Intrinsic value of Air Products&Chemicals - APD

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$144.94

  Intrinsic Value

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  Value-price divergence*

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$144.94

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of APD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 31.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.75
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  9,524
  9,714
  9,938
  10,193
  10,480
  10,798
  11,146
  11,526
  11,937
  12,380
  12,855
  13,363
  13,905
  14,483
  15,096
  15,748
  16,438
  17,168
  17,941
  18,757
  19,619
  20,528
  21,487
  22,498
  23,563
  24,685
  25,866
  27,109
  28,418
  29,794
  31,241
Variable operating expenses, $m
 
  8,052
  8,235
  8,444
  8,679
  8,940
  9,226
  9,537
  9,874
  10,237
  10,627
  10,959
  11,404
  11,878
  12,381
  12,915
  13,481
  14,080
  14,714
  15,383
  16,090
  16,836
  17,622
  18,451
  19,325
  20,245
  21,214
  22,233
  23,306
  24,435
  25,622
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,425
  8,052
  8,235
  8,444
  8,679
  8,940
  9,226
  9,537
  9,874
  10,237
  10,627
  10,959
  11,404
  11,878
  12,381
  12,915
  13,481
  14,080
  14,714
  15,383
  16,090
  16,836
  17,622
  18,451
  19,325
  20,245
  21,214
  22,233
  23,306
  24,435
  25,622
Operating income, $m
  2,099
  1,663
  1,703
  1,749
  1,801
  1,858
  1,920
  1,989
  2,063
  2,142
  2,228
  2,404
  2,501
  2,605
  2,715
  2,833
  2,957
  3,088
  3,227
  3,374
  3,529
  3,692
  3,865
  4,047
  4,238
  4,440
  4,653
  4,876
  5,112
  5,359
  5,619
EBITDA, $m
  3,025
  2,601
  2,661
  2,729
  2,806
  2,891
  2,984
  3,086
  3,196
  3,314
  3,441
  3,578
  3,723
  3,877
  4,042
  4,216
  4,401
  4,596
  4,803
  5,022
  5,252
  5,496
  5,753
  6,023
  6,308
  6,609
  6,925
  7,258
  7,608
  7,976
  8,364
Interest expense (income), $m
  121
  137
  144
  152
  161
  171
  182
  195
  208
  223
  239
  255
  273
  293
  313
  335
  358
  383
  409
  436
  465
  495
  528
  562
  598
  635
  675
  717
  761
  808
  857
Earnings before tax, $m
  2,132
  1,526
  1,559
  1,597
  1,640
  1,687
  1,738
  1,794
  1,854
  1,919
  1,989
  2,148
  2,228
  2,312
  2,402
  2,498
  2,599
  2,706
  2,819
  2,938
  3,064
  3,197
  3,337
  3,485
  3,641
  3,805
  3,977
  4,159
  4,350
  4,551
  4,763
Tax expense, $m
  586
  412
  421
  431
  443
  455
  469
  484
  501
  518
  537
  580
  601
  624
  649
  674
  702
  730
  761
  793
  827
  863
  901
  941
  983
  1,027
  1,074
  1,123
  1,175
  1,229
  1,286
Net income, $m
  631
  1,114
  1,138
  1,166
  1,197
  1,231
  1,269
  1,310
  1,354
  1,401
  1,452
  1,568
  1,626
  1,688
  1,754
  1,823
  1,897
  1,975
  2,058
  2,145
  2,237
  2,334
  2,436
  2,544
  2,658
  2,777
  2,903
  3,036
  3,176
  3,322
  3,477

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,293
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18,029
  17,073
  17,466
  17,914
  18,418
  18,977
  19,589
  20,257
  20,979
  21,757
  22,592
  23,485
  24,438
  25,453
  26,532
  27,676
  28,889
  30,173
  31,530
  32,965
  34,480
  36,078
  37,763
  39,540
  41,412
  43,383
  45,459
  47,644
  49,943
  52,362
  54,906
Adjusted assets (=assets-cash), $m
  16,736
  17,073
  17,466
  17,914
  18,418
  18,977
  19,589
  20,257
  20,979
  21,757
  22,592
  23,485
  24,438
  25,453
  26,532
  27,676
  28,889
  30,173
  31,530
  32,965
  34,480
  36,078
  37,763
  39,540
  41,412
  43,383
  45,459
  47,644
  49,943
  52,362
  54,906
Revenue / Adjusted assets
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
Average production assets, $m
  8,950
  9,132
  9,342
  9,582
  9,851
  10,150
  10,478
  10,834
  11,221
  11,637
  12,083
  12,561
  13,071
  13,614
  14,191
  14,803
  15,452
  16,138
  16,864
  17,632
  18,442
  19,297
  20,198
  21,148
  22,150
  23,204
  24,314
  25,483
  26,712
  28,006
  29,367
Working capital, $m
  1,034
  1,059
  1,083
  1,111
  1,142
  1,177
  1,215
  1,256
  1,301
  1,349
  1,401
  1,457
  1,516
  1,579
  1,646
  1,716
  1,792
  1,871
  1,956
  2,045
  2,138
  2,238
  2,342
  2,452
  2,568
  2,691
  2,819
  2,955
  3,098
  3,248
  3,405
Total debt, $m
  5,211
  4,113
  4,340
  4,599
  4,889
  5,212
  5,565
  5,950
  6,367
  6,816
  7,297
  7,813
  8,363
  8,948
  9,571
  10,231
  10,931
  11,672
  12,455
  13,283
  14,157
  15,079
  16,051
  17,077
  18,157
  19,294
  20,492
  21,753
  23,079
  24,475
  25,943
Total liabilities, $m
  10,949
  9,851
  10,078
  10,337
  10,627
  10,950
  11,303
  11,688
  12,105
  12,554
  13,035
  13,551
  14,101
  14,686
  15,309
  15,969
  16,669
  17,410
  18,193
  19,021
  19,895
  20,817
  21,789
  22,815
  23,895
  25,032
  26,230
  27,491
  28,817
  30,213
  31,681
Total equity, $m
  7,080
  7,222
  7,388
  7,578
  7,791
  8,027
  8,286
  8,569
  8,874
  9,203
  9,556
  9,934
  10,337
  10,767
  11,223
  11,707
  12,220
  12,763
  13,337
  13,944
  14,585
  15,261
  15,974
  16,725
  17,517
  18,351
  19,229
  20,153
  21,126
  22,149
  23,225
Total liabilities and equity, $m
  18,029
  17,073
  17,466
  17,915
  18,418
  18,977
  19,589
  20,257
  20,979
  21,757
  22,591
  23,485
  24,438
  25,453
  26,532
  27,676
  28,889
  30,173
  31,530
  32,965
  34,480
  36,078
  37,763
  39,540
  41,412
  43,383
  45,459
  47,644
  49,943
  52,362
  54,906
Debt-to-equity ratio
  0.736
  0.570
  0.590
  0.610
  0.630
  0.650
  0.670
  0.690
  0.720
  0.740
  0.760
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.040
  1.050
  1.070
  1.080
  1.090
  1.110
  1.120
Adjusted equity ratio
  0.402
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  631
  1,114
  1,138
  1,166
  1,197
  1,231
  1,269
  1,310
  1,354
  1,401
  1,452
  1,568
  1,626
  1,688
  1,754
  1,823
  1,897
  1,975
  2,058
  2,145
  2,237
  2,334
  2,436
  2,544
  2,658
  2,777
  2,903
  3,036
  3,176
  3,322
  3,477
Depreciation, amort., depletion, $m
  926
  938
  958
  980
  1,005
  1,033
  1,064
  1,097
  1,133
  1,172
  1,214
  1,174
  1,222
  1,272
  1,326
  1,383
  1,444
  1,508
  1,576
  1,648
  1,724
  1,803
  1,888
  1,976
  2,070
  2,169
  2,272
  2,382
  2,496
  2,617
  2,745
Funds from operations, $m
  2,608
  2,052
  2,096
  2,146
  2,202
  2,264
  2,332
  2,407
  2,487
  2,573
  2,666
  2,742
  2,848
  2,960
  3,080
  3,207
  3,341
  3,483
  3,634
  3,793
  3,960
  4,137
  4,324
  4,521
  4,728
  4,946
  5,176
  5,418
  5,672
  5,940
  6,221
Change in working capital, $m
  -20
  21
  24
  28
  31
  35
  38
  41
  45
  48
  52
  55
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
  150
  158
Cash from operations, $m
  2,628
  1,728
  2,071
  2,118
  2,171
  2,230
  2,294
  2,365
  2,442
  2,525
  2,614
  2,687
  2,789
  2,897
  3,013
  3,136
  3,266
  3,404
  3,549
  3,704
  3,866
  4,038
  4,219
  4,410
  4,612
  4,824
  5,047
  5,282
  5,530
  5,790
  6,064
Maintenance CAPEX, $m
  0
  -836
  -853
  -873
  -895
  -921
  -949
  -979
  -1,013
  -1,049
  -1,088
  -1,129
  -1,174
  -1,222
  -1,272
  -1,326
  -1,383
  -1,444
  -1,508
  -1,576
  -1,648
  -1,724
  -1,803
  -1,888
  -1,976
  -2,070
  -2,169
  -2,272
  -2,382
  -2,496
  -2,617
New CAPEX, $m
  -1,056
  -182
  -210
  -240
  -270
  -299
  -328
  -357
  -386
  -416
  -447
  -478
  -510
  -543
  -577
  -612
  -649
  -687
  -726
  -767
  -810
  -855
  -901
  -950
  -1,001
  -1,054
  -1,110
  -1,169
  -1,230
  -1,294
  -1,361
Cash from investing activities, $m
  -1,069
  -1,018
  -1,063
  -1,113
  -1,165
  -1,220
  -1,277
  -1,336
  -1,399
  -1,465
  -1,535
  -1,607
  -1,684
  -1,765
  -1,849
  -1,938
  -2,032
  -2,131
  -2,234
  -2,343
  -2,458
  -2,579
  -2,704
  -2,838
  -2,977
  -3,124
  -3,279
  -3,441
  -3,612
  -3,790
  -3,978
Free cash flow, $m
  1,559
  710
  1,008
  1,005
  1,006
  1,010
  1,018
  1,029
  1,043
  1,060
  1,080
  1,080
  1,105
  1,133
  1,164
  1,197
  1,234
  1,273
  1,315
  1,360
  1,408
  1,460
  1,514
  1,572
  1,634
  1,699
  1,768
  1,841
  1,918
  2,000
  2,086
Issuance/(repayment) of debt, $m
  331
  195
  227
  259
  291
  322
  354
  385
  417
  449
  482
  515
  550
  586
  622
  660
  700
  741
  783
  828
  874
  922
  973
  1,025
  1,080
  1,138
  1,198
  1,261
  1,327
  1,396
  1,468
Issuance/(repurchase) of shares, $m
  141
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  450
  195
  227
  259
  291
  322
  354
  385
  417
  449
  482
  515
  550
  586
  622
  660
  700
  741
  783
  828
  874
  922
  973
  1,025
  1,080
  1,138
  1,198
  1,261
  1,327
  1,396
  1,468
Total cash flow (excl. dividends), $m
  2,016
  905
  1,234
  1,264
  1,297
  1,333
  1,372
  1,414
  1,460
  1,509
  1,562
  1,595
  1,655
  1,719
  1,786
  1,858
  1,934
  2,014
  2,098
  2,188
  2,282
  2,382
  2,487
  2,598
  2,714
  2,837
  2,966
  3,102
  3,245
  3,395
  3,553
Retained Cash Flow (-), $m
  169
  -142
  -166
  -190
  -213
  -236
  -259
  -282
  -305
  -329
  -353
  -378
  -403
  -429
  -456
  -484
  -513
  -543
  -574
  -607
  -641
  -676
  -713
  -752
  -792
  -834
  -878
  -924
  -973
  -1,023
  -1,076
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  763
  1,068
  1,074
  1,083
  1,096
  1,113
  1,132
  1,154
  1,180
  1,209
  1,217
  1,252
  1,289
  1,330
  1,374
  1,420
  1,471
  1,524
  1,581
  1,642
  1,706
  1,774
  1,846
  1,922
  2,003
  2,088
  2,178
  2,272
  2,372
  2,477
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  732
  978
  935
  892
  850
  807
  765
  722
  678
  634
  578
  534
  490
  446
  403
  361
  320
  281
  243
  209
  176
  147
  121
  98
  78
  61
  47
  35
  26
  19
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, electronics and performance materials, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, argon, and rare gases; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas, and specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including metals, glass, chemical processing, electronics, energy production and refining, food processing, metallurgical, medical, and general manufacturing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.

FINANCIAL RATIOS  of  Air Products&Chemicals (APD)

Valuation Ratios
P/E Ratio 49.9
Price to Sales 3.3
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 20
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.6%
Cap. Spend. - 3 Yr. Gr. Rate -7.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 55.2%
Total Debt to Equity 73.6%
Interest Coverage 19
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 32.8%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 33.4%
EBITDA Margin - 3 Yr. Avg. 28.3%
Operating Margin 22%
Oper. Margin - 3 Yr. Avg. 17.3%
Pre-Tax Margin 22.4%
Pre-Tax Margin - 3 Yr. Avg. 17.7%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 27.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 114.3%

APD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APD stock intrinsic value calculation we used $9524 million for the last fiscal year's total revenue generated by Air Products&Chemicals. The default revenue input number comes from 2016 income statement of Air Products&Chemicals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our APD stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for APD is calculated based on our internal credit rating of Air Products&Chemicals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Air Products&Chemicals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of APD stock the variable cost ratio is equal to 82.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for APD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Air Products&Chemicals.

Corporate tax rate of 27% is the nominal tax rate for Air Products&Chemicals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the APD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for APD are equal to 94%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Air Products&Chemicals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for APD is equal to 10.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $7080 million for Air Products&Chemicals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 219.292 million for Air Products&Chemicals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Air Products&Chemicals at the current share price and the inputted number of shares is $31.8 billion.


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COMPANY NEWS

▶ Why APDs Latest Valuations Matter   [Jun-22-17 09:06AM  Market Realist]
▶ Whats the Latest Street View of APD?   [07:36AM  Market Realist]
▶ How Consistent Is APDs Dividend?   [Jun-21-17 10:38AM  Market Realist]
▶ APD to Pay Its Third Dividend This Year   [09:09AM  Market Realist]
▶ Air Products and Linde North America Form Joint Venture   [Jun-19-17 11:35AM  Market Realist]
▶ 2 Top Helium Stocks to Buy in 2017   [May-30-17 12:07PM  Motley Fool]
▶ Air Products Declares Quarterly Dividend   [May-18-17 11:30AM  PR Newswire]
▶ Bill Ackman Comments on Air Products and Chemicals   [May-12-17 03:52PM  GuruFocus.com]
▶ Bill Ackman's 1st Quarter Shareholder Letter   [01:32PM  GuruFocus.com]
▶ SWM ANNOUNCES FIRST QUARTER 2017 RESULTS   [May-03-17 04:49PM  GlobeNewswire]
▶ Air Products and Chemicals Expands in China   [09:39AM  Market Realist]
▶ Air Products and Chemicals posts 2Q profit   [06:14AM  Associated Press]
▶ Air Products and Chemicals to Build 6 New Plants in India   [Apr-24-17 02:36PM  Market Realist]
▶ How APD Is Trading Compared to Its Peer   [10:36AM  Market Realist]
▶ Air Products & Chemicals Stock Trades Ex-Dividend Thursday   [Mar-29-17 05:05AM  at Investopedia]
▶ [$$] Air Products & Chemicals Walks Away From Bid for Yingde Gases   [Mar-24-17 07:45AM  at The Wall Street Journal]
▶ Five Basic Materials Stocks Hedge Funds Love   [Mar-17-17 08:00AM  at Insider Monkey]
▶ [$$] Air Products' Yingde Bid May Be Losing Air   [08:02AM  at The Wall Street Journal]
▶ [$$] Rarefied Air: A U.S. Company's Unique Shot at a China Takeover   [Mar-07-17 08:34PM  at The Wall Street Journal]
Stock chart of APD Financial statements of APD Annual reports of APD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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