Company Valuation: Air Liquide

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 72,468 69,140 92,004 90,397 92,556 108,404 - -
Change - -4.59% 33.07% -1.75% 2.39% 17.12% - -
Enterprise Value (EV) 1 82,916 79,401 101,225 99,556 100,972 119,494 118,941 118,171
Change - -4.24% 27.49% -1.65% 1.42% 18.34% -0.46% -0.65%
P/E 28.1x 25.1x 29.9x 27.3x 26.3x 27x 24.3x 22.1x
PBR 3.92x 2.92x 3.79x 3.36x 3.53x 3.79x 3.55x 3.31x
PEG - 3.82x 2.5x 3.89x 4.19x 2x 2.2x 2.2x
Capitalization / Revenue 3.11x 2.31x 3.33x 3.34x 3.44x 3.85x 3.67x 3.5x
EV / Revenue 3.55x 2.65x 3.67x 3.68x 3.75x 4.25x 4.03x 3.81x
EV / EBITDA 13.1x 10.8x 13.4x 12.6x 12.4x 13.7x 12.5x 11.6x
EV / EBIT 19.9x 16.3x 20x 18.5x 18.1x 19.7x 17.8x 16.3x
EV / FCF 31.2x 31.3x 35.3x 35.6x 37.7x 45.6x 33.4x 29.6x
FCF Yield 3.2% 3.2% 2.83% 2.81% 2.65% 2.19% 3% 3.38%
Dividend per Share 2 2.179 2.438 2.645 3 3.364 3.625 3.882 4.15
Rate of return 1.89% 2.23% 1.82% 2.1% 2.31% 2.13% 2.28% 2.44%
EPS 2 4.095 4.364 4.876 5.218 5.545 6.31 6.996 7.706
Distribution rate 53.2% 55.9% 54.2% 57.5% 60.7% 57.5% 55.5% 53.9%
Net sales 1 23,335 29,934 27,608 27,058 26,940 28,137 29,541 31,011
EBITDA 1 6,333 7,328 7,550 7,896 8,145 8,738 9,482 10,171
EBIT 1 4,160 4,862 5,068 5,391 5,582 6,076 6,688 7,251
Net income 1 2,572 2,759 3,078 3,306 3,518 3,972 4,399 4,842
Net Debt 1 10,448 10,261 9,221 9,159 8,416 11,091 10,537 9,767
Reference price 2 115.19 109.42 145.55 142.65 145.69 170.32 170.32 170.32
Nbr of stocks (in thousands) 629,109 631,864 632,098 633,679 635,292 636,471 - -
Announcement Date 2/16/22 2/16/23 2/20/24 2/21/25 2/20/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.06x4.26x13.7x2.12% 125B
34.05x1.2x7.42x6.79% 39.98B
14.54x4.35x30.03x2.71% 39.17B
12.64x1.22x6.94x2.42% 34.53B
10.53x3.1x7.68x4.2% 25.08B
6.64x0.89x5.75x4.44% 20.05B
16.61x - - - 18.72B
17.41x0.76x6.12x1.25% 17.52B
68.34x12.15x45.02x0.08% 17.43B
10.38x0.91x8x3.38% 17.42B
Average 21.82x 3.20x 14.52x 3.05% 35.49B
Weighted average by Cap. 22.92x 3.36x 14.17x 2.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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