Air Liquide Estimates Overview >> Group
Consensus as of: 26/09/2023 (Consensus = Median)

Consensus estimates, Group [EUR m]FY 2022FY 2023 EFY 2024 EFY 2025 EFY 2026 E
Group sales29,934.028,655.030,260.031,989.534,852.2
Published growth (%), group28.3%-4.3%5.6%5.7%8.9%
Significant perimeter impact (%), group0.2%0.1%0.0%0.0%0.0%
Currency impact (%), group5.8%-3.0%0.0%0.0%0.0%
Energy impact (%), group15.3%-6.0%0.0%0.0%0.0%
Comparable growth (%), group7.0%3.6%5.0%5.0%5.2%
Gas & Services sales28,573.027,639.029,102.030,900.033,408.5
Published growth (%), G&S28.3%-3.3%5.3%6.2%8.1%
Significant perimeter impact (%), G&S0.3%0.2%0.0%0.0%0.0%
Currency impact (%), G&S5.8%-2.4%0.0%0.0%0.0%
Energy impact (%), G&S16.1%-5.5%0.0%0.0%0.0%
Comparable growth (%), G&S6.1%4.0%5.1%6.0%5.7%
Engineering & Construction sales474.0450.0478.6515.5506.5
Published growth (%), E&C22.6%-5.1%6.4%7.7%-1.7%
Global Markets & Technologies sales887.0913.6987.01,100.0998.3
Published growth (%), GM&T30.3%3.0%8.0%11.4%-9.2%
Group sales (P&L)29,934.028,655.030,260.031,989.534,852.2
Published growth (%) (P&L)28.3%-4.3%5.6%5.7%8.9%
Operating Income Recurring (OIR)4,8625,1455,5316,0056,601
OIR margin (%)16.2%17.9%18.4%18.9%19.3%
        OIR G&S5,0625,3485,7906,3146,948
        OIR margin G&S (%)17.7%19.5%20.0%20.5%20.4%
Group operating income4,2915,0515,4385,9376,514
Net financial costs & expenses-386-395-378-374-359
Income taxes-1,002-1,195-1,298-1,416-1,568
Tax rate (%)25.7%25.8%25.8%25.7%25.9%
Share of profit of associates11110
Net income from continuing operations2,9043,4943,7904,1114,540
Profit for the period2,9043,4943,7904,1114,540
Minority interests-145-145-145-145-145
Net profit (Group share)2,758.83,358.53,653.03,987.74,396.7
Net profit growth (%)7.3%21.7%8.8%9.2%10.3%
Weighted average number of shares (m)522.1522.1522.1522.1522.1
As published earnings per share (EPS in EUR)5.286.436.967.628.42
As published EPS growth (%)7.0%21.8%8.2%9.5%10.5%
Dividend per share (DPS in EUR)2.953.173.413.653.80
DPS growth (%)12.2%7.5%7.6%7.0%4.1%
Net cash flows from operating activities5,8106,1466,6767,1367,995
Purchase of property, plant and equipment and intangible assets-3,273-3,756-3,970-4,240-4,238
Acquisition of subsidiaries and financial assets-1360000
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates1670000
Net cash flows from investing activities-3,242-3,657-4,000-4,261-4,244
PPE / Sales (%)10.9%12.9%12.9%13.0%12.2%
Net Industrial and Financial CAPEX / Sales (%)10.8%12.9%13.2%13.3%12.5%
Free cash flow (net cash flows from operating and investing activities)2,5682,5632,5662,8463,854
Dividends paid-1,487-1,658-1,792-1,927-2,030
Net debt at the end of the period (excl. IFRS 16)-10,261-9,687-9,111-7,664-4,968

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.