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L'Air Liquide S.A

WBAG:AI
Snowflake Description

Established dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AI
WBAG
€51B
Market Cap
  1. Home
  2. AT
  3. Materials
Company description

L'Air Liquide S.A. provides gases, technologies, and services for industrial and health sectors in Europe, the Americas, the Asia Pacific, and the Middle East and Africa. The last earnings update was 42 days ago. More info.


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AI Share Price and Events
7 Day Returns
2%
WBAG:AI
2.9%
Europe Chemicals
3.4%
AT Market
1 Year Returns
14%
WBAG:AI
-1.6%
Europe Chemicals
-2%
AT Market
AI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
L'Air Liquide S.A (AI) 2% 5.6% 11.8% 14% - -
Europe Chemicals 2.9% 4.4% 11.7% -1.6% 21.6% 27.3%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • AI outperformed the Chemicals industry which returned -1.6% over the past year.
  • AI outperformed the Market in Austria which returned -2% over the past year.
Price Volatility
AI
Industry
5yr Volatility vs Market

Value

 Is L'Air Liquide S.A undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of L'Air Liquide S.A to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for L'Air Liquide S.A.

WBAG:AI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:AI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.7%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.931 (1 + (1- 33%) (28.21%))
1.072
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (1.072 * 6.65%)
7.64%

Discounted Cash Flow Calculation for WBAG:AI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for L'Air Liquide S.A is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WBAG:AI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.64%)
2019 1,840.32 Analyst x9 1,709.72
2020 2,136.90 Analyst x10 1,844.37
2021 2,259.12 Analyst x5 1,811.48
2022 2,013.00 Analyst x1 1,499.58
2023 2,105.00 Analyst x1 1,456.83
2024 2,084.54 Est @ -0.97% 1,340.29
2025 2,073.55 Est @ -0.53% 1,238.61
2026 2,069.07 Est @ -0.22% 1,148.22
2027 2,069.10 Est @ 0% 1,066.75
2028 2,072.29 Est @ 0.15% 992.58
Present value of next 10 years cash flows €14,108.42
WBAG:AI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €2,072.29 × (1 + 0.51%) ÷ (7.64% – 0.51%)
€29,217.73
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €29,217.73 ÷ (1 + 7.64%)10
€13,994.57
WBAG:AI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €14,108.42 + €13,994.57
€28,102.99
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €28,102.99 / 427.53
€65.73
WBAG:AI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:AI represents 0.99873x of ENXTPA:AI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99873x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 65.73 x 0.99873
€65.65
Value per share (EUR) From above. €65.65
Current discount Discount to share price of €118.15
= -1 x (€118.15 - €65.65) / €65.65
-80%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of L'Air Liquide S.A is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for L'Air Liquide S.A's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are L'Air Liquide S.A's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:AI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €4.95
ENXTPA:AI Share Price ** ENXTPA (2019-04-18) in EUR €118.3
Europe Chemicals Industry PE Ratio Median Figure of 93 Publicly-Listed Chemicals Companies 18.75x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of L'Air Liquide S.A.

WBAG:AI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:AI Share Price ÷ EPS (both in EUR)

= 118.3 ÷ 4.95

23.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • L'Air Liquide S.A is overvalued based on earnings compared to the Europe Chemicals industry average.
  • L'Air Liquide S.A is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does L'Air Liquide S.A's expected growth come at a high price?
Raw Data
WBAG:AI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
10%per year
Europe Chemicals Industry PEG Ratio Median Figure of 62 Publicly-Listed Chemicals Companies 1.89x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:AI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.88x ÷ 10%

2.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • L'Air Liquide S.A is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on L'Air Liquide S.A's assets?
Raw Data
WBAG:AI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €41.55
ENXTPA:AI Share Price * ENXTPA (2019-04-18) in EUR €118.3
Europe Chemicals Industry PB Ratio Median Figure of 138 Publicly-Listed Chemicals Companies 1.85x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:AI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:AI Share Price ÷ Book Value per Share (both in EUR)

= 118.3 ÷ 41.55

2.85x

* Primary Listing of L'Air Liquide S.A.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • L'Air Liquide S.A is overvalued based on assets compared to the Europe Chemicals industry average.
X
Value checks
We assess L'Air Liquide S.A's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
  5. L'Air Liquide S.A has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is L'Air Liquide S.A expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is L'Air Liquide S.A expected to grow at an attractive rate?
  • L'Air Liquide S.A's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • L'Air Liquide S.A's earnings growth is expected to exceed the Austria market average.
  • L'Air Liquide S.A's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:AI Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:AI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 10%
WBAG:AI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 4.7%
Europe Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 10%
Europe Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:AI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:AI Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 27,389 5,976 4,199 2
2022-12-31 25,566 5,615 3,865 3
2021-12-31 24,203 4,963 2,785 12
2020-12-31 23,153 4,674 2,582 18
2019-12-31 22,173 4,234 2,333 16
WBAG:AI Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 21,011 4,716 2,113
2018-09-30 20,615 4,573 2,216
2018-06-30 20,219 4,430 2,319
2018-03-31 20,284 4,342 2,278
2017-12-31 20,349 4,254 2,237
2017-09-30 20,380 4,165 2,110
2017-06-30 20,410 4,075 1,983
2017-03-31 19,272 3,886 1,908
2016-12-31 18,135 3,697 1,833
2016-06-30 15,721 3,082 1,701
2016-03-31 15,770 2,957 1,721

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • L'Air Liquide S.A's earnings are expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
  • L'Air Liquide S.A's revenue is expected to grow by 4.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:AI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from L'Air Liquide S.A Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:AI Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 7.72 7.72 7.72 1.00
2022-12-31 7.46 7.46 7.46 1.00
2021-12-31 6.35 7.07 5.76 7.00
2020-12-31 6.02 6.50 5.44 14.00
2019-12-31 5.44 5.74 5.13 12.00
WBAG:AI Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 4.95
2018-09-30 5.20
2018-06-30 5.44
2018-03-31 5.34
2017-12-31 5.25
2017-09-30 4.94
2017-06-30 4.70
2017-03-31 4.65
2016-12-31 4.61
2016-06-30 4.39
2016-03-31 4.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • L'Air Liquide S.A is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess L'Air Liquide S.A's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
L'Air Liquide S.A has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has L'Air Liquide S.A performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare L'Air Liquide S.A's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • L'Air Liquide S.A's year on year earnings growth rate has been positive over the past 5 years.
  • L'Air Liquide S.A's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • L'Air Liquide S.A's 1-year earnings growth is negative, it can't be compared to the Europe Chemicals industry average.
Earnings and Revenue History
L'Air Liquide S.A's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from L'Air Liquide S.A Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:AI Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 21,011.10 2,113.40 4,165.20
2018-09-30 20,615.05 2,216.10 4,135.10
2018-06-30 20,219.00 2,318.80 4,105.00
2018-03-31 20,284.15 2,277.80 4,133.35
2017-12-31 20,349.30 2,236.80 4,161.70
2017-09-30 20,379.65 2,109.85 4,179.25
2017-06-30 20,410.00 1,982.90 4,196.80
2017-03-31 19,272.40 1,907.90 3,940.85
2016-12-31 18,134.80 1,832.90 3,684.90
2016-06-30 15,721.40 1,700.60 3,018.80
2016-03-31 15,769.95 1,721.20 2,986.05
2015-12-31 15,818.50 1,741.80 2,953.30
2015-09-30 16,300.55 1,757.80 2,956.55
2015-06-30 16,106.60 1,759.20 2,817.80
2015-03-31 15,846.55 1,712.10 2,742.20
2014-12-31 15,586.50 1,665.00 2,666.60
2014-09-30 15,489.50 1,654.05 2,736.70
2014-06-30 15,392.50 1,643.10 2,806.80
2014-03-31 15,403.50 1,641.70 2,808.80
2013-12-31 15,414.50 1,640.30 2,810.80
2013-09-30 15,449.85 1,599.90 2,794.30
2013-06-30 15,485.20 1,559.50 2,777.80
2013-03-31 15,473.00 1,575.30 2,760.95
2012-12-31 15,460.80 1,591.10 2,744.10
2012-09-30 15,244.75 1,579.85 2,688.10
2012-06-30 15,028.70 1,568.60 2,632.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • L'Air Liquide S.A has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • L'Air Liquide S.A used its assets more efficiently than the Europe Chemicals industry average last year based on Return on Assets.
  • L'Air Liquide S.A's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess L'Air Liquide S.A's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
L'Air Liquide S.A has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is L'Air Liquide S.A's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up L'Air Liquide S.A's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • L'Air Liquide S.A's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • L'Air Liquide S.A's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of L'Air Liquide S.A's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from L'Air Liquide S.A Company Filings, last reported 3 months ago.

WBAG:AI Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 18,207.40 14,266.90 1,728.80
2018-09-30 18,207.40 14,266.90 1,728.80
2018-06-30 16,769.40 15,406.50 1,189.20
2018-03-31 16,769.40 15,406.50 1,189.20
2017-12-31 16,718.40 15,025.80 1,656.40
2017-09-30 16,718.40 15,025.80 1,656.40
2017-06-30 16,049.00 16,505.10 895.00
2017-03-31 16,049.00 16,505.10 895.00
2016-12-31 17,125.00 16,834.30 1,525.20
2016-06-30 12,329.70 21,175.60 1,315.80
2016-03-31 12,329.70 21,175.60 1,315.80
2015-12-31 12,770.80 8,159.60 965.50
2015-09-30 12,770.80 8,159.60 965.50
2015-06-30 12,150.80 8,620.10 693.50
2015-03-31 12,150.80 8,620.10 693.50
2014-12-31 11,826.90 7,201.40 910.10
2014-09-30 11,826.90 7,201.40 910.10
2014-06-30 10,696.70 7,364.20 567.00
2014-03-31 10,696.70 7,364.20 567.00
2013-12-31 10,888.10 7,017.10 948.80
2013-09-30 10,888.10 7,017.10 948.80
2013-06-30 10,231.90 7,869.90 1,024.70
2013-03-31 10,231.90 7,869.90 1,024.70
2012-12-31 10,423.00 7,273.70 1,166.00
2012-09-30 10,423.00 7,273.70 1,166.00
2012-06-30 9,968.40 7,156.00 1,121.50
  • L'Air Liquide S.A's level of debt (78.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (64.5% vs 78.4% today).
  • Debt is well covered by operating cash flow (33.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.1x coverage).
X
Financial health checks
We assess L'Air Liquide S.A's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. L'Air Liquide S.A has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is L'Air Liquide S.A's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.24%
Current annual income from L'Air Liquide S.A dividends. Estimated to be 2.56% next year.
If you bought €2,000 of L'Air Liquide S.A shares you are expected to receive €45 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • L'Air Liquide S.A's pays a higher dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • L'Air Liquide S.A's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Upcoming dividend payment

Purchase L'Air Liquide S.A before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:AI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
Europe Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 78 Stocks 3%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:AI Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.86 1.00
2022-12-31 3.52 2.00
2021-12-31 3.19 13.00
2020-12-31 3.01 18.00
2019-12-31 2.82 17.00
WBAG:AI Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-07 2.650 2.327
2019-02-14 2.650 2.429
2018-02-15 2.650 2.493
2017-05-03 2.364 2.323
2016-02-16 2.364 2.640
2015-07-31 2.318 2.396
2015-05-06 2.318 2.186
2014-05-07 2.107 2.262
2013-05-07 2.066 2.522
2012-08-02 1.878 2.411
2012-07-30 1.878 2.497
2012-02-17 1.878 2.570
2011-02-15 1.766 2.534
2010-03-01 1.585 2.414
2010-01-15 1.585 2.801
2009-05-07 1.585 3.078
2009-04-20 1.441 3.214

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of L'Air Liquide S.A's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess L'Air Liquide S.A's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can L'Air Liquide S.A afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. L'Air Liquide S.A has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of L'Air Liquide S.A's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Benoît Potier
COMPENSATION €5,591,000
AGE 61
TENURE AS CEO 22.3 years
CEO Bio

Mr. Benoît Potier has been the Chief Executive Officer of Air Liquide SA since 1997. Mr. Potier serves as the Chairman and Chief Executive Officer of Air Liquide UK Ltd. He serves as the Chairman of Air Liquide Tunisie and has been its Chief Executive Officer since 1997. He serves as the Chairman and Member of Management Board at Air Liquide America Corp. He served as Director of Management Board at Societe d'Oxygene et d'Acetylene d'Extreme-Orient SA. He served as the Chief Executive of Air Liquide Canada, Inc. He served as Chief Executive Officer of Air Liquide International, American Air Liquide Inc. and Air Liquide Corporation. He served as Chief Executive Officer and Member of Management Board of Sechilienne-Sidec. He served as the Chairman of the Management Board at L'Air Liquide SA., since November 14, 2001 and served as its Member of the Management Board. Mr. Potier has been the Chairman of Air Liquide SA since May 10, 2006 and as its Director since May 2000. He serves as a Director of Air Liquide UK Ltd., and American Air Liquide Holdings, Inc. He served as the Chairman of Air Liquide International, American Air Liquide Inc., Air Liquide Corporation and American Air Liquide Holdings Inc. He has been Director at DANONE since April 11, 2003 and a Member of the Supervisory Board of Michelin Tyre, PLC since May 16, 2003. He has been Member of Supervisory Board at Siemens AG since January 31, 2018 and Siemens Aktiensgesellschaft since January 31, 2018. He has been a Director at Air Liquide Tunisie since 2000. He served as a Member of Supervisory Board of Compagnie Generale Des Etablissements Michelin SCA from May 16, 2003 to May 17, 2013. He served as a Director of Sechilienne-Sidec, SOAEO, Air Liquide Italila, Air Liquide Espana, Air Liquide Japan Ltd., Air Liquide Asia Pte Ltd., Ecole Centrale des Arts et Manufactures, Air Liquide Canada, Inc., and Albioma. He served as a Member of counsel France of Insead. Mr. Potier Graduated from École Centrale de Paris. He did Management program from the INSEAD.

CEO Compensation
  • Benoît's compensation has been consistent with company performance over the past year.
  • Insufficient data for Benoît to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the L'Air Liquide S.A management team in years:

3.1
Average Tenure
58
Average Age
  • The tenure for the L'Air Liquide S.A management team is about average.
Management Team

Benoît Potier

TITLE
Chairman & CEO
COMPENSATION
€6M
AGE
61
TENURE
22.3 yrs

Fabienne Lecorvaisier

TITLE
CFO & Executive VP
AGE
56
TENURE
11.3 yrs

Laurent Dublanchet

TITLE
Group Chief Information Officer
TENURE
4.8 yrs

Aude Rodriguez

TITLE
Head of Investor Relations
TENURE
4.1 yrs

Armelle Levieux

TITLE
Vice President Group Human Resources
AGE
45
TENURE
2.1 yrs

François Darchis

TITLE
Senior Vice President of Innovation & Development
AGE
62
TENURE
1.8 yrs

Jean-Marc de Royere

TITLE
Senior Vice President of Corporate Sustainability Program
AGE
53

François Jackow

TITLE
Senior Vice President
AGE
49
TENURE
1.8 yrs

Guy Salzgeber

TITLE
Executive Vice President of Frankfurt Hub
AGE
60

Mike Graff

TITLE
Executive Vice President of Houston Hub
AGE
63
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the L'Air Liquide S.A board of directors in years:

5.9
Average Tenure
61.5
Average Age
  • The tenure for the L'Air Liquide S.A board of directors is about average.
Board of Directors

Benoît Potier

TITLE
Chairman & CEO
COMPENSATION
€6M
AGE
61
TENURE
12.9 yrs

Pierre Dufour

TITLE
Director
COMPENSATION
€80K
AGE
63
TENURE
6.9 yrs

Jean-Paul Agon

TITLE
Lead Director
COMPENSATION
€99K
AGE
62
TENURE
1.9 yrs

Siân Herbert-Jones

TITLE
Independent Director
COMPENSATION
€92K
AGE
58
TENURE
7.9 yrs

Xavier M. Huillard

TITLE
Independent Director
COMPENSATION
€73K
AGE
64
TENURE
1.9 yrs

Thierry Peugeot

TITLE
Director
COMPENSATION
€72K
AGE
61
TENURE
13.9 yrs

Karen Katen

TITLE
Independent Director
COMPENSATION
€77K
AGE
69
TENURE
10.9 yrs

Sin Leng Low

TITLE
Independent Director
COMPENSATION
€83K
AGE
66
TENURE
4.9 yrs

Annette Winkler

TITLE
Independent Director
COMPENSATION
€90K
AGE
59
TENURE
4.9 yrs

Philippe Dubrulle

TITLE
Employee Representative Director
AGE
46
TENURE
4.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess L'Air Liquide S.A's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. L'Air Liquide S.A has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

L'Air Liquide S.A. provides gases, technologies, and services for industrial and health sectors in Europe, the Americas, the Asia Pacific, and the Middle East and Africa. Its Gas & Services segment offers oxygen, nitrogen, argon, hydrogen, and carbon monoxide to the metals, chemicals, refining, and energy industries; and gas solutions, such as industrial gases, welding equipment, application and safety equipment, and related services to materials and energy, automotive and manufacturing, food and pharmaceuticals, technology and research, and professionals and retail markets. It also produces and distributes medical gases, services, medical devices, and hygiene products to hospitals and homecare patients, as well as develops therapeutic gases for resuscitation and pain relief. In addition, this segment produces and distributes healthcare specialty ingredients for the cosmetics, pharmaceutical, and vaccine markets; and provides ultra-pure carrier gases, electronics specialty materials, and advanced materials to manufacturers of semiconductors, flat panel displays, and solar cells. The company’s Engineering & Construction segment designs, develops, and builds industrial gas production plants for the third parties, as well as designs and manufactures plants in the traditional, renewable, and alternative energy sectors. Its Global Markets & Technologies segment focuses on new markets relating to energy transition, maritime logistics, and scientific exploration; treats and injects biogas into the energy grid as a local power source; and commercializes technologies for space, aerospace, and scientific exploration. This segment also supplies gases to the maritime sector, including off shore oil and gas platforms, off shore wind turbines, and cryogenic transportation. The company also produces bio methane for trucks fueled by bio natural gas for vehicles. L'Air Liquide S.A. was founded in 1902 and is headquartered in Paris, France.

Details
Name: L'Air Liquide S.A.
AI
Exchange: WBAG
Founded: 1902
€50,576,401,157
427,526,637
Website: http://www.airliquide.com
Address: L'Air Liquide S.A.
75 quai d'Orsay,
cedex 07,
Paris,
Ile-de-France, 75321,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA AI Ordinary Shares Euronext Paris FR EUR 02. Jan 1992
OTCPK AIQU.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB AIL Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
XTRA AIL Ordinary Shares XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0NWF Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
SWX AI Ordinary Shares SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG AI Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1992
BMV AI N Ordinary Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE AIP Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK AIQU.Y ADR Pink Sheets LLC US USD 15. Aug 1984
Number of employees
Current staff
Staff numbers
66,000
L'Air Liquide S.A employees.
Industry
Industrial Gases
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:09
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/07
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.