IBM's (IBM) venture into cloud is too small a contributor and so does not move the needle on the company's bottom line. Management has too many businesses under its controls which are growing far too slowly for the cloud to make IBM's shareholders a suitable return from the current share price.
The only option IBM has left is the most difficult decision. That would be to split the company and return IBM to an aggressive growth company. Needless to say, this management would never embark on this mission.
In spite of the illusion that IBM is trading cheaply, it is actually quite expensive, as it is not growing fast enough to support its current valuation.