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STOCK COMPARISON

International Business Machines vs Passus S.A.: Fair Value & Quality

Both stocks run through our valuation models. Here is how International Business Machines (IBM) and Passus S.A. (PAS) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees International Business Machines as the less overvalued of the two: International Business Machines trades at $227 versus a fair value of $187 (-18%), while Passus S.A. trades at PLN 170 versus PLN 121 (-29%).
International Business Machines
IBM · USD · Information Technology
-18%
upside to fair value
overvalued
Price$227
Fair Value$187
Quality63/100
Passus S.A.
PAS.WAR · PLN · Information Technology
-29%
upside to fair value
overvalued
PricePLN 170
Fair ValuePLN 121
Quality70/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

International Business MachinesPassus S.A.
Valuation
20.0×P/E (TTM)28.3×
3.13×P/S (TTM)0.55×
6.63× · book value is mostly goodwillP/B2.88×
15.6×EV/EBITDA3.9×
2.19×PEGn/a
−17.8%Fair value upside−28.5%
3.0%Dividend yield1.9%
$6.73Dividend per sharen/a
Profitability
17%Operating margin5%
1.63×EBIT margin trend (5Y)1.56×
34%Return on equity52%
5%Return on assets19%
Growth
1%Revenue growth (YoY)107%
3.7%Avg. growth/yr (3Y)17.3%
n/aAvg. growth/yr (5Y)23.5%
+16.2%Value creation/yr+26.8%
Balance & size
5.3×Interest coverage (EBIT/interest)1,098.9×
1.68×Debt / equity0.02×
$216BMarket cap$74M
healthyGrowth qualityexpensive

Passus S.A. leads: 6 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

International Business Machinesof which business quality 61 · market factors 33 Passus S.A.of which business quality 67 · market factors 82
ProfitabilityMargins and returns on capital today
59
83
Quality GrowthAre margins and returns improving?
68
58
CashflowEarnings quality: real cash, not paper profit
70
21
Fin. StrengthBalance sheet, leverage, solvency risk
39
79
InvestmentDisciplined investing over empire-building
66
72
Low VolatilityCalm price path (market factor)
52
51
MomentumPrice trend over the last 3–12 months (market factor)
29
94
52W MomentumDistance to the 52-week high (market factor)
18
96
Net IssuanceShare count: buybacks or dilution?
74
100

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyInternational Business MachinesPrice $227Passus S.A.Price PLN 170
DCF Models-19%below the price$185-14%close to the pricePLN 146
Earnings-Based-63%below the price$84.42-18%below the pricePLN 139
Dividend Discount-66%below the price$76.12-79%below the pricePLN 35.40
Multiples-10%close to the price$205-32%below the pricePLN 115
Asset-Based-90%below the price$23.22-94%below the pricePLN 10.70
Growth DCF-37%below the price$142-52%below the pricePLN 81.30
Economic Profit-63%below the price$84.30-60%below the pricePLN 67.22
Growth Earnings+4%close to the price$236+24%above the pricePLN 210
Minimum-90%below the price$23.22-94%below the pricePLN 10.70
Maximum+4%close to the price$236+24%above the pricePLN 210
Median-50%below the price$113-42%below the pricePLN 98.11
Geometric mean-53%below the price$106-56%below the pricePLN 75.16

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

International Business Machines: 20 of 24 models see the stock below the current price.

Passus S.A.: 20 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

International Business Machines
Price $227
Fair Value $187
Bear $121Bull $272
Passus S.A.
Price PLN 170
Fair Value PLN 121
Bear PLN 63.43Bull PLN 271

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

International Business Machines · Information Technology

Quality score63 · above median
Fair value upside-18% · above median

Passus S.A. · Information Technology

Quality score70 · Top 25%
Fair value upside-29% · below median

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees International Business Machines as the less overvalued of the two: International Business Machines trades at $227 versus a fair value of $187 (-18%), while Passus S.A. trades at PLN 170 versus PLN 121 (-29%).

Passus S.A. has the higher quality score (70/100).

Open International Business Machines live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.