Financials Air Liquide

Equities

Real-time Euronext Paris Other stock markets 11:21:58 2024-12-09 am EST			5-day change	1st Jan Change
161.80 ^EUR	-0.16%		+1.37%	+1.01%

02:31pm	AIR LIQUIDE(L) : Buy rating from UBS	ZD
Dec. 03	JPMorgan Upgrades Air Liquide to Overweight, Boosts PT	MT

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,920	20,485	23,335	29,934	27,608	27,077	28,423	29,847
Change	-	-6.55%	13.91%	28.28%	-7.77%	-1.92%	4.97%	5.01%
EBITDA ¹	5,932	5,928	6,333	7,328	7,550	7,880	8,510	9,101
Change	-	-0.06%	6.83%	15.71%	3.03%	4.37%	8.01%	6.94%
EBIT ¹	3,794	3,790	4,160	4,862	5,068	5,391	5,883	6,364
Change	-	-0.12%	9.78%	16.86%	4.24%	6.38%	9.12%	8.18%
Interest Paid ¹	-467.7	-439.9	-408.3	-386	-416.2	-381.9	-367.8	-356
Earnings before Tax (EBT) ¹	3,139	3,206	3,607	3,601	4,160	4,717	5,248	5,778
Change	-	2.15%	12.49%	-0.15%	15.52%	13.37%	11.27%	10.09%
Net income ¹	2,242	2,435	2,572	2,759	3,078	3,499	3,888	4,271
Change	-	8.61%	5.63%	7.25%	11.57%	13.69%	11.12%	9.83%
Announcement Date	2/11/20	2/10/21	2/16/22	2/16/23	2/20/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	5,454	5,514	5,370	4,903	4,980	5,232	5,334	5,512	5,834	6,655	6,887	7,320	8,247	7,480	7,174	6,806	6,811	6,817	6,650	6,729	6,762
Change	-	1.1%	-2.61%	-8.7%	1.57%	5.06%	1.95%	3.33%	5.85%	14.07%	3.49%	6.28%	12.67%	-9.3%	-4.09%	-5.13%	0.07%	0.09%	-2.45%	1.19%	0.49%
EBITDA	-	-	-	-	-	-	-	1,463	1,590	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	8.64%	-100%	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/24/19	2/11/20	4/24/20	7/30/20	10/23/20	2/10/21	4/23/21	7/29/21	10/22/21	2/16/22	4/27/22	7/28/22	10/25/22	2/16/23	4/27/23	7/27/23	10/25/23	2/20/24	4/26/24	7/26/24	10/23/24

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	10,273	10,212	10,846	12,489	14,207	15,727	13,980	13,627	13,379	13,665	14,213	14,541	15,109
Change	-	-0.59%	6.2%	15.15%	13.75%	10.7%	-11.11%	-2.52%	-1.83%	2.14%	4.01%	2.31%	3.91%
EBITDA ¹	2,897	3,031	2,997	3,336	3,475	3,853	3,710	3,840	3,828	4,043	-	-	-
Change	-	4.6%	-1.12%	11.34%	4.14%	10.89%	-3.72%	3.51%	-0.31%	5.61%	-100%	-	-
EBIT ¹	1,813	1,976	1,948	2,213	2,286	2,576	2,481	2,587	2,601	2,792	2,985	3,054	3,233
Change	-	9.01%	-1.46%	13.6%	3.32%	12.68%	-3.69%	4.3%	0.53%	7.32%	6.92%	2.31%	5.89%
Charge d'intérêts ¹	-170.5	-223.9	-140.7	-220.8	-144.7	-205.7	-118.4	-	-129.5	-138	-	-	-
Earnings before Tax (EBT) ¹	1,505	1,701	1,720	1,887	1,836	1,765	2,302	-	2,297	2,458	-	-	-
Change	-	13.02%	1.13%	9.69%	-2.69%	-3.84%	30.41%	-100%	-	7%	-100%	-	-
Net income ¹	1,078	1,357	1,239	1,333	1,305	1,454	1,722	-	1,681	1,820	-	-	-
Change	-	25.81%	-8.65%	7.55%	-2.11%	11.43%	18.4%	-100%	-	8.28%	-100%	-	-
Announcement Date	7/30/20	2/10/21	7/29/21	2/16/22	7/28/22	2/16/23	7/27/23	2/20/24	7/26/24	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,373	10,600	10,448	10,261	9,221	8,825	8,251	7,357
Change	-	-14.33%	-1.43%	-1.79%	-10.14%	-4.29%	-6.5%	-10.84%
Announcement Date	2/11/20	2/10/21	2/16/22	2/16/23	2/20/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	2,249	2,630	2,917	3,273	3,393	3,689	3,932	4,124
Change	-	16.94%	10.9%	12.21%	3.68%	8.72%	6.57%	4.89%
Free Cash Flow (FCF) ¹	2,463	2,576	2,654	2,537	2,870	2,646	2,968	3,199
Change	-	4.57%	3.04%	-4.4%	13.11%	-7.79%	12.18%	7.76%
Announcement Date	2/11/20	2/10/21	2/16/22	2/16/23	2/20/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	27.06%	28.94%	27.14%	24.48%	27.35%	29.1%	29.94%	30.49%
EBIT Margin (%)	17.31%	18.5%	17.83%	16.24%	18.36%	19.91%	20.7%	21.32%
EBT Margin (%)	14.32%	15.65%	15.46%	12.03%	15.07%	17.42%	18.46%	19.36%
Net margin (%)	10.23%	11.89%	11.02%	9.22%	11.15%	12.92%	13.68%	14.31%
FCF margin (%)	11.24%	12.57%	11.37%	8.48%	10.39%	9.77%	10.44%	10.72%
FCF / Net Income (%)	109.86%	105.77%	103.18%	91.96%	93.23%	75.62%	76.34%	74.9%
Profitability
ROA	5.24%	5.69%	5.8%	5.73%	6.29%	7.18%	7.56%	8.22%
ROE	12.23%	13.02%	12.86%	12.21%	12.81%	14.19%	14.46%	14.75%
Financial Health
Leverage (Debt/EBITDA)	2.09x	1.79x	1.65x	1.4x	1.22x	1.12x	0.97x	0.81x
Debt / Free cash flow	5.02x	4.12x	3.94x	4.04x	3.21x	3.34x	2.78x	2.3x
Capital Intensity
CAPEX / Current Assets (%)	10.26%	12.84%	12.5%	10.93%	12.29%	13.63%	13.83%	13.82%
CAPEX / EBITDA (%)	37.92%	44.37%	46.06%	44.67%	44.95%	46.82%	46.2%	45.31%
CAPEX / FCF (%)	91.32%	102.12%	109.91%	129.01%	118.25%	139.42%	132.45%	128.92%
Items per share
Cash flow per share ¹	8.27	9.123	9.755	10.12	10.91	11.06	11.39	12.3
Change	-	10.31%	6.93%	3.72%	7.79%	1.43%	2.96%	7.97%
Dividend per Share ¹	2.231	2.273	2.397	2.682	2.909	3.197	3.41	3.647
Change	-	1.85%	5.45%	11.9%	8.47%	9.9%	6.66%	6.96%
Book Value Per Share ¹	33.1	32.49	32.33	41.19	42.26	45.49	48.95	52.75
Change	-	-1.82%	-0.52%	27.41%	2.62%	7.63%	7.62%	7.75%
EPS ¹	3.934	4.264	4.504	4.8	5.364	6.031	6.701	7.371
Change	-	8.4%	5.62%	6.57%	11.74%	12.44%	11.11%	10%
Nbr of stocks (in thousands)	570,013	571,227	571,917	574,422	574,634	576,422	576,422	576,422
Announcement Date	2/11/20	2/10/21	2/16/22	2/16/23	2/20/24	-	-	-