Air Liquide Estimates Overview
Consensus as of: 14/03/2024 (Consensus = Median)

Consensus estimates [EUR m]FY 2023FY 2024 EFY 2025 EFY 2026 EFY 2027 E
SALES
Group sales27,607.628,308.029,935.231,464.533,066.2
Published growth (%), group-7.8%2.5%5.7%5.1%5.1%
Significant perimeter impact (%), group0.3%0.0%0.0%0.0%0.0%
Currency impact (%), group-4.2%-2.1%0.0%0.0%0.0%
Energy impact (%), group-7.6%-2.2%0.4%0.0%0.0%
Comparable growth (%), group3.7%4.9%5.4%5.0%5.1%
Gas & Services sales26,360.027,205.628,620.529,988.431,480.6
Published growth (%), G&S-7.8%3.2%5.2%4.8%5.0%
Significant perimeter impact (%), G&S0.3%0.0%0.0%0.0%0.0%
Currency impact (%), G&S-4.2%-1.3%0.0%0.0%0.0%
Energy impact (%), G&S-8.0%-1.3%0.0%0.0%0.0%
Comparable growth (%), G&S4.2%4.8%5.2%5.0%5.1%
Engineering & Construction sales390.0409.5432.0451.5464.2
Published growth (%), E&C-17.7%5.0%5.5%4.5%2.8%
Global Markets & Technologies sales858.0920.01,022.51,070.01,119.2
Published growth (%), GM&T-3.3%7.2%11.1%4.6%4.6%
P&L
Group sales (P&L)27,607.628,308.029,935.231,464.533,066.2
Published growth (%) (P&L)-7.8%2.5%5.7%5.1%5.1%
EBITDA7,5508,0688,7069,3209,928
D&A-2,482-2,557-2,690-2,748-2,874
Operating Income Recurring (OIR)5,0685,4576,0136,4576,920
OIR margin (%)18.4%19.3%20.0%20.5%21.1%
        OIR G&S5,2715,6646,2156,6367,092
        OIR margin G&S (%)20.0%21.0%21.6%22.1%22.7%
Exceptionals-497-70-60-75-100
Group operating income4,5725,4175,9016,3186,814
Net financial costs & expenses-416-410-387-373-347
Income taxes-972-1,246-1,384-1,501-1,613
Tax rate (%)23.4%25.0%25.0%25.0%25.3%
Share of profit of associates55555
Net income from continuing operations3,1883,7184,1354,5264,913
Profit for the period3,1883,7184,1354,5264,913
Minority interests-110-116-123-132-131
Net profit (Group share)3,078.03,626.54,039.44,401.44,781.6
Net profit growth (%)11.6%17.8%11.4%9.0%8.6%
Weighted average number of shares (m)522.1522.1522.1522.1522.1
As published earnings per share (EPS in EUR)5.906.937.748.389.08
As published EPS growth (%)11.6%17.5%11.7%8.3%8.4%
Dividend per share (DPS in EUR)3.203.403.603.804.03
DPS growth (%)8.5%6.3%5.9%5.6%6.1%
CASH FLOW
Net cash flows from operating activities6,2636,5196,9597,4308,048
Purchase of property, plant and equipment and intangible assets-3,393-3,897-4,093-4,278-4,417
Acquisition of subsidiaries and financial assets-1030000
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates4030000
Net cash flows from investing activities-3,093-3,929-4,145-4,278-4,417
PPE / Sales (%)12.3%13.8%13.8%13.1%13.5%
Net Industrial and Financial CAPEX / Sales (%)11.2%14.0%14.1%14.0%13.5%
Free cash flow (net cash flows from operating and investing activities)3,1702,5922,8723,1273,483
Dividends paid-1,667-1,768-1,875-1,984-2,125
NET DEBT
Net debt at the end of the period (excl. IFRS 16)-9,221-8,540-7,628-6,524-5,869
Disclaimer

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.