Air Liquide Estimates Overview >> Group
Last Update: 04/10/2022 (Consensus = Median)

Please note:

On June 8, 2022, Air Liquide performed a free share attribution at the rate of 1 free share for 10 held. Historical figures for for number of shares, EPS and DPS were adjusted. Additionally, all estimates were updated accordingly (number of shares, EPS and DPS).


Consensus estimates, Group [EUR m]FY 2021FY 2022 EFY 2023 EFY 2024 EFY 2025 E
Group sales23,334.828,961.029,574.531,424.533,005.5
Published growth (%), group13.9%24.1%2.1%6.3%5.0%
Significant perimeter impact (%), group-1.1%0.6%0.2%0%0%
Currency impact (%), group-1.6%5.1%0%0%0%
Energy impact (%), group8.4%14.3%-1.6%0%0%
Comparable growth (%), group8.2%5.8%4.1%5.2%5.2%
Gas & Services sales22,267.027,600.028,343.030,015.032,011.5
Published growth (%), G&S13.3%24.0%2.7%5.9%6.7%
Significant perimeter impact (%), G&S-1.2%0.6%0.2%0%0%
Currency impact (%), G&S-1.6%5.1%0%0%0%
Energy impact (%), G&S8.8%14.0%-1.7%0%0%
Comparable growth (%), G&S7.3%5.9%4.2%5.2%5.5%
Engineering & Construction sales387.0456.0484.5508.5522.7
Published growth (%), E&C54.5%17.8%6.3%5.0%2.8%
Global Markets & Technologies sales681.0776.0841.2906.91,021.7
Published growth (%), GM&T17.5%14.0%8.4%7.8%12.7%
Group sales (P&L)23,334.828,961.029,574.531,424.533,005.5
Published growth (%) (P&L)13.9%24.1%2.1%6.3%5.0%
Operating Income Recurring (OIR)4,1604,7264,9595,3895,835
OIR margin (%)17.8%16.1%16.7%17.2%17.8%
        OIR G&S4,3624,9595,1685,5766,100
        OIR margin G&S (%)19.6%17.8%18.2%18.6%19.2%
Group operating income4,0104,4554,9415,3505,792
Net financial costs & expenses-408-392-385-377-384
Income taxes-915-1,030-1,169-1,282-1,386
Tax rate (%)25.4%25.4%25.4%25.4%25.5%
Share of profit of associates55555
Net income from continuing operations2,6923,0303,3903,7104,048
Profit for the period2,6923,0303,3903,7104,048
Minority interests-120-132-134-140-157
Net profit (Group share)2,572.22,915.03,274.03,587.53,891.0
Net profit growth (%)5.6%13.3%12.3%9.6%8.5%
Weighted average number of shares (m)520.8524.0524.4524.4524.4
As published earnings per share (EPS in EUR)4.945.566.276.877.42
As published EPS growth (%)5.5%12.6%12.8%9.6%8.0%
Dividend per share (DPS in EUR)2.632.953.103.373.51
DPS growth (%)5.5%12.2%5.1%8.7%4.2%
Net cash flows from operating activities5,5715,5436,0706,3727,174
Purchase of property, plant and equipment and intangible assets-2,917-3,530-3,673-3,982-4,372
Acquisition of subsidiaries and financial assets-6600000
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates2250000
Net cash flows from investing activities-3,352-3,515-3,683-3,966-4,557
PPE / Sales (%)12.5%12.3%12.6%12.8%13.0%
Net Industrial and Financial CAPEX / Sales (%)14.4%12.3%12.7%13.0%13.0%
Free cash flow (net cash flows from operating and investing activities)2,2191,9022,2222,4832,767
Dividends paid-1,418-1,486-1,616-1,738-1,765
Net debt at the end of the period (excl. IFRS 16)-10,448-10,346-10,092-9,461-9,051

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.