" data-id=\"1e44b73\">\n    \t\t\t<div class=\"e-6f1b4aa-81e4561 e-svg-base\" data-interaction-id=\"6f1b4aa\" data-e-type=\"widget\" data-id=\"6f1b4aa\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; 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height: 100%; overflow: unset;\" id=\"mammut-clean\" data-name=\"mammut-clean\" viewBox=\"0 0 500 500\"><path fill-rule=\"evenodd\" d=\"M388.31,431.19h.02c-1.01-10.05.57-24.06,2.75-30.17-6.36-5.78-12.06-13.16-16.07-18.92-39.95,41.58-101.11,9.25-61.72-17.02,1.66,2.79,5.2,12.21-3.53,16.27,0,0,11.48.74,10.27-21.42,7.24-13.15,17.14-34.65,18.51-59.21-2.21,5.36-5.37,12.79-13.62,18.84,4.31-.24,6.33-.64,6.33-.64-.09.15-3.73,6.58-10.01,12.33,3.63-.99,7.32-3.01,7.32-3.01,0,0-10.87,14.85-26.22,32.09.96-4.88-5.6-8.14-5.6-8.14l-13.5,26.39c.02-.31.93-16.17-5.43-12.5-16.04,9.26-11.03,27.38-11.03,33.27,0,5.17,6.18,15.03,7.92,28.94.11.89-.02,1.87-.61,2.54-1.91,2.16-8.8,5.87-33.51,5.87s-34.94-2.9-38.08-4.79c-1.1-.66-1.69-1.94-1.77-3.22-.41-6.78-.78-13.16,1.02-18.44l1-2.36c4.44-8.69.83-31.19-1.95-34.51-2.21-2.65-14.86,5.18-20.01,8.53-4.49,10.31-9.45,21.93-10.04,23.98-3.27,9.61,11.64,12.45,9.32,23.91-.12.59-.44,1.17-.89,1.57-3.54,3.07-10.56,6.56-26.41,6.98-21.74.58-29.43-2.4-32.07-4.19-.89-.6-1.21-1.8-1-2.85,3.84-19.36,3.91-27.15-14.02-41.23-18.26.36-24.55,5.24-24.44,23.9,2.86,7.24,2.89,16.64,1.9,20.64-1.61,6.53-33.41,8.75-33.41,8.75-26.53,2.15-44.41,3.17-49.16-2.15-.63-.7-.67-1.81-.45-2.72,8.88-35.32,28.13-57.16,44.5-85.72,28.59-58.9,66.13-112.92,118.7-147.43,27.22-20.13,27.44-36.81,46.31-49.01,13.45-8.7,14.78-25.03,18.05-37.91.66-2.58-9.38,2.02-9.38,2.02,0,0,6.92-10.29,8.35-11.96,2.88-3.35,12.41-9.2,15.21-11.3,2.67-2.01-8.42-4.21-8.49-4.22,0,0,18.46-3.11,35.65-2.65,17.74.47,23.86-27.19,54.93-33.85,19.34-5.58,59.53,4.75,66.79,9.55,0,0-21.47.12-18.78.66,6.76,1.34,18.57,3.96,24.78,8.56.57.49-17.3,1.39-16.75,2.3,23.18,42.37,40.52,27.5,28.3,68.26-1.77,6.72-2.18,15.01-1.83,24.16l.12-.43c.02.24,1.8,18.99,10.91,30.32-5.76-.84-10.32-5.4-10.49-5.57.58,2.18,9.22,19.38,11.72,32.15,20.4-19.16,35.65-43.42,40.78-68.96v-.07h.02s-.02.04-.02.04c11.56,37.18-10.26,83.61-37.33,110.33,0,.79-.15,2.06-.33,3.44l.15-.6s69.15,5.92,70.03-111.11c.01.07.02.14.03.21,17.04,59.99,12.74,140.96-74.26,136.62-5.26,21.99-14.23,42.71-22.67,53.98,4.08-3.76,15.69-17.92,19.77-27.54,14.84,25.22,39.07,73.29,48.95,111.92v.03c1.19,10.88-53.45,11.7-68.38,5.3-6.54-2.8-7.15-8.85-7.15-8.85Z\"><\/path><\/svg><\/div>\t\t\n<\/div>\n\t\t\t<h4 data-interaction-id=\"086fea4\" class=\"e-086fea4-1fe6f21 rating-sub e-heading-base\" data-e-type=\"widget\" data-id=\"086fea4\">Geopolitics Rating: positive<\/h4>\n\t\t\n<\/div>\n\n<\/div>\n\t\t<div class=\"elementor-element elementor-element-7538b74 elementor-widget elementor-widget-text-editor\" data-id=\"7538b74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Industry<\/h3><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Assessment<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><p><span data-contrast=\"none\">The enterprise technology industry continues to be in a structural growth phase. Particularly the areas of: <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">artificial intelligence<\/span><\/li><li><span data-contrast=\"none\">cloud infrastructure<\/span><\/li><li><span data-contrast=\"none\">Enterprise software<\/span><\/li><li><span data-contrast=\"none\">automation<\/span><\/li><li><span data-contrast=\"none\">cybersecurity<\/span><\/li><li><span data-contrast=\"none\">Data analysis<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">show high long-term growth dynamics.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">At the same time, the industry remains innovation-driven, capital-intensive, and highly competitive.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Key Takeaway<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">IBM is positioned in several structurally growing enterprise technology segments and benefits from the long-term AI and hybrid cloud cycle.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Rationale<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Hybrid Cloud Remains Relevant in the Long Term<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">Many companies continue to require:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Local infrastructure<\/span><\/li><li><span data-contrast=\"none\">Hybrid architectures<\/span><\/li><li><span data-contrast=\"none\">Multi-cloud solutions<\/span><\/li><li><span data-contrast=\"none\">Secure data integration.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">IBM benefits here in particular through:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Red Hat<\/span><\/li><li><span data-contrast=\"none\">OpenShift<\/span><\/li><li><span data-contrast=\"none\">Hybrid enterprise architectures<\/span><\/li><li><span data-contrast=\"none\">Enterprise integration.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h5 aria-level=\"3\"><b><span data-contrast=\"none\">AI Creates a New Investment Cycle<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">Generative AI is currently transforming large parts of enterprise software.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">This leads to increasing demand for:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">AI platforms<\/span><\/li><li><span data-contrast=\"none\">Data infrastructure<\/span><\/li><li><span data-contrast=\"none\">automation<\/span><\/li><li><span data-contrast=\"none\">AI governance<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Enterprise AI solutions.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">IBM deliberately positions itself as a provider for regulated enterprise AI.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Long-term Enterprise Relationships Remain an Advantage<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">IBM continues to have deep relationships with:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Banks<\/span><\/li><li><span data-contrast=\"none\">Governments<\/span><\/li><li><span data-contrast=\"none\">Industrial companies<\/span><\/li><li><span data-contrast=\"none\">Telecommunications groups<\/span><\/li><li><span data-contrast=\"none\">Healthcare companies.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">These customer relationships generate relatively stable recurring revenues.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Consulting Remains Dependent on the Economy<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">The consulting business remains vulnerable to:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Weaker IT budgets<\/span><\/li><li><span data-contrast=\"none\">Economic uncertainty<\/span><\/li><li><span data-contrast=\"none\">Project postponements<\/span><\/li><li><span data-contrast=\"none\">Increasing competitive pressure.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Conclusion<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":1,\"335551620\":1,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">The industry remains structurally attractive. IBM benefits particularly from AI and hybrid cloud growth, but must continuously ensure its speed of innovation and competitiveness. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 MUMAK.me Evaluation Phase 2: positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-65e8a73 e-con e-atomic-element e-div-block-base e-65e8a73-014d5e9 \" data-id=\"65e8a73\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"65e8a73\" data-e-type=\"e-div-block\" data-id=\"65e8a73\">\n    <div class=\"elementor-element elementor-element-f7619be e-con e-atomic-element e-div-block-base e-f7619be-23722f2 \" data-id=\"f7619be\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"f7619be\" data-e-type=\"e-div-block\" data-id=\"f7619be\">\n    \t\t\t<div class=\"e-5467c68-db40dfd e-svg-base\" data-interaction-id=\"5467c68\" data-e-type=\"widget\" data-id=\"5467c68\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; 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font-size: 2rem;\">Fundamentals<\/span><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6daebec elementor-widget elementor-widget-text-editor\" data-id=\"6daebec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h4 aria-level=\"2\"><b><span data-contrast=\"none\">Assessment<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><p><span data-contrast=\"none\">IBM&#8217;s fundamental data is increasingly improving as software revenues, recurring earnings, and AI and hybrid cloud business areas gain importance within the group.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The strategic transformation toward a higher-margin enterprise software and AI company is showing increasing operational progress.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Key Takeaway<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">IBM is gradually succeeding in its transformation into a more profitable enterprise AI and hybrid cloud company with stable cash flow generation and the increasing importance of recurring software revenues.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Rationale<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Revenue Development Remains Stable<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-579aa8a elementor-widget elementor-widget-Table\" data-id=\"579aa8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >Latest Result<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Revenue Q1 2026<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >USD 15.92 billion\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Revenue Growth YoY<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >+9,5 %\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>FY2026 Revenue Guidance <\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-cfa6d66 td-content-type-default\" >&gt;5% constant currency adjusted \n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Main Growth Drivers<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-d036ffc td-content-type-default\" >AI Software \/ Hybrid Cloud \/ Automation \/ Enterprise Infrastructure<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7013132 elementor-widget elementor-widget-text-editor\" data-id=\"7013132\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">IBM achieved solid revenue growth in the first quarter of 2026, supported by strong developments in the software and infrastructure business. In particular, the increasing shift toward recurring software earnings improves the stability of the business model. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5><b><span data-contrast=\"none\">Profitability continues to improve<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f400d4 elementor-widget elementor-widget-Table\" data-id=\"1f400d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-db540a3\"   >FY2024<\/th><th class=\"elementor-inline-editing elementor-repeater-item-42a9060\"   >FY2025<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>EBIT Margin<\/b><\/td><td data-label=\"FY2024\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >17,9 %\n<\/td><td data-label=\"FY2025\"   class=\"elementor-repeater-item-f284af4 td-content-type-default\" >20,9 %\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Net Margin<\/b><\/td><td data-label=\"FY2024\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >9,6 %\n<\/td><td data-label=\"FY2025\"   class=\"elementor-repeater-item-ac439d7 td-content-type-default\" >15,7 %\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-b23e49e td-content-type-default\" ><b>EBITDA Margin<\/b><\/td><td data-label=\"FY2024\"   class=\"elementor-repeater-item-cfa6d66 td-content-type-default\" >26,1 %\n<\/td><td data-label=\"FY2025\"   class=\"elementor-repeater-item-c9daf92 td-content-type-default\" >28,4 %\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f49d960 elementor-widget elementor-widget-text-editor\" data-id=\"f49d960\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">IBM is increasingly benefiting from:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Higher software share<\/span><\/li><li><span data-contrast=\"none\">Recurring revenues<\/span><\/li><li><span data-contrast=\"none\">Operational efficiency<\/span><\/li><li><span data-contrast=\"none\">AI-driven productivity<\/span><\/li><li><span data-contrast=\"none\">Hybrid cloud scaling.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">Operational leverage is improving gradually as higher-margin software and AI revenues grow faster than traditional infrastructure and consulting areas.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e18ee76 elementor-widget elementor-widget-Table\" data-id=\"e18ee76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >Value<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Free Cash Flow FY\u201925<\/b><\/td><td data-label=\"Value\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >USD 14.7 billion\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>FCF Growth YoY<\/b><\/td><td data-label=\"Value\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >+15,6 %\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>FCF Margin FY\u201925<\/b><\/td><td data-label=\"Value\"   class=\"elementor-repeater-item-cfa6d66 td-content-type-default\" >21,8 %\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-d912bc9 td-content-type-default\" ><b>Operating Cash Flow FY\u201925<\/b><\/td><td data-label=\"Value\"   class=\"elementor-repeater-item-af222e2 td-content-type-default\" >USD 13.2 billion\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c6f221 elementor-widget elementor-widget-text-editor\" data-id=\"9c6f221\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW263747849 BCX4\" lang=\"DE-AT\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW263747849 BCX4\">IBM achieved its highest free cash flow in more than a decade in fiscal year 2025. The strong cash generation reflects improved profitability, disciplined capital allocation, and rising software margins. Unlike some competitors with extremely high AI infrastructure investments, IBM continues to have solid cash conversion while simultaneously investing aggressively in AI and hybrid cloud growth.  <\/span><\/span><span class=\"EOP SCXW263747849 BCX4\" data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5><strong> Balance Sheet Remains Solid<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46f5507 elementor-widget elementor-widget-Table\" data-id=\"46f5507\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-c1fa5b4\"   >Latest Result<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Cash &amp; Equivalents<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >USD 13.6 billion\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Total Debt<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >USD 60.9 billion\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-216e3cc td-content-type-default\" ><b>Net Debt<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-728d171 td-content-type-default\" >USD 46.8 billion\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-f1f657a td-content-type-default\" ><b>Net Debt \/ EBITDA<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-5542548 td-content-type-default\" >approx. 2.4x\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e99a127 td-content-type-default\" ><b>Current Ratio<\/b><\/td><td data-label=\"Latest Result\"   class=\"elementor-repeater-item-7d9e459 td-content-type-default\" >1.0x\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7e4c53 elementor-widget elementor-widget-text-editor\" data-id=\"d7e4c53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>IBM&#8217;s balance sheet remains overall solid and continues to show a stable financial foundation. Continuous free cash flow generation and the gradual improvement of key debt ratios support the company&#8217;s financial stability. At the same time, IBM has sufficient liquidity to sustainably finance strategic investments in AI, hybrid cloud, acquisitions, and ongoing transformation initiatives.  <\/p><h5>Capital allocation remains shareholder-friendly<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84aab53 elementor-widget elementor-widget-Table\" data-id=\"84aab53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >Current Result<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Dividend per Share<\/b><\/td><td data-label=\"Current Result\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >USD 6.67\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Dividend Yield<\/b><\/td><td data-label=\"Current Result\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >2,7 %\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>Status<\/b><\/td><td data-label=\"Current Result\"   class=\"elementor-repeater-item-cfa6d66 td-content-type-default\" >Paid \/ Announced\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b54fd2c elementor-widget elementor-widget-text-editor\" data-id=\"b54fd2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW162343262 BCX4\" lang=\"DE-AT\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW162343262 BCX4\">IBM continues to prioritize attractive shareholder returns through one of the strongest dividend programs in the large-cap technology sector. At the same time, the company is consistently investing in AI, software, and hybrid cloud expansion. <\/span><\/span><span class=\"EOP SCXW162343262 BCX4\" data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4>Conclusion<\/h4><p><span data-contrast=\"none\">IBM combines:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Stable recurring enterprise revenues<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Improved profitability and margin expansion<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Strong free cash flow generation<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Growing monetization of AI and hybrid cloud solutions<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"none\">Attractive shareholder returns through dividends<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">The most important factor to monitor remains the higher debt level compared to other mega-cap technology companies. Nevertheless, rising margins, the growing software share, and stable enterprise demand significantly strengthen IBM&#8217;s long-term financial profile. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The strategic positioning in the areas of enterprise AI, hybrid cloud, automation, and business-critical infrastructure increasingly supports sustainable long-term value creation potential.<\/span> <span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 MUMAK.me Evaluation Phase 3: positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":1,\"335551620\":1,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dd49fda e-con e-atomic-element e-div-block-base e-dd49fda-d86ffc1 \" data-id=\"dd49fda\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"dd49fda\" data-e-type=\"e-div-block\" data-id=\"dd49fda\">\n    <div class=\"elementor-element elementor-element-0f86229 e-con e-atomic-element e-div-block-base e-0f86229-1b023f1 \" data-id=\"0f86229\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"0f86229\" data-e-type=\"e-div-block\" data-id=\"0f86229\">\n    \t\t\t<div class=\"e-b8bc0af-3fb15aa e-svg-base\" data-interaction-id=\"b8bc0af\" data-e-type=\"widget\" data-id=\"b8bc0af\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; 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Investors are increasingly evaluating the company not exclusively as a traditional IT group, but more as an enterprise AI and hybrid cloud provider. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">At the same time, the stock remains sensitive to:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">AI expectations<\/span><\/li><li><span data-contrast=\"none\">Growth expectations<\/span><\/li><li><span data-contrast=\"none\">Software dynamics<\/span><\/li><li><span data-contrast=\"none\">Enterprise IT spending.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Key Takeaway<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">Market sentiment toward IBM is increasingly improving as investors perceive the company more as an AI and enterprise software platform.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Rationale<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Analyst sentiment remains constructive<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">The analyst landscape for IBM remains overall positive. In particular, progress in the areas of artificial intelligence, hybrid cloud, and software revenues supports the long-term investment story. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Analyst Assessment<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3193062 elementor-widget elementor-widget-Table\" data-id=\"3193062\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   ><\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Number of Analysts<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >~USD 99\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Average Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-35f1c12 td-content-type-default\" >~USD 277\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e9b18d8 td-content-type-default\" ><b>Upside to Average Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-19a0849 td-content-type-default\" >+9,4 %<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-4a26f9a td-content-type-default\" ><b>Current Price<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-815f271 td-content-type-default\" >~USD 250\n\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-91165f8 td-content-type-default\" ><b>Upper Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-8833fb8 td-content-type-default\" >~USD 355\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-85848b8 td-content-type-default\" ><b>Lower Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" > ~USD 195\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a62d68a elementor-widget elementor-widget-text-editor\" data-id=\"a62d68a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5>Detailed Distribution<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b15acbe elementor-widget elementor-widget-Table\" data-id=\"b15acbe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Revenue and Profit<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Revenue and Profit\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Buy<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >11\n<\/td><\/tr><tr><td data-label=\"Revenue and Profit\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Accumulate <\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-19a0849 td-content-type-default\" >2<\/td><\/tr><tr><td data-label=\"Revenue and Profit\"   class=\"elementor-repeater-item-4a26f9a td-content-type-default\" ><b>Hold<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-815f271 td-content-type-default\" >7\n<\/td><\/tr><tr><td data-label=\"Revenue and Profit\"   class=\"elementor-repeater-item-91165f8 td-content-type-default\" ><b>Reduce<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-8833fb8 td-content-type-default\" >1\n<\/td><\/tr><tr><td data-label=\"Revenue and Profit\"   class=\"elementor-repeater-item-85848b8 td-content-type-default\" ><b>Sell<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >0\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d8310e elementor-widget elementor-widget-text-editor\" data-id=\"6d8310e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">The majority of analysts continue to rate IBM positively or as neutrally constructive. The AI transformation and the increasing importance of recurring software earnings are particularly in focus. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">AI Narrative Gains Strength<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">IBM is increasingly positioning itself successfully in the enterprise AI market.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">Particular focus is on:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">watsonx<\/span><\/li><li><span data-contrast=\"none\">AI governance<\/span><\/li><li><span data-contrast=\"none\">Hybrid AI infrastructure<\/span><\/li><li><span data-contrast=\"none\">Enterprise automation<\/span><\/li><li><span data-contrast=\"none\">Secure enterprise AI.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Competition Remains a Critical Factor<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">Despite improved market sentiment, doubts remain regarding:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Long-term AI competitiveness<\/span><\/li><li><span data-contrast=\"none\">Speed of innovation<\/span><\/li><li><span data-contrast=\"none\">Scalability<\/span><\/li><li><span data-contrast=\"none\">Growth compared to hyperscalers.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">IBM must continue to convince the market of its sustainable growth power.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Quantum Computing Remains a Long-term Option<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5><p><span data-contrast=\"none\">IBM remains one of the leading companies in the field of quantum computing.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">In the short term, this area still plays a minor financial role, but in the long term, it could gain significant strategic importance.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Conclusion<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"none\">Market sentiment toward IBM remains overall constructive.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">Investors are increasingly recognizing progress in the areas of AI, software, and hybrid cloud, but still expect sustainable growth acceleration.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 MUMAK.me Evaluation Phase 4: positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5dfd83f e-con e-atomic-element e-div-block-base e-5dfd83f-f4506c6 \" data-id=\"5dfd83f\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"5dfd83f\" data-e-type=\"e-div-block\" data-id=\"5dfd83f\">\n    <div class=\"elementor-element elementor-element-70ad632 e-con e-atomic-element e-div-block-base e-70ad632-238b44d \" data-id=\"70ad632\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"70ad632\" data-e-type=\"e-div-block\" data-id=\"70ad632\">\n    \t\t\t<div class=\"e-b4b5b73-f8e43b2 e-svg-base\" data-interaction-id=\"b4b5b73\" data-e-type=\"widget\" data-id=\"b4b5b73\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" viewBox=\"0 0 342 342\"><circle fill=\"#f4ecdb\" cx=\"171\" cy=\"171\" r=\"111.86\"><\/circle><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,135.36l134,35.91h-169.91l35.9-35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,207l134-35.91h-169.91l35.9,35.91Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135.36,135L171.26,1v169.91l-35.91-35.9Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135,207L1,171.09h169.91l-35.9,35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135,135.36L1,171.26h169.91l-35.9-35.91Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,207l-35.91,134v-169.91l35.91,35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,135L171.09,1v169.91l35.91-35.9Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135.36,207l35.91,134v-169.91l-35.91,35.91Z\"><\/path><\/svg><\/div>\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-32f5755 e-con e-atomic-element e-div-block-base e-32f5755-4840af2 \" data-id=\"32f5755\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"32f5755\" data-e-type=\"e-div-block\" data-id=\"32f5755\">\n    \t\t\t<h4 data-interaction-id=\"2aaa30e\" class=\"rating-head e-heading-base\" data-e-type=\"widget\" data-id=\"2aaa30e\">International Business Machines (IBM)<\/h4>\n\t\t<div class=\"elementor-element elementor-element-d31247b e-con e-atomic-element e-div-block-base e-d31247b-3b98f0d \" data-id=\"d31247b\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"d31247b\" data-e-type=\"e-div-block\" data-id=\"d31247b\">\n    \t\t\t<div class=\"e-4fb282b-e64d914 e-svg-base\" data-interaction-id=\"4fb282b\" data-e-type=\"widget\" data-id=\"4fb282b\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" id=\"mammut-clean\" data-name=\"mammut-clean\" viewBox=\"0 0 500 500\"><path fill-rule=\"evenodd\" 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class=\"e-7b4bdc0-1a8ab12 e-svg-base\" data-interaction-id=\"7b4bdc0\" data-e-type=\"widget\" data-id=\"7b4bdc0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" id=\"mammut-clean\" data-name=\"mammut-clean\" viewBox=\"0 0 500 500\"><path fill-rule=\"evenodd\" 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d=\"M388.31,431.19h.02c-1.01-10.05.57-24.06,2.75-30.17-6.36-5.78-12.06-13.16-16.07-18.92-39.95,41.58-101.11,9.25-61.72-17.02,1.66,2.79,5.2,12.21-3.53,16.27,0,0,11.48.74,10.27-21.42,7.24-13.15,17.14-34.65,18.51-59.21-2.21,5.36-5.37,12.79-13.62,18.84,4.31-.24,6.33-.64,6.33-.64-.09.15-3.73,6.58-10.01,12.33,3.63-.99,7.32-3.01,7.32-3.01,0,0-10.87,14.85-26.22,32.09.96-4.88-5.6-8.14-5.6-8.14l-13.5,26.39c.02-.31.93-16.17-5.43-12.5-16.04,9.26-11.03,27.38-11.03,33.27,0,5.17,6.18,15.03,7.92,28.94.11.89-.02,1.87-.61,2.54-1.91,2.16-8.8,5.87-33.51,5.87s-34.94-2.9-38.08-4.79c-1.1-.66-1.69-1.94-1.77-3.22-.41-6.78-.78-13.16,1.02-18.44l1-2.36c4.44-8.69.83-31.19-1.95-34.51-2.21-2.65-14.86,5.18-20.01,8.53-4.49,10.31-9.45,21.93-10.04,23.98-3.27,9.61,11.64,12.45,9.32,23.91-.12.59-.44,1.17-.89,1.57-3.54,3.07-10.56,6.56-26.41,6.98-21.74.58-29.43-2.4-32.07-4.19-.89-.6-1.21-1.8-1-2.85,3.84-19.36,3.91-27.15-14.02-41.23-18.26.36-24.55,5.24-24.44,23.9,2.86,7.24,2.89,16.64,1.9,20.64-1.61,6.53-33.41,8.75-33.41,8.75-26.53,2.15-44.41,3.17-49.16-2.15-.63-.7-.67-1.81-.45-2.72,8.88-35.32,28.13-57.16,44.5-85.72,28.59-58.9,66.13-112.92,118.7-147.43,27.22-20.13,27.44-36.81,46.31-49.01,13.45-8.7,14.78-25.03,18.05-37.91.66-2.58-9.38,2.02-9.38,2.02,0,0,6.92-10.29,8.35-11.96,2.88-3.35,12.41-9.2,15.21-11.3,2.67-2.01-8.42-4.21-8.49-4.22,0,0,18.46-3.11,35.65-2.65,17.74.47,23.86-27.19,54.93-33.85,19.34-5.58,59.53,4.75,66.79,9.55,0,0-21.47.12-18.78.66,6.76,1.34,18.57,3.96,24.78,8.56.57.49-17.3,1.39-16.75,2.3,23.18,42.37,40.52,27.5,28.3,68.26-1.77,6.72-2.18,15.01-1.83,24.16l.12-.43c.02.24,1.8,18.99,10.91,30.32-5.76-.84-10.32-5.4-10.49-5.57.58,2.18,9.22,19.38,11.72,32.15,20.4-19.16,35.65-43.42,40.78-68.96v-.07h.02s-.02.04-.02.04c11.56,37.18-10.26,83.61-37.33,110.33,0,.79-.15,2.06-.33,3.44l.15-.6s69.15,5.92,70.03-111.11c.01.07.02.14.03.21,17.04,59.99,12.74,140.96-74.26,136.62-5.26,21.99-14.23,42.71-22.67,53.98,4.08-3.76,15.69-17.92,19.77-27.54,14.84,25.22,39.07,73.29,48.95,111.92v.03c1.19,10.88-53.45,11.7-68.38,5.3-6.54-2.8-7.15-8.85-7.15-8.85Z\"><\/path><\/svg><\/div>\t\t\t\t\t<div class=\"e-de24f35-b6a6ace e-svg-base\" data-interaction-id=\"de24f35\" data-e-type=\"widget\" data-id=\"de24f35\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" id=\"mammut-clean\" data-name=\"mammut-clean\" viewBox=\"0 0 500 500\"><path fill-rule=\"evenodd\" d=\"M388.31,431.19h.02c-1.01-10.05.57-24.06,2.75-30.17-6.36-5.78-12.06-13.16-16.07-18.92-39.95,41.58-101.11,9.25-61.72-17.02,1.66,2.79,5.2,12.21-3.53,16.27,0,0,11.48.74,10.27-21.42,7.24-13.15,17.14-34.65,18.51-59.21-2.21,5.36-5.37,12.79-13.62,18.84,4.31-.24,6.33-.64,6.33-.64-.09.15-3.73,6.58-10.01,12.33,3.63-.99,7.32-3.01,7.32-3.01,0,0-10.87,14.85-26.22,32.09.96-4.88-5.6-8.14-5.6-8.14l-13.5,26.39c.02-.31.93-16.17-5.43-12.5-16.04,9.26-11.03,27.38-11.03,33.27,0,5.17,6.18,15.03,7.92,28.94.11.89-.02,1.87-.61,2.54-1.91,2.16-8.8,5.87-33.51,5.87s-34.94-2.9-38.08-4.79c-1.1-.66-1.69-1.94-1.77-3.22-.41-6.78-.78-13.16,1.02-18.44l1-2.36c4.44-8.69.83-31.19-1.95-34.51-2.21-2.65-14.86,5.18-20.01,8.53-4.49,10.31-9.45,21.93-10.04,23.98-3.27,9.61,11.64,12.45,9.32,23.91-.12.59-.44,1.17-.89,1.57-3.54,3.07-10.56,6.56-26.41,6.98-21.74.58-29.43-2.4-32.07-4.19-.89-.6-1.21-1.8-1-2.85,3.84-19.36,3.91-27.15-14.02-41.23-18.26.36-24.55,5.24-24.44,23.9,2.86,7.24,2.89,16.64,1.9,20.64-1.61,6.53-33.41,8.75-33.41,8.75-26.53,2.15-44.41,3.17-49.16-2.15-.63-.7-.67-1.81-.45-2.72,8.88-35.32,28.13-57.16,44.5-85.72,28.59-58.9,66.13-112.92,118.7-147.43,27.22-20.13,27.44-36.81,46.31-49.01,13.45-8.7,14.78-25.03,18.05-37.91.66-2.58-9.38,2.02-9.38,2.02,0,0,6.92-10.29,8.35-11.96,2.88-3.35,12.41-9.2,15.21-11.3,2.67-2.01-8.42-4.21-8.49-4.22,0,0,18.46-3.11,35.65-2.65,17.74.47,23.86-27.19,54.93-33.85,19.34-5.58,59.53,4.75,66.79,9.55,0,0-21.47.12-18.78.66,6.76,1.34,18.57,3.96,24.78,8.56.57.49-17.3,1.39-16.75,2.3,23.18,42.37,40.52,27.5,28.3,68.26-1.77,6.72-2.18,15.01-1.83,24.16l.12-.43c.02.24,1.8,18.99,10.91,30.32-5.76-.84-10.32-5.4-10.49-5.57.58,2.18,9.22,19.38,11.72,32.15,20.4-19.16,35.65-43.42,40.78-68.96v-.07h.02s-.02.04-.02.04c11.56,37.18-10.26,83.61-37.33,110.33,0,.79-.15,2.06-.33,3.44l.15-.6s69.15,5.92,70.03-111.11c.01.07.02.14.03.21,17.04,59.99,12.74,140.96-74.26,136.62-5.26,21.99-14.23,42.71-22.67,53.98,4.08-3.76,15.69-17.92,19.77-27.54,14.84,25.22,39.07,73.29,48.95,111.92v.03c1.19,10.88-53.45,11.7-68.38,5.3-6.54-2.8-7.15-8.85-7.15-8.85Z\"><\/path><\/svg><\/div>\t\t\n<\/div>\n\t\t\t<h4 data-interaction-id=\"c6a9c31\" class=\"e-c6a9c31-4d47ab3 rating-sub e-heading-base\" data-e-type=\"widget\" data-id=\"c6a9c31\">Market Sentiment Rating: positive<\/h4>\n\t\t\n<\/div>\n\n<\/div>\n\t\t<div class=\"elementor-element elementor-element-1c81523 elementor-widget elementor-widget-text-editor\" data-id=\"1c81523\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Technical Analysis<\/h3><h4>Assessment<\/h4><p><span data-contrast=\"auto\">Technical analysis structures the timing framework of a position.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">IBM&#8217;s technical structure currently appears overall stable, especially after the previous corrective movement.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">Momentum indicators and price structure currently point to the early stages of stabilization.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">The stock continues to benefit from:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"336\" data-list-defn-props=\"{\"335552541\":1,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Defensive market positioning<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"336\" data-list-defn-props=\"{\"335552541\":1,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">AI\/hybrid cloud potential surrounding watsonx<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"336\" data-list-defn-props=\"{\"335552541\":1,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Stable free cash flows<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"336\" data-list-defn-props=\"{\"335552541\":1,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Institutional quality in the software and infrastructure segment<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">At the same time, a clear momentum breakout above the medium-term resistance areas has been lacking so far.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p aria-level=\"2\"><b><span data-contrast=\"auto\">Key Takeaway<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/p><p><span data-contrast=\"auto\">IBM is currently in a technically much improved phase, with a clear momentum recovery and early signs of a possible trend reversal.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">The technical structure is increasingly stabilizing, although key resistance areas still need to be sustainably overcome for a fully confirmed new uptrend.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4>Rationale<\/h4><h5><span class=\"TextRun SCXW200980025 BCX4\" lang=\"DE-AT\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW200980025 BCX4\" data-ccp-parastyle=\"heading 3\">Development in recent weeks\/months<\/span><\/span><span class=\"EOP SCXW200980025 BCX4\" data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":281,\"335559739\":281}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t<a class=\"elementor-element elementor-element-431bcad e-con e-atomic-element e-div-block-base \" data-id=\"431bcad\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"431bcad\" href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-scaled.png\" target=\"_self\" data-e-type=\"e-div-block\" data-id=\"431bcad\" >\n    \t\t\t<img fetchpriority=\"high\" decoding=\"async\" class=\"e-image-base \" data-interaction-id=\"076697f\" data-e-type=\"widget\" data-id=\"076697f\" id=\"3522\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-scaled.png\" width=\"2560\" height=\"1649\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-scaled.png 2560w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-300x193.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-1024x660.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-768x495.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-1536x989.png 1536w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/05\/Chart-IBM-20260527-2048x1319.png 2048w\" alt=\"IBM chart\"\/>\t\t\n<\/a>\n\t\t<div class=\"elementor-element elementor-element-8039a02 elementor-widget elementor-widget-text-editor\" data-id=\"8039a02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">After the high in the area of, IBM moved for an extended period within a broader consolidation structure:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~USD 314 <\/strong><\/p><p><span data-contrast=\"auto\">This was followed by:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">loss of momentum<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">Increased volatility<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">institutional risk reduction in the technology sector<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">weaker market sentiment in the traditional software\/infrastructure space<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">The stock corrected down to the area of:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~USD 214 <\/strong><\/p><p><span data-contrast=\"auto\">and formed a technically important support zone there.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">Since mid-May, however, a dynamic rebound has emerged, with a clear return of momentum and buying pressure back toward:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~$255\u2013266 <\/strong><\/p><h5 aria-level=\"2\"><b><span data-contrast=\"auto\">Bollinger Bands<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h5><p><span data-contrast=\"auto\">For an extended period, the stock traded in a neutral to slightly weaker sideways structure within the Bollinger Bands.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">After the correction phase, however, it recently saw:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">a clear improvement in momentum<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">rising upside volatility<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">Return of institutional buyers<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">a dynamic technical recovery<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">The current price is now back above the middle Bollinger Band and near the upper Bollinger Band in the area of:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~$261\u2013266 <\/strong><\/p><p><span data-contrast=\"auto\">This currently signals:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">Return of short-term trend strength.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">improved market sentiment<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">increasing buyer control<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">possible trend continuation<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">The Bollinger structure has thus developed from:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 defensive and weak<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">to:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 increasingly bullish<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">developed.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"2\"><b><span data-contrast=\"auto\">RSI<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h5><p><span data-contrast=\"auto\">The RSI recently rose significantly and is currently moving in the range of:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~70 <\/strong><\/p><p><span data-contrast=\"auto\">This reflects:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">strongly improved momentum<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">aggressive buying pressure<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">institutional capital inflows<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">high short-term trend strength<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">At the same time, the RSI is already approaching overbought territory.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">This means:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">elevated short-term consolidation risk<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">possible interim pullbacks<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">but buyers still clearly in control<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">The RSI currently signals:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 strong technical recovery<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">with increasing momentum dynamics.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5><b><span data-contrast=\"auto\">MACD<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h5><p><span data-contrast=\"auto\">The MACD lines recently completed a clearly positive crossover.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">Accompanied by positive momentum.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">This indicates:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">Weakening of the previous downtrend<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">possible medium-term trend reversal<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">the start of a new momentum phase<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">Return of institutional buyers<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">point to.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">The MACD is currently clearly confirming the technical recovery and points to a possible shift in the market phase.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"2\"><b><span data-contrast=\"auto\">Additional Chart Structure<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h5><p><span data-contrast=\"auto\">The overall structure currently shows:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"auto\">successful defense of key supports<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">technical bottoming<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">dynamic recovery move<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><li><span data-contrast=\"auto\">return of short-term trend control<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"auto\">In particular, the stock was able to defend the zone around:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~USD 214\u2013230 <\/strong><\/p><p><span data-contrast=\"auto\">successfully and then showed a strong rebound.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">From a chart perspective, the current pattern looks like:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 correction \u2192 stabilization \u2192 bottoming \u2192 technical trend reversal <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Conclusion<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h4><p><span data-contrast=\"auto\">IBM is currently in a technically significantly improved phase.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 Key supports were successfully defended<\/span> <br\/><span data-contrast=\"auto\">\u2192 Momentum indicators are clearly turning positive<\/span> <br\/><span data-contrast=\"auto\">\u2192 Technical bottoming is increasingly being confirmed<\/span> <br\/><span data-contrast=\"auto\">\u2192 A new upward phase is possible in the short term<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">The key question now is whether the stock can sustainably hold the zone around:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~$255\u2013266 <\/strong><\/p><p><span data-contrast=\"auto\">on a sustained basis.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">Only a reclamation of the areas above:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><strong>~USD 285 <\/strong><\/p><p><strong>later ~$314<\/strong><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/p><p><span data-contrast=\"auto\">would significantly stabilize the technical situation again and confirm a new medium-term upward trend.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">The current technical setup currently points more toward:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 stabilization <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">than toward:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">\u2192 further price declines.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 MUMAK.me rating Phase 5: positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fd6a84e e-con e-atomic-element e-div-block-base e-fd6a84e-1d82a61 \" data-id=\"fd6a84e\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"fd6a84e\" data-e-type=\"e-div-block\" data-id=\"fd6a84e\">\n    <div class=\"elementor-element elementor-element-27b0ff2 e-con e-atomic-element e-div-block-base e-27b0ff2-bec755f \" data-id=\"27b0ff2\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"27b0ff2\" data-e-type=\"e-div-block\" data-id=\"27b0ff2\">\n    \t\t\t<div class=\"e-162921c-93f56d1 e-svg-base\" data-interaction-id=\"162921c\" data-e-type=\"widget\" data-id=\"162921c\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" viewBox=\"0 0 342 342\"><circle fill=\"#f4ecdb\" cx=\"171\" cy=\"171\" r=\"111.86\"><\/circle><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,135.36l134,35.91h-169.91l35.9-35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,207l134-35.91h-169.91l35.9,35.91Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135.36,135L171.26,1v169.91l-35.91-35.9Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135,207L1,171.09h169.91l-35.9,35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135,135.36L1,171.26h169.91l-35.9-35.91Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,207l-35.91,134v-169.91l35.91,35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,135L171.09,1v169.91l35.91-35.9Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135.36,207l35.91,134v-169.91l-35.91,35.91Z\"><\/path><\/svg><\/div>\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-e7e943f e-con e-atomic-element e-div-block-base e-e7e943f-d23b8df \" data-id=\"e7e943f\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"e7e943f\" data-e-type=\"e-div-block\" data-id=\"e7e943f\">\n    \t\t\t<h4 data-interaction-id=\"c6ebb1b\" class=\"rating-head e-heading-base\" data-e-type=\"widget\" data-id=\"c6ebb1b\">International Business Machines (IBM)<\/h4>\n\t\t<div class=\"elementor-element elementor-element-be86ed4 e-con e-atomic-element e-div-block-base e-be86ed4-cde1a61 \" data-id=\"be86ed4\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"be86ed4\" data-e-type=\"e-div-block\" data-id=\"be86ed4\">\n    \t\t\t<div class=\"e-bc3c677-f664bd2 e-svg-base\" data-interaction-id=\"bc3c677\" data-e-type=\"widget\" data-id=\"bc3c677\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" id=\"mammut-clean\" data-name=\"mammut-clean\" viewBox=\"0 0 500 500\"><path fill-rule=\"evenodd\" 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d=\"M388.31,431.19h.02c-1.01-10.05.57-24.06,2.75-30.17-6.36-5.78-12.06-13.16-16.07-18.92-39.95,41.58-101.11,9.25-61.72-17.02,1.66,2.79,5.2,12.21-3.53,16.27,0,0,11.48.74,10.27-21.42,7.24-13.15,17.14-34.65,18.51-59.21-2.21,5.36-5.37,12.79-13.62,18.84,4.31-.24,6.33-.64,6.33-.64-.09.15-3.73,6.58-10.01,12.33,3.63-.99,7.32-3.01,7.32-3.01,0,0-10.87,14.85-26.22,32.09.96-4.88-5.6-8.14-5.6-8.14l-13.5,26.39c.02-.31.93-16.17-5.43-12.5-16.04,9.26-11.03,27.38-11.03,33.27,0,5.17,6.18,15.03,7.92,28.94.11.89-.02,1.87-.61,2.54-1.91,2.16-8.8,5.87-33.51,5.87s-34.94-2.9-38.08-4.79c-1.1-.66-1.69-1.94-1.77-3.22-.41-6.78-.78-13.16,1.02-18.44l1-2.36c4.44-8.69.83-31.19-1.95-34.51-2.21-2.65-14.86,5.18-20.01,8.53-4.49,10.31-9.45,21.93-10.04,23.98-3.27,9.61,11.64,12.45,9.32,23.91-.12.59-.44,1.17-.89,1.57-3.54,3.07-10.56,6.56-26.41,6.98-21.74.58-29.43-2.4-32.07-4.19-.89-.6-1.21-1.8-1-2.85,3.84-19.36,3.91-27.15-14.02-41.23-18.26.36-24.55,5.24-24.44,23.9,2.86,7.24,2.89,16.64,1.9,20.64-1.61,6.53-33.41,8.75-33.41,8.75-26.53,2.15-44.41,3.17-49.16-2.15-.63-.7-.67-1.81-.45-2.72,8.88-35.32,28.13-57.16,44.5-85.72,28.59-58.9,66.13-112.92,118.7-147.43,27.22-20.13,27.44-36.81,46.31-49.01,13.45-8.7,14.78-25.03,18.05-37.91.66-2.58-9.38,2.02-9.38,2.02,0,0,6.92-10.29,8.35-11.96,2.88-3.35,12.41-9.2,15.21-11.3,2.67-2.01-8.42-4.21-8.49-4.22,0,0,18.46-3.11,35.65-2.65,17.74.47,23.86-27.19,54.93-33.85,19.34-5.58,59.53,4.75,66.79,9.55,0,0-21.47.12-18.78.66,6.76,1.34,18.57,3.96,24.78,8.56.57.49-17.3,1.39-16.75,2.3,23.18,42.37,40.52,27.5,28.3,68.26-1.77,6.72-2.18,15.01-1.83,24.16l.12-.43c.02.24,1.8,18.99,10.91,30.32-5.76-.84-10.32-5.4-10.49-5.57.58,2.18,9.22,19.38,11.72,32.15,20.4-19.16,35.65-43.42,40.78-68.96v-.07h.02s-.02.04-.02.04c11.56,37.18-10.26,83.61-37.33,110.33,0,.79-.15,2.06-.33,3.44l.15-.6s69.15,5.92,70.03-111.11c.01.07.02.14.03.21,17.04,59.99,12.74,140.96-74.26,136.62-5.26,21.99-14.23,42.71-22.67,53.98,4.08-3.76,15.69-17.92,19.77-27.54,14.84,25.22,39.07,73.29,48.95,111.92v.03c1.19,10.88-53.45,11.7-68.38,5.3-6.54-2.8-7.15-8.85-7.15-8.85Z\"><\/path><\/svg><\/div>\t\t\n<\/div>\n\t\t\t<h4 data-interaction-id=\"536e156\" class=\"e-536e156-382c376 rating-sub e-heading-base\" data-e-type=\"widget\" data-id=\"536e156\">Technical Analysis Rating: positive<\/h4>\n\t\t\n<\/div>\n\n<\/div>\n\t\t<div class=\"elementor-element elementor-element-afade06 elementor-widget elementor-widget-text-editor\" data-id=\"afade06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Summary<\/h2><p><span data-contrast=\"none\">The analysis shows an overall stabilized positive picture with potentially attractive strategic positioning in the long term.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 Geopolitics \u2192 Industry \u2192 Fundamental Data \u2192 Market Sentiment \u2192 Chart Analysis<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">IBM benefits in particular from:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><ul><li><span data-contrast=\"none\">Enterprise AI<\/span><\/li><li><span data-contrast=\"none\">Hybrid cloud infrastructure<\/span><\/li><li><span data-contrast=\"none\">Red Hat<\/span><\/li><li><span data-contrast=\"none\">Recurring software revenues<\/span><\/li><li><span data-contrast=\"none\">Stable enterprise customers<\/span><\/li><li><span data-contrast=\"none\">High cash flow quality<\/span><\/li><li><span data-contrast=\"none\">Increasing AI relevance.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><span data-contrast=\"none\">The investment logic is based on a long-term enterprise technology story:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 AI + Hybrid Cloud + Enterprise Software + Automation + Cybersecurity<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The focus is increasingly shifting to:<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">\u2192 AI monetization \u2192 Expansion of watsonx \u2192 Growth of Red Hat \u2192 Operational margin improvement \u2192 Sustainable software dynamics \u2192 Long-term competitiveness in the AI market<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">At the same time, IBM remains confronted with intense competition from large hyperscalers. Long-term development depends heavily on whether the company can continue to successfully implement its strategic transformation. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">Overall, IBM remains fundamentally and strategically much more strongly positioned than it was a few years ago.<\/span> <span data-ccp-props=\"{}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a3f9ae elementor-widget elementor-widget-text-editor\" data-id=\"2a3f9ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Rating According to the MUMAK Method<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0cb027 elementor-widget elementor-widget-Table\" data-id=\"e0cb027\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-a4af3fd\"   >Category<\/th><th class=\"elementor-inline-editing elementor-repeater-item-3b3ef9b\"   >Rating<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Category\"   class=\"elementor-repeater-item-ca181a9 td-content-type-default\" ><b>Geopolitics<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-24148b1 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-750ef14 td-content-type-default\" ><b>Industry<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-b92892f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-da9ce5b td-content-type-default\" ><b>Fundamentals<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-9492819 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-6f870ed td-content-type-default\" ><b>News &amp; Sentiment<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-1c7f62f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-ca1b684 td-content-type-default\" ><b>Technical Analysis<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-5f69e06 td-content-type-default\" >Positive<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11acf94 elementor-widget elementor-widget-text-editor\" data-id=\"11acf94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Overall Rating<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b96ba47 e-con e-atomic-element e-div-block-base e-b96ba47-424a199 \" data-id=\"b96ba47\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"b96ba47\" data-e-type=\"e-div-block\" data-id=\"b96ba47\">\n    <div class=\"elementor-element elementor-element-ddb649c e-con e-atomic-element e-div-block-base e-ddb649c-a49cb36 \" data-id=\"ddb649c\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"ddb649c\" data-e-type=\"e-div-block\" data-id=\"ddb649c\">\n    \t\t\t<div class=\"e-a4018ef-1154e27 e-svg-base\" data-interaction-id=\"a4018ef\" data-e-type=\"widget\" data-id=\"a4018ef\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"currentColor\" style=\"width: 100%; height: 100%; overflow: unset;\" viewBox=\"0 0 342 342\"><circle fill=\"#f4ecdb\" cx=\"171\" cy=\"171\" r=\"111.86\"><\/circle><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,135.36l134,35.91h-169.91l35.9-35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,207l134-35.91h-169.91l35.9,35.91Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135.36,135L171.26,1v169.91l-35.91-35.9Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135,207L1,171.09h169.91l-35.9,35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135,135.36L1,171.26h169.91l-35.9-35.91Z\"><\/path><path fill=\"none\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,207l-35.91,134v-169.91l35.91,35.91Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M207,135L171.09,1v169.91l35.91-35.9Z\"><\/path><path fill=\"rgba(226,215,200,.7)\" stroke=\"rgba(226,215,200,.7)\" stroke-width=\"2\" stroke-linejoin=\"round\" d=\"M135.36,207l35.91,134v-169.91l-35.91,35.91Z\"><\/path><\/svg><\/div>\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-bea1700 e-con e-atomic-element e-div-block-base e-bea1700-1cbdfae \" data-id=\"bea1700\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"bea1700\" data-e-type=\"e-div-block\" data-id=\"bea1700\">\n    \t\t\t<h4 data-interaction-id=\"6bac146\" class=\"rating-head e-heading-base\" data-e-type=\"widget\" data-id=\"6bac146\">International Business Machines (IBM)<\/h4>\n\t\t\t\t<div class=\"elementor-element elementor-element-316a010 elementor-widget elementor-widget-rating\" data-id=\"316a010\" 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data-interaction-id=\"aadfcef\" class=\"e-aadfcef-4a9160a rating-sub e-heading-base\" data-e-type=\"widget\" data-id=\"aadfcef\">Analysis Result: 5 out of 5 MUMAKS<\/h4>\n\t\t\n<\/div>\n\n<\/div>\n\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>IBM is increasingly evolving into an enterprise AI and hybrid cloud provider. 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