L'Air Liquide S.A. provides gases, technologies, and services for the industrial and health sectors in Europe, the Americas, the Asia Pacific, the Middle East, and Africa. It operates in Gas & Services, Engineering & Construction, and Global Markets & Technologies segments. The Gas & Services segment comprises large industries business, which offers gas and energy solutions including oxygen, nitrogen, argon, hydrogen, and carbon monoxide, as well as operates cogeneration plants to supply steam and electricity to metals, chemicals, refining, and energy industries; and industrial merchant business line provides industrial gases, equipment, hardgoods, and associated services to materials and energy, automotive and manufacturing, food and pharmaceuticals, technology and research, and craftsmen and retail sectors. This segment also includes healthcare business, which provides medical gases, home healthcare services, medical equipment, and specialty ingredient to patients, healthcare professionals, and hospitals; and electronic business supply carrier gases, electronic specialty and advanced materials, equipment and installation, and service to semiconductor, flat panel, and photovoltaic markets. The Engineering & Construction segment designs, develops, and builds industrial gas production plants to third parties; and design and manufacture plants in traditional, renewable and alternative energy sectors. The Global Markets & Technologies segment delivers technological solutions, such as molecules, equipment, and services to energy transition and deep technology. This segment also invests in and operates biomethane production units; designs hydrogen refueling stations; and supplies gases for the offshore oil and gas platforms, offshore wind turbines, and cryogenic transportation by sea. L'Air Liquide S.A. was incorporated in 1902 and is headquartered in Paris, France.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	29,934	27,607.6	27,057.8	27,190.1	28,316.6	29,835.6	29,835.6	29,835.6
Revenue % Chg.	28.3%	-7.8%	-2%
EBIT	4,608.3	4,799	5,124	5,643.6	6,226.7	6,750.9	6,750.9	6,750.9
EBIT Margin	15.4%	17.4%	18.9%
Tax Rate	25.7%	23.4%	24%
NOPAT	3,425.8	3,678	3,894.1	4,197.3	4,654	5,053.5	5,053.5	5,053.5
NOPAT Margin	11.4%	13.3%	14.4%	15.4%	16.4%	16.9%	16.9%	16.9%
D&A	2,412.6	2,428.3	2,443.7	2,608.5	2,714.8	2,846.4	2,846.4	2,846.4
D&A / Revenue	8.1%	8.8%	9%
Capex	-3,273	-3,393.4	-3,525.1	-3,732.1	-3,958.3	-4,132.3	-4,132.3	-4,132.3
Capex / Revenue	-10.9%	-12.3%	-13%
Chg. NWC	-396.8	-154.4	-155.1	-222.8	-232	-244.5	-244.5	-244.5
Chg. NWC / Revenue	-1.3%	-0.6%	-0.6%
Unlevered FCF (UFCF)	2,168.6	2,558.5	2,657.6	2,850.8	3,178.5	3,523.1	3,523.1	3,523.1
UFCF % Chg.	-13.7%	18%	3.9%	7.3%	11.5%	10.8%	—	—
PV of UFCF	—	—	—	2,629.2	2,703.6	2,763.7	2,548.8	2,350.7
Sum of PV of UFCF	—	—	—	2,629.2	5,332.8	8,096.4	10,645.2	12,995.9

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.4%
Total Debt	12,450.6
Market Cap	80,789.8
Total Capital	93,240.4
Debt Weighting	13.4%
Equity Weighting	86.6%
WACC	8.4%

Exit Multiple EV/FCF
Terminal Value	90,877
PV of Terminal Value	55,920.6
Cumulative PV of UFCF	12,995.9
Net Debt	11,053
Equity Value	57,863.5
Shares Outstanding	577.1
Implied Share Price	100.3
Current Share Price	162.2
Implied Upside / (Downside)	-38.2%