Intrinsic value of Air Products&Chemicals - APD

Previous Close

$164.33

  Intrinsic Value

$56.46

stock screener

  Rating & Target

str. sell

-66%

Previous close

$164.33

 
Intrinsic value

$56.46

 
Up/down potential

-66%

 
Rating

str. sell

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 2017), $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 35.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  8,933
  9,709
  10,517
  11,358
  12,231
  13,139
  14,082
  15,062
  16,081
  17,140
  18,243
  19,389
  20,583
  21,827
  23,123
  24,474
  25,884
  27,355
  28,891
  30,496
  32,173
  33,926
  35,759
  37,677
  39,684
  41,785
  43,985
  46,289
  48,703
  51,232
Variable operating expenses, $m
  7,101
  7,708
  8,341
  8,998
  9,682
  10,392
  11,131
  11,898
  12,695
  13,525
  14,278
  15,176
  16,110
  17,084
  18,098
  19,156
  20,259
  21,411
  22,613
  23,869
  25,181
  26,553
  27,988
  29,489
  31,060
  32,705
  34,426
  36,230
  38,119
  40,099
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
  7,101
  7,708
  8,341
  8,998
  9,682
  10,392
  11,131
  11,898
  12,695
  13,525
  14,278
  15,176
  16,110
  17,084
  18,098
  19,156
  20,259
  21,411
  22,613
  23,869
  25,181
  26,553
  27,988
  29,489
  31,060
  32,705
  34,426
  36,230
  38,119
  40,099
Operating income, $m
  1,832
  2,001
  2,177
  2,359
  2,549
  2,746
  2,951
  3,164
  3,386
  3,616
  3,964
  4,214
  4,473
  4,743
  5,025
  5,319
  5,625
  5,945
  6,278
  6,627
  6,992
  7,372
  7,771
  8,188
  8,624
  9,080
  9,558
  10,059
  10,584
  11,133
EBITDA, $m
  2,979
  3,238
  3,508
  3,788
  4,079
  4,382
  4,696
  5,023
  5,363
  5,717
  6,084
  6,467
  6,865
  7,280
  7,712
  8,163
  8,633
  9,123
  9,636
  10,171
  10,730
  11,315
  11,926
  12,566
  13,235
  13,936
  14,670
  15,438
  16,243
  17,086
Interest expense (income), $m
  126
  184
  222
  262
  304
  348
  393
  439
  488
  539
  591
  646
  703
  762
  824
  888
  955
  1,024
  1,097
  1,173
  1,252
  1,335
  1,422
  1,512
  1,607
  1,706
  1,809
  1,918
  2,031
  2,150
  2,275
Earnings before tax, $m
  1,649
  1,779
  1,914
  2,055
  2,201
  2,354
  2,512
  2,676
  2,847
  3,025
  3,318
  3,511
  3,711
  3,920
  4,137
  4,364
  4,600
  4,847
  5,105
  5,375
  5,656
  5,951
  6,259
  6,581
  6,918
  7,271
  7,641
  8,028
  8,433
  8,858
Tax expense, $m
  445
  480
  517
  555
  594
  635
  678
  723
  769
  817
  896
  948
  1,002
  1,058
  1,117
  1,178
  1,242
  1,309
  1,378
  1,451
  1,527
  1,607
  1,690
  1,777
  1,868
  1,963
  2,063
  2,168
  2,277
  2,392
Net income, $m
  1,203
  1,298
  1,397
  1,500
  1,607
  1,718
  1,834
  1,954
  2,078
  2,208
  2,422
  2,563
  2,709
  2,861
  3,020
  3,186
  3,358
  3,539
  3,727
  3,924
  4,129
  4,344
  4,569
  4,804
  5,050
  5,308
  5,578
  5,860
  6,156
  6,467

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  18,846
  20,484
  22,188
  23,961
  25,804
  27,719
  29,708
  31,776
  33,926
  36,161
  38,486
  40,906
  43,425
  46,049
  48,783
  51,634
  54,608
  57,712
  60,952
  64,337
  67,875
  71,573
  75,441
  79,487
  83,721
  88,154
  92,795
  97,656
  102,749
  108,084
Adjusted assets (=assets-cash), $m
  18,846
  20,484
  22,188
  23,961
  25,804
  27,719
  29,708
  31,776
  33,926
  36,161
  38,486
  40,906
  43,425
  46,049
  48,783
  51,634
  54,608
  57,712
  60,952
  64,337
  67,875
  71,573
  75,441
  79,487
  83,721
  88,154
  92,795
  97,656
  102,749
  108,084
Revenue / Adjusted assets
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
Average production assets, $m
  10,380
  11,282
  12,221
  13,197
  14,212
  15,267
  16,363
  17,502
  18,686
  19,917
  21,198
  22,530
  23,918
  25,363
  26,869
  28,439
  30,077
  31,787
  33,572
  35,436
  37,385
  39,422
  41,552
  43,781
  46,113
  48,554
  51,110
  53,788
  56,593
  59,532
Working capital, $m
  -1,617
  -1,757
  -1,904
  -2,056
  -2,214
  -2,378
  -2,549
  -2,726
  -2,911
  -3,102
  -3,302
  -3,509
  -3,726
  -3,951
  -4,185
  -4,430
  -4,685
  -4,951
  -5,229
  -5,520
  -5,823
  -6,141
  -6,472
  -6,820
  -7,183
  -7,563
  -7,961
  -8,378
  -8,815
  -9,273
Total debt, $m
  4,119
  4,861
  5,633
  6,436
  7,271
  8,138
  9,040
  9,976
  10,950
  11,963
  13,016
  14,112
  15,253
  16,442
  17,680
  18,972
  20,319
  21,725
  23,193
  24,726
  26,329
  28,004
  29,756
  31,589
  33,507
  35,515
  37,618
  39,820
  42,127
  44,544
Total liabilities, $m
  8,537
  9,279
  10,051
  10,854
  11,689
  12,556
  13,458
  14,395
  15,369
  16,381
  17,434
  18,530
  19,671
  20,860
  22,099
  23,390
  24,737
  26,143
  27,611
  29,145
  30,747
  32,423
  34,175
  36,008
  37,926
  39,934
  42,036
  44,238
  46,545
  48,962
Total equity, $m
  10,309
  11,205
  12,137
  13,107
  14,115
  15,162
  16,251
  17,382
  18,558
  19,780
  21,052
  22,375
  23,753
  25,189
  26,684
  28,244
  29,870
  31,568
  33,341
  35,193
  37,128
  39,151
  41,266
  43,479
  45,796
  48,220
  50,759
  53,418
  56,203
  59,122
Total liabilities and equity, $m
  18,846
  20,484
  22,188
  23,961
  25,804
  27,718
  29,709
  31,777
  33,927
  36,161
  38,486
  40,905
  43,424
  46,049
  48,783
  51,634
  54,607
  57,711
  60,952
  64,338
  67,875
  71,574
  75,441
  79,487
  83,722
  88,154
  92,795
  97,656
  102,748
  108,084
Debt-to-equity ratio
  0.400
  0.430
  0.460
  0.490
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.750
Adjusted equity ratio
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,203
  1,298
  1,397
  1,500
  1,607
  1,718
  1,834
  1,954
  2,078
  2,208
  2,422
  2,563
  2,709
  2,861
  3,020
  3,186
  3,358
  3,539
  3,727
  3,924
  4,129
  4,344
  4,569
  4,804
  5,050
  5,308
  5,578
  5,860
  6,156
  6,467
Depreciation, amort., depletion, $m
  1,147
  1,237
  1,331
  1,429
  1,530
  1,636
  1,745
  1,859
  1,978
  2,101
  2,120
  2,253
  2,392
  2,536
  2,687
  2,844
  3,008
  3,179
  3,357
  3,544
  3,738
  3,942
  4,155
  4,378
  4,611
  4,855
  5,111
  5,379
  5,659
  5,953
Funds from operations, $m
  2,350
  2,536
  2,728
  2,929
  3,137
  3,354
  3,579
  3,813
  4,056
  4,309
  4,542
  4,816
  5,101
  5,398
  5,707
  6,030
  6,366
  6,717
  7,084
  7,467
  7,868
  8,286
  8,724
  9,182
  9,661
  10,163
  10,689
  11,239
  11,816
  12,420
Change in working capital, $m
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -177
  -184
  -192
  -199
  -208
  -216
  -225
  -235
  -245
  -255
  -266
  -278
  -290
  -304
  -317
  -332
  -347
  -363
  -380
  -398
  -417
  -437
  -458
Cash from operations, $m
  2,485
  2,676
  2,875
  3,081
  3,295
  3,518
  3,750
  3,990
  4,240
  4,500
  4,742
  5,023
  5,317
  5,623
  5,942
  6,274
  6,621
  6,984
  7,362
  7,758
  8,171
  8,603
  9,056
  9,529
  10,025
  10,544
  11,087
  11,656
  12,253
  12,878
Maintenance CAPEX, $m
  -951
  -1,038
  -1,128
  -1,222
  -1,320
  -1,421
  -1,527
  -1,636
  -1,750
  -1,869
  -1,992
  -2,120
  -2,253
  -2,392
  -2,536
  -2,687
  -2,844
  -3,008
  -3,179
  -3,357
  -3,544
  -3,738
  -3,942
  -4,155
  -4,378
  -4,611
  -4,855
  -5,111
  -5,379
  -5,659
New CAPEX, $m
  -869
  -902
  -939
  -976
  -1,015
  -1,055
  -1,096
  -1,139
  -1,184
  -1,231
  -1,281
  -1,333
  -1,387
  -1,445
  -1,506
  -1,570
  -1,638
  -1,710
  -1,785
  -1,865
  -1,948
  -2,037
  -2,130
  -2,229
  -2,332
  -2,441
  -2,556
  -2,677
  -2,805
  -2,939
Cash from investing activities, $m
  -1,820
  -1,940
  -2,067
  -2,198
  -2,335
  -2,476
  -2,623
  -2,775
  -2,934
  -3,100
  -3,273
  -3,453
  -3,640
  -3,837
  -4,042
  -4,257
  -4,482
  -4,718
  -4,964
  -5,222
  -5,492
  -5,775
  -6,072
  -6,384
  -6,710
  -7,052
  -7,411
  -7,788
  -8,184
  -8,598
Free cash flow, $m
  665
  736
  808
  882
  961
  1,042
  1,127
  1,215
  1,306
  1,401
  1,469
  1,571
  1,676
  1,786
  1,899
  2,017
  2,139
  2,266
  2,398
  2,536
  2,679
  2,828
  2,983
  3,145
  3,314
  3,491
  3,675
  3,868
  4,069
  4,279
Issuance/(repayment) of debt, $m
  717
  742
  772
  803
  835
  867
  901
  937
  974
  1,013
  1,053
  1,096
  1,141
  1,189
  1,239
  1,291
  1,347
  1,406
  1,468
  1,533
  1,603
  1,675
  1,752
  1,833
  1,918
  2,008
  2,102
  2,202
  2,307
  2,417
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  717
  742
  772
  803
  835
  867
  901
  937
  974
  1,013
  1,053
  1,096
  1,141
  1,189
  1,239
  1,291
  1,347
  1,406
  1,468
  1,533
  1,603
  1,675
  1,752
  1,833
  1,918
  2,008
  2,102
  2,202
  2,307
  2,417
Total cash flow (excl. dividends), $m
  1,382
  1,478
  1,580
  1,685
  1,795
  1,910
  2,028
  2,152
  2,280
  2,413
  2,523
  2,667
  2,818
  2,974
  3,138
  3,308
  3,486
  3,672
  3,866
  4,069
  4,282
  4,503
  4,735
  4,978
  5,233
  5,499
  5,778
  6,070
  6,376
  6,697
Retained Cash Flow (-), $m
  -851
  -896
  -932
  -970
  -1,008
  -1,047
  -1,088
  -1,131
  -1,176
  -1,223
  -1,272
  -1,323
  -1,378
  -1,435
  -1,496
  -1,559
  -1,627
  -1,698
  -1,773
  -1,852
  -1,935
  -2,023
  -2,116
  -2,213
  -2,316
  -2,425
  -2,539
  -2,659
  -2,786
  -2,919
Prev. year cash balance distribution, $m
  628
  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
  41
  45
  49
  53
  57
  61
  66
  70
  75
  80
  86
  91
  97
  103
  109
  116
  122
  129
  137
  144
  152
  161
  170
  179
  188
  198
  209
  220
  231
  244
Cash available for distribution, $m
  1,159
  582
  647
  716
  787
  862
  940
  1,020
  1,104
  1,191
  1,251
  1,344
  1,440
  1,539
  1,642
  1,749
  1,860
  1,975
  2,094
  2,218
  2,346
  2,480
  2,620
  2,765
  2,916
  3,074
  3,239
  3,411
  3,590
  3,778
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
  1,111
  533
  563
  589
  610
  626
  635
  638
  634
  624
  594
  573
  547
  517
  482
  444
  405
  364
  322
  282
  243
  206
  172
  141
  113
  90
  70
  53
  39
  28
Current shareholders' claim on cash, %
  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., is an industrial gases company. The Company's Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. The Company is also a supplier of liquefied natural gas process technology and equipment. The Company operates through five segments: Industrial Gases-Americas, Industrial Gases-Europe, Middle East, and Africa (EMEA), Industrial Gases-Asia, Industrial Gases-Global, and Corporate and other.

FINANCIAL RATIOS  of  Air Products&Chemicals (APD)

Valuation Ratios
P/E Ratio 12
Price to Sales 4.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 22.9
Price to Free Cash Flow 68
Growth Rates
Sales Growth Rate 9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.5%
Cap. Spend. - 3 Yr. Gr. Rate -5.3%
Financial Strength
Quick Ratio 7
Current Ratio 0.1
LT Debt to Equity 33.7%
Total Debt to Equity 39.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 17%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 22.8%
Ret/ On T. Cap. - 3 Yr. Avg. 12.4%
Return On Equity 35%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 29.7%
Gross Margin - 3 Yr. Avg. 29.7%
EBITDA Margin 29.4%
EBITDA Margin - 3 Yr. Avg. 30.5%
Operating Margin 17.4%
Oper. Margin - 3 Yr. Avg. 17.8%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 36.6%
Net Profit Margin - 3 Yr. Avg. 20.5%
Effective Tax Rate 18.4%
Eff/ Tax Rate - 3 Yr. Avg. 23.3%
Payout Ratio 26.3%

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 $8188 million for the last fiscal year's total revenue generated by Air Products&Chemicals. The default revenue input number comes from 2017 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 9.1% 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 79.6%.

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 5.4% 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 0.5%.

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 116.2%.

Life of production assets of 10 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 -18.1%. 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 - $10086 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 218 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 $35.8 billion.

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COMPANY NEWS

▶ Air Products Declares Quarterly Dividend   [Jul-19-18 09:01AM  PR Newswire]
▶ Air Products Declares Quarterly Dividend   [May-16-18 03:58PM  PR Newswire]
▶ Air Products Celebrates World Water Day   [Mar-22-18 11:30AM  PR Newswire]
▶ 3 'Strong Buy' Dividend Stocks for 2018 and Beyond   [Mar-12-18 12:06PM  TheStreet.com]
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