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• If you are wondering whether International Business Machines stock still offers value after a strong run, the starting point is understanding what the current price really implies.

• The stock last closed at US$329.23, with reported returns of 31.3% over 7 days, 41.8% over 30 days, 12.9% year to date, 27.3% over 1 year and a very large gain over 3 and 5 years.

• Recent headlines around International Business Machines have focused on its role in large scale enterprise technology projects and partnerships, which keeps attention on its long term relevance to corporate IT budgets. This context is helpful when you…