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 92,556 107,907 - -
Change - -4.59% 33.07% -1.75% 2.39% 16.59% - -
Enterprise Value (EV) 1 82,916 79,401 101,225 99,556 100,972 119,024 118,900 118,140
Change - -4.24% 27.49% -1.65% 1.42% 17.88% -0.1% -0.64%
P/E 28.1x 25.1x 29.9x 27.3x 26.3x 27.1x 24.4x 22.2x
PBR 3.92x 2.92x 3.79x 3.36x 3.53x 3.77x 3.53x 3.29x
PEG - 3.82x 2.5x 3.89x 4.19x 2.1x 2.2x 2.2x
Capitalization / Revenue 3.11x 2.31x 3.33x 3.34x 3.44x 3.84x 3.67x 3.5x
EV / Revenue 3.55x 2.65x 3.67x 3.68x 3.75x 4.24x 4.04x 3.83x
EV / EBITDA 13.1x 10.8x 13.4x 12.6x 12.4x 13.6x 12.5x 11.6x
EV / EBIT 19.9x 16.3x 20x 18.5x 18.1x 19.6x 17.8x 16.4x
EV / FCF 31.2x 31.3x 35.3x 35.6x 37.7x 45.4x 33.4x 29.6x
FCF Yield 3.2% 3.2% 2.83% 2.81% 2.65% 2.2% 3% 3.38%
Dividend per Share 2 2.179 2.438 2.645 3 3.364 3.632 3.887 4.158
Rate of return 1.89% 2.23% 1.82% 2.1% 2.31% 2.14% 2.29% 2.45%
EPS 2 4.095 4.364 4.876 5.218 5.545 6.249 6.939 7.639
Distribution rate 53.2% 55.9% 54.2% 57.5% 60.7% 58.1% 56% 54.4%
Net sales 1 23,335 29,934 27,608 27,058 26,940 28,086 29,438 30,863
EBITDA 1 6,333 7,328 7,550 7,896 8,145 8,737 9,475 10,161
EBIT 1 4,160 4,862 5,068 5,391 5,582 6,075 6,665 7,224
Net income 1 2,572 2,759 3,078 3,306 3,518 3,951 4,389 4,830
Net Debt 1 10,448 10,261 9,221 9,159 8,416 11,117 10,993 10,233
Reference price 2 115.19 109.42 145.55 142.65 145.69 169.54 169.54 169.54
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.($)
27.17x4.24x13.64x2.14% 125B
16.38x6.12x39.17x2.28% 55.22B
59.17x1.38x9.67x5.87% 40.19B
12.7x1.28x6.9x2.66% 36.31B
10.13x3.27x7.69x4.29% 26.47B
19.77x0.86x6.61x1.18% 20.7B
11.71x1.04x8.36x3.58% 20.57B
8.7x0.87x5.35x4.33% 20.57B
71.91x13.05x47.48x0.07% 19.31B
Average 26.41x 3.57x 16.10x 2.93% 40.53B
Weighted average by Cap. 26.42x 3.75x 16.59x 2.82%

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