Financials Air Liquide

Equities

AI

FR0000120073

Commodity Chemicals

Market Closed - Euronext Paris 11:37:19 2024-02-23 am EST 5-day change 1st Jan Change
189.5 EUR +2.20% Intraday chart for Air Liquide +10.75% +7.60%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 46,346 59,451 63,378 72,468 69,140 99,139 99,139 -
Enterprise Value (EV) 1 58,881 71,824 73,978 82,916 79,401 92,004 108,436 107,491
P/E ratio 22 x 26.5 x 26 x 28.1 x 25.1 x 29.9 x 27.9 x 25.1 x
Yield 2.44% 2.14% 2.05% 1.89% 2.23% 1.67% 1.77% 1.89%
Capitalization / Revenue 2.21 x 2.71 x 3.09 x 3.11 x 2.31 x 3.33 x 3.5 x 3.3 x
EV / Revenue 2.8 x 3.28 x 3.61 x 3.55 x 2.65 x 3.33 x 3.82 x 3.58 x
EV / EBITDA 11.3 x 12.1 x 12.5 x 13.1 x 10.8 x 12.2 x 13.5 x 12.4 x
EV / FCF 23.9 x 29.2 x 28.7 x 31.2 x 31.3 x 43.8 x 43.7 x 39.2 x
FCF Yield 4.19% 3.43% 3.48% 3.2% 3.2% 2.28% 2.29% 2.55%
Price to Book 2.62 x 3.15 x 3.41 x 3.92 x 2.92 x 3.9 x 3.68 x 3.45 x
Nbr of stocks (in thousands) 517,095 518,193 519,297 519,925 522,202 523,162 523,162 -
Reference price 2 89.63 114.7 122.0 139.4 132.4 189.5 189.5 189.5
Announcement Date 2/14/19 2/11/20 2/10/21 2/16/22 2/16/23 2/20/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 21,011 21,920 20,485 23,335 29,934 27,608 28,352 30,053
EBITDA 1 5,215 5,932 5,928 6,333 7,328 7,550 8,031 8,666
EBIT 1 3,448 3,794 3,790 4,160 4,862 5,068 5,459 5,956
Operating Margin 16.41% 17.31% 18.5% 17.83% 16.24% 18.36% 19.25% 19.82%
Earnings before Tax (EBT) 1 2,934 3,139 3,206 3,607 3,601 4,160 4,824 5,425
Net income 1 2,113 2,242 2,435 2,572 2,759 3,078 3,605 4,020
Net margin 10.06% 10.23% 11.89% 11.02% 9.22% 11.15% 12.71% 13.38%
EPS 2 4.074 4.327 4.691 4.955 5.280 5.900 6.782 7.538
Free Cash Flow 1 2,467 2,463 2,576 2,654 2,537 2,496 2,481 2,744
FCF margin 11.74% 11.24% 12.57% 11.37% 8.48% 9.04% 8.75% 9.13%
FCF Conversion (EBITDA) 47.31% 41.52% 43.45% 41.91% 34.62% 33.01% 30.89% 31.66%
FCF Conversion (Net income) 116.74% 109.86% 105.77% 103.18% 91.96% 73.69% 68.82% 68.26%
Dividend per Share 2 2.190 2.455 2.500 2.636 2.950 3.156 3.353 3.586
Announcement Date 2/14/19 2/11/20 2/10/21 2/16/22 2/16/23 2/20/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2020 S2 2021 Q1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 S2
Net sales 1 10,952 10,968 10,273 10,212 5,334 5,512 10,846 5,834 6,655 12,489 6,887 7,320 14,207 8,247 7,480 15,727 7,174 6,806 13,980 6,811 6,591 13,627 6,855 6,921 13,953 6,966 14,201
EBITDA 2,878 3,054 2,897 3,031 - 1,463 2,997 1,590 - 3,336 - - 3,475 - - 3,853 - - 3,710 - 3,679 3,840 - 3,698 3,842 - 4,085
EBIT 1,814 1,980 1,813 1,976 - - 1,948 - - 2,213 - - 2,286 - - 2,576 - - 2,481 - 2,442 2,587 - 2,679 2,575 - 2,794
Operating Margin 16.56% 18.05% 17.65% 19.35% - - 17.96% - - 17.72% - - 16.09% - - 16.38% - - 17.74% - 37.05% 18.99% - 38.71% 18.45% - 19.67%
Earnings before Tax (EBT) 1,490 1,649 1,505 1,701 - - 1,720 - - 1,887 - - 1,836 - - 1,765 - - 2,302 - 2,289 - - 2,334 2,330 - 2,458
Net income 1,059 1,183 1,078 1,357 - - 1,239 - - 1,333 - - 1,305 - - 1,454 - - 1,722 - 1,709 - - 1,696 1,722 - 1,820
Net margin 9.67% 10.78% 10.5% 13.29% - - 11.43% - - 10.67% - - 9.18% - - 9.25% - - 12.31% - 25.93% - - 24.51% 12.34% - 12.82%
EPS 2.050 2.282 2.082 2.609 1.190 - 2.391 - - 2.564 1.250 - 2.500 - - 2.780 - - 3.300 - 3.260 2.600 - 3.250 2.970 - 3.140
Dividend per Share - 2.455 - 2.500 - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 7/30/19 2/11/20 7/30/20 2/10/21 4/23/21 7/29/21 7/29/21 10/22/21 2/16/22 2/16/22 4/27/22 7/28/22 7/28/22 10/25/22 2/16/23 2/16/23 4/27/23 7/27/23 7/27/23 10/25/23 - 2/20/24 - - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 12,535 12,373 10,600 10,448 10,261 10,199 9,297 8,352
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.404 x 2.086 x 1.788 x 1.65 x 1.4 x 1.349 x 1.158 x 0.9637 x
Free Cash Flow 1 2,467 2,463 2,576 2,654 2,537 2,496 2,481 2,744
ROE (net income / shareholders' equity) 12.4% 12.2% 13% 12.9% 12.2% 13.7% 14% 14.5%
ROA (Net income/ Total Assets) 5.09% 5.24% 5.69% 5.8% 5.73% 6.71% 7.18% 7.64%
Assets 1 41,504 42,824 42,822 44,380 48,151 50,470 50,193 52,610
Book Value Per Share 2 34.30 36.40 35.70 35.60 45.30 48.60 51.50 55.00
Cash Flow per Share 2 9.090 9.100 10.00 10.70 11.10 12.00 12.80 12.90
Capex 1 2,249 2,249 2,630 2,917 3,273 3,556 3,769 4,012
Capex / Sales 10.7% 10.26% 12.84% 12.5% 10.93% 12.88% 13.29% 13.35%
Announcement Date 2/14/19 2/11/20 2/10/21 2/16/22 2/16/23 2/20/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
22
Last Close Price
189.5 EUR
Average target price
190.3 EUR
Spread / Average Target
+0.41%
Consensus
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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