Financials Air Liquide

Equities

AI

FR0000120073

Commodity Chemicals

Market Closed - Euronext Paris Other stock markets 11:35:13 2024-04-26 am EDT			5-day change	1st Jan Change
185.2 ^EUR	+0.85%		-1.37%	+5.14%

Apr. 26	Air Liquide: appointment to the Executive Committee	CF
Apr. 25	Air Liquide Appoints Adam Peters as Group Executive Committee Member, Effective May 1, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	59,451	63,378	72,468	69,140	92,004	96,924	-	-
Enterprise Value (EV) ¹	71,824	73,978	82,916	79,401	101,225	106,050	105,195	104,212
P/E ratio	26.5 x	26 x	28.1 x	25.1 x	29.9 x	27.6 x	24.9 x	22.8 x
Yield	2.14%	2.05%	1.89%	2.23%	1.82%	1.81%	1.92%	2.04%
Capitalization / Revenue	2.71 x	3.09 x	3.11 x	2.31 x	3.33 x	3.52 x	3.3 x	3.15 x
EV / Revenue	3.28 x	3.61 x	3.55 x	2.65 x	3.67 x	3.85 x	3.58 x	3.39 x
EV / EBITDA	12.1 x	12.5 x	13.1 x	10.8 x	13.4 x	13.3 x	12.2 x	11.3 x
EV / FCF	29.2 x	28.7 x	31.2 x	31.3 x	35.3 x	37.9 x	34.6 x	33.7 x
FCF Yield	3.43%	3.48%	3.2%	3.2%	2.83%	2.64%	2.89%	2.97%
Price to Book	3.15 x	3.41 x	3.92 x	2.92 x	3.79 x	3.68 x	3.39 x	3.13 x
Nbr of stocks (in thousands)	518,193	519,297	519,925	522,202	522,395	523,406	-	-
Reference price ²	114.7	122.0	139.4	132.4	176.1	185.2	185.2	185.2
Announcement Date	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	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,920	20,485	23,335	29,934	27,608	27,571	29,366	30,759
EBITDA ¹	5,932	5,928	6,333	7,328	7,550	8,001	8,641	9,229
EBIT ¹	3,794	3,790	4,160	4,862	5,068	5,425	5,932	6,401
Operating Margin	17.31%	18.5%	17.83%	16.24%	18.36%	19.68%	20.2%	20.81%
Earnings before Tax (EBT) ¹	3,139	3,206	3,607	3,601	4,160	4,894	5,411	5,848
Net income ¹	2,242	2,435	2,572	2,759	3,078	3,600	3,985	4,317
Net margin	10.23%	11.89%	11.02%	9.22%	11.15%	13.06%	13.57%	14.04%
EPS ²	4.327	4.691	4.955	5.280	5.900	6.712	7.443	8.113
Free Cash Flow ¹	2,463	2,576	2,654	2,537	2,870	2,800	3,042	3,090
FCF margin	11.24%	12.57%	11.37%	8.48%	10.39%	10.15%	10.36%	10.05%
FCF Conversion (EBITDA)	41.52%	43.45%	41.91%	34.62%	38.01%	34.99%	35.2%	33.48%
FCF Conversion (Net income)	109.86%	105.77%	103.18%	91.96%	93.23%	77.78%	76.33%	71.58%
Dividend per Share ²	2.455	2.500	2.636	2.950	3.200	3.355	3.559	3.772
Announcement Date	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 S2	2020 S1	2020 S2	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 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	10,968	10,273	10,212	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	6,817	13,627	6,650	6,915	13,541	6,965	7,037	14,016	14,654	15,362
EBITDA	3,054	2,897	3,031	2,997	1,590	-	3,336	-	-	3,475	-	-	3,853	-	-	3,710	-	-	3,840	-	-	3,842	-	-	4,085	-	-
EBIT	1,980	1,813	1,976	1,948	-	-	2,213	-	-	2,286	-	-	2,576	-	-	2,481	-	-	2,587	-	-	2,553	-	-	2,854	2,989	3,165
Operating Margin	18.05%	17.65%	19.35%	17.96%	-	-	17.72%	-	-	16.09%	-	-	16.38%	-	-	17.74%	-	-	18.99%	-	-	18.85%	-	-	20.36%	20.4%	20.6%
Earnings before Tax (EBT)	1,649	1,505	1,701	1,720	-	-	1,887	-	-	1,836	-	-	1,765	-	-	2,302	-	-	-	-	-	2,330	-	-	2,458	-	-
Net income	1,183	1,078	1,357	1,239	-	-	1,333	-	-	1,305	-	-	1,454	-	-	1,722	-	-	-	-	-	1,722	-	-	1,820	-	-
Net margin	10.78%	10.5%	13.29%	11.43%	-	-	10.67%	-	-	9.18%	-	-	9.25%	-	-	12.31%	-	-	-	-	-	12.72%	-	-	12.99%	-	-
EPS	2.282	2.082	2.609	2.391	-	-	2.564	1.250	-	2.500	-	-	2.780	-	-	3.300	-	-	2.600	-	-	2.970	-	-	3.140	-	-
Dividend per Share	2.455	-	2.500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/11/20	7/30/20	2/10/21	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	2/20/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,373	10,600	10,448	10,261	9,221	9,126	8,270	7,288
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.086 x	1.788 x	1.65 x	1.4 x	1.221 x	1.141 x	0.9571 x	0.7896 x
Free Cash Flow ¹	2,463	2,576	2,654	2,537	2,870	2,800	3,042	3,090
ROE (net income / shareholders' equity)	12.2%	13%	12.9%	12.2%	12.8%	14.2%	14.5%	14.7%
ROA (Net income/ Total Assets)	5.24%	5.69%	5.8%	5.73%	6.29%	7.38%	7.81%	8.31%
Assets ¹	42,824	42,822	44,380	48,151	48,925	48,760	51,016	51,961
Book Value Per Share ²	36.40	35.70	35.60	45.30	46.50	50.40	54.60	59.10
Cash Flow per Share ²	9.100	10.00	10.70	11.10	12.00	12.70	12.80	13.80
Capex ¹	2,249	2,630	2,917	3,273	3,393	3,820	4,055	4,163
Capex / Sales	10.26%	12.84%	12.5%	10.93%	12.29%	13.86%	13.81%	13.54%
Announcement Date	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

Ratings for Air Liquide

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

185.2 EUR

Average target price

199 EUR

Spread / Average Target

+7.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.24B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B
NAN YA PLASTICS CORPORATION	-16.39%	13.52B

Other Commodity Chemicals