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 92,556 108,302 - -
Change - -4.59% 33.07% -1.75% 2.39% 17.01% - -
Enterprise Value (EV) 1 82,916 79,401 101,225 99,556 100,972 120,196 120,099 119,568
Change - -4.24% 27.49% -1.65% 1.42% 19.04% -0.08% -0.44%
P/E 28.1x 25.1x 29.9x 27.3x 26.3x 27.5x 24.6x 22.3x
PBR 3.92x 2.92x 3.79x 3.36x 3.53x 3.85x 3.63x 3.42x
PEG - 3.82x 2.5x 3.89x 4.19x 2.4x 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 4.27x 4.07x 3.86x
EV / EBITDA 13.1x 10.8x 13.4x 12.6x 12.4x 13.8x 12.7x 11.7x
EV / EBIT 19.9x 16.3x 20x 18.5x 18.1x 19.8x 18x 16.5x
EV / FCF 31.2x 31.3x 35.3x 35.6x 37.7x 48.1x 33.7x 31.4x
FCF Yield 3.2% 3.2% 2.83% 2.81% 2.65% 2.08% 2.97% 3.18%
Dividend per Share 2 2.179 2.438 2.645 3 3.364 3.607 3.913 4.191
Rate of return 1.89% 2.23% 1.82% 2.1% 2.31% 2.12% 2.3% 2.46%
EPS 2 4.095 4.364 4.876 5.218 5.545 6.184 6.926 7.629
Distribution rate 53.2% 55.9% 54.2% 57.5% 60.7% 58.3% 56.5% 54.9%
Net sales 1 23,335 29,934 27,608 27,058 26,940 28,129 29,516 30,950
EBITDA 1 6,333 7,328 7,550 7,896 8,145 8,740 9,481 10,179
EBIT 1 4,160 4,862 5,068 5,391 5,582 6,077 6,681 7,242
Net income 1 2,572 2,759 3,078 3,306 3,518 3,927 4,397 4,843
Net Debt 1 10,448 10,261 9,221 9,159 8,416 11,894 11,797 11,266
Reference price 2 115.19 109.42 145.55 142.65 145.69 170.16 170.16 170.16
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.($)
27.52x4.27x13.75x2.12% 122B
29.27x6.72x17.18x1.34% 221B
28.61x3.5x17.92x1.01% 77.11B
19.06x6.13x30.46x3.6% 64.73B
81.92x6.17x14.34x2.6% 61.81B
61.73x1.27x8.42x6.44% 36.61B
10.99x1.17x6.34x3.02% 32.17B
9.04x3.03x7.11x4.67% 24.36B
43.77x5.61x29.84x1.3% 24.02B
14.53x1.69x9.92x2.75% 23.37B
Average 32.64x 3.95x 15.53x 2.89% 68.71B
Weighted average by Cap. 32.82x 4.93x 16.51x 2.28%

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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