Intrinsic value of Air Products&Chemicals - APD

Previous Close

$167.80

  Intrinsic Value

$81.70

stock screener

  Rating & Target

str. sell

-51%

Previous close

$167.80

 
Intrinsic value

$81.70

 
Up/down potential

-51%

 
Rating

str. sell

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  9.12
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  8,188
  9,269
  10,416
  11,629
  12,906
  14,245
  15,647
  17,111
  18,638
  20,228
  21,882
  23,602
  25,389
  27,246
  29,177
  31,183
  33,268
  35,437
  37,694
  40,043
  42,488
  45,036
  47,692
  50,462
  53,352
  56,368
  59,518
  62,810
  66,250
  69,846
  73,609
Variable operating expenses, $m
 
  7,378
  8,282
  9,238
  10,244
  11,300
  12,405
  13,559
  14,762
  16,015
  17,319
  18,602
  20,011
  21,475
  22,997
  24,578
  26,222
  27,931
  29,710
  31,561
  33,488
  35,497
  37,590
  39,773
  42,051
  44,428
  46,911
  49,505
  52,217
  55,052
  58,017
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
  6,760
  7,378
  8,282
  9,238
  10,244
  11,300
  12,405
  13,559
  14,762
  16,015
  17,319
  18,602
  20,011
  21,475
  22,997
  24,578
  26,222
  27,931
  29,710
  31,561
  33,488
  35,497
  37,590
  39,773
  42,051
  44,428
  46,911
  49,505
  52,217
  55,052
  58,017
Operating income, $m
  1,428
  1,891
  2,134
  2,391
  2,661
  2,945
  3,242
  3,552
  3,876
  4,212
  4,563
  4,999
  5,378
  5,771
  6,180
  6,605
  7,047
  7,506
  7,984
  8,482
  9,000
  9,539
  10,102
  10,689
  11,301
  11,940
  12,607
  13,304
  14,033
  14,795
  15,592
EBITDA, $m
  2,294
  2,862
  3,216
  3,590
  3,984
  4,398
  4,831
  5,283
  5,754
  6,245
  6,756
  7,286
  7,838
  8,412
  9,008
  9,627
  10,271
  10,940
  11,637
  12,362
  13,117
  13,904
  14,724
  15,579
  16,471
  17,402
  18,375
  19,391
  20,453
  21,563
  22,725
Interest expense (income), $m
  126
  119
  155
  193
  234
  277
  321
  368
  417
  468
  521
  577
  634
  694
  756
  820
  888
  957
  1,030
  1,105
  1,184
  1,265
  1,351
  1,439
  1,532
  1,628
  1,729
  1,835
  1,945
  2,059
  2,180
Earnings before tax, $m
  1,416
  1,772
  1,979
  2,198
  2,427
  2,668
  2,921
  3,184
  3,458
  3,744
  4,041
  4,423
  4,744
  5,077
  5,424
  5,785
  6,159
  6,549
  6,955
  7,377
  7,816
  8,274
  8,752
  9,249
  9,769
  10,311
  10,878
  11,470
  12,088
  12,735
  13,412
Tax expense, $m
  261
  478
  534
  593
  655
  720
  789
  860
  934
  1,011
  1,091
  1,194
  1,281
  1,371
  1,465
  1,562
  1,663
  1,768
  1,878
  1,992
  2,110
  2,234
  2,363
  2,497
  2,638
  2,784
  2,937
  3,097
  3,264
  3,439
  3,621
Net income, $m
  3,000
  1,294
  1,445
  1,604
  1,772
  1,948
  2,132
  2,324
  2,525
  2,733
  2,950
  3,228
  3,463
  3,707
  3,960
  4,223
  4,496
  4,781
  5,077
  5,385
  5,706
  6,040
  6,389
  6,752
  7,131
  7,527
  7,941
  8,373
  8,824
  9,297
  9,791

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,678
  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
  18,467
  16,731
  18,802
  20,991
  23,295
  25,713
  28,244
  30,887
  33,643
  36,512
  39,498
  42,602
  45,829
  49,181
  52,666
  56,287
  60,051
  63,966
  68,040
  72,279
  76,694
  81,293
  86,087
  91,086
  96,303
  101,748
  107,434
  113,375
  119,584
  126,077
  132,867
Adjusted assets (=assets-cash), $m
  14,789
  16,731
  18,802
  20,991
  23,295
  25,713
  28,244
  30,887
  33,643
  36,512
  39,498
  42,602
  45,829
  49,181
  52,666
  56,287
  60,051
  63,966
  68,040
  72,279
  76,694
  81,293
  86,087
  91,086
  96,303
  101,748
  107,434
  113,375
  119,584
  126,077
  132,867
Revenue / Adjusted assets
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
Average production assets, $m
  8,728
  9,881
  11,104
  12,396
  13,757
  15,185
  16,680
  18,241
  19,868
  21,563
  23,326
  25,159
  27,065
  29,045
  31,102
  33,241
  35,464
  37,776
  40,182
  42,685
  45,292
  48,009
  50,840
  53,792
  56,873
  60,088
  63,447
  66,955
  70,622
  74,456
  78,467
Working capital, $m
  3,388
  306
  344
  384
  426
  470
  516
  565
  615
  668
  722
  779
  838
  899
  963
  1,029
  1,098
  1,169
  1,244
  1,321
  1,402
  1,486
  1,574
  1,665
  1,761
  1,860
  1,964
  2,073
  2,186
  2,305
  2,429
Total debt, $m
  3,963
  4,433
  5,528
  6,686
  7,905
  9,184
  10,523
  11,921
  13,379
  14,897
  16,476
  18,119
  19,825
  21,599
  23,442
  25,358
  27,349
  29,420
  31,575
  33,818
  36,153
  38,586
  41,122
  43,767
  46,526
  49,406
  52,415
  55,557
  58,842
  62,277
  65,869
Total liabilities, $m
  8,381
  8,851
  9,946
  11,104
  12,323
  13,602
  14,941
  16,339
  17,797
  19,315
  20,894
  22,537
  24,243
  26,017
  27,860
  29,776
  31,767
  33,838
  35,993
  38,236
  40,571
  43,004
  45,540
  48,185
  50,944
  53,824
  56,833
  59,975
  63,260
  66,695
  70,287
Total equity, $m
  10,086
  7,880
  8,856
  9,887
  10,972
  12,111
  13,303
  14,548
  15,846
  17,197
  18,604
  20,066
  21,585
  23,164
  24,805
  26,511
  28,284
  30,128
  32,047
  34,043
  36,123
  38,289
  40,547
  42,902
  45,359
  47,923
  50,601
  53,400
  56,324
  59,382
  62,581
Total liabilities and equity, $m
  18,467
  16,731
  18,802
  20,991
  23,295
  25,713
  28,244
  30,887
  33,643
  36,512
  39,498
  42,603
  45,828
  49,181
  52,665
  56,287
  60,051
  63,966
  68,040
  72,279
  76,694
  81,293
  86,087
  91,087
  96,303
  101,747
  107,434
  113,375
  119,584
  126,077
  132,868
Debt-to-equity ratio
  0.393
  0.560
  0.620
  0.680
  0.720
  0.760
  0.790
  0.820
  0.840
  0.870
  0.890
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
  1.050
Adjusted equity ratio
  0.443
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,000
  1,294
  1,445
  1,604
  1,772
  1,948
  2,132
  2,324
  2,525
  2,733
  2,950
  3,228
  3,463
  3,707
  3,960
  4,223
  4,496
  4,781
  5,077
  5,385
  5,706
  6,040
  6,389
  6,752
  7,131
  7,527
  7,941
  8,373
  8,824
  9,297
  9,791
Depreciation, amort., depletion, $m
  866
  970
  1,082
  1,199
  1,323
  1,453
  1,589
  1,730
  1,878
  2,032
  2,193
  2,287
  2,460
  2,640
  2,827
  3,022
  3,224
  3,434
  3,653
  3,880
  4,117
  4,364
  4,622
  4,890
  5,170
  5,463
  5,768
  6,087
  6,420
  6,769
  7,133
Funds from operations, $m
  1,616
  2,264
  2,526
  2,803
  3,095
  3,401
  3,721
  4,055
  4,403
  4,766
  5,143
  5,516
  5,923
  6,347
  6,787
  7,245
  7,720
  8,215
  8,730
  9,265
  9,823
  10,405
  11,010
  11,642
  12,302
  12,990
  13,709
  14,460
  15,245
  16,065
  16,924
Change in working capital, $m
  48
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  59
  61
  64
  66
  69
  72
  74
  78
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  124
Cash from operations, $m
  1,568
  2,228
  2,488
  2,763
  3,053
  3,356
  3,674
  4,006
  4,353
  4,713
  5,088
  5,459
  5,864
  6,286
  6,723
  7,178
  7,652
  8,143
  8,655
  9,188
  9,743
  10,320
  10,923
  11,551
  12,206
  12,890
  13,605
  14,351
  15,131
  15,947
  16,800
Maintenance CAPEX, $m
  0
  -793
  -898
  -1,009
  -1,127
  -1,251
  -1,380
  -1,516
  -1,658
  -1,806
  -1,960
  -2,121
  -2,287
  -2,460
  -2,640
  -2,827
  -3,022
  -3,224
  -3,434
  -3,653
  -3,880
  -4,117
  -4,364
  -4,622
  -4,890
  -5,170
  -5,463
  -5,768
  -6,087
  -6,420
  -6,769
New CAPEX, $m
  -1,040
  -1,153
  -1,223
  -1,293
  -1,361
  -1,428
  -1,495
  -1,561
  -1,627
  -1,695
  -1,763
  -1,833
  -1,905
  -1,980
  -2,058
  -2,139
  -2,223
  -2,312
  -2,405
  -2,504
  -2,607
  -2,716
  -2,831
  -2,953
  -3,081
  -3,216
  -3,358
  -3,508
  -3,667
  -3,834
  -4,010
Cash from investing activities, $m
  2,333
  -1,946
  -2,121
  -2,302
  -2,488
  -2,679
  -2,875
  -3,077
  -3,285
  -3,501
  -3,723
  -3,954
  -4,192
  -4,440
  -4,698
  -4,966
  -5,245
  -5,536
  -5,839
  -6,157
  -6,487
  -6,833
  -7,195
  -7,575
  -7,971
  -8,386
  -8,821
  -9,276
  -9,754
  -10,254
  -10,779
Free cash flow, $m
  3,901
  282
  367
  461
  565
  678
  799
  929
  1,067
  1,212
  1,365
  1,505
  1,672
  1,845
  2,025
  2,212
  2,406
  2,607
  2,816
  3,031
  3,255
  3,487
  3,727
  3,977
  4,235
  4,504
  4,784
  5,075
  5,377
  5,692
  6,021
Issuance/(repayment) of debt, $m
  -1,280
  1,030
  1,096
  1,158
  1,219
  1,279
  1,339
  1,398
  1,458
  1,518
  1,579
  1,642
  1,707
  1,774
  1,843
  1,916
  1,991
  2,071
  2,155
  2,243
  2,335
  2,433
  2,536
  2,645
  2,759
  2,880
  3,008
  3,143
  3,285
  3,434
  3,592
Issuance/(repurchase) of shares, $m
  68
  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  
  -1,183
  1,030
  1,096
  1,158
  1,219
  1,279
  1,339
  1,398
  1,458
  1,518
  1,579
  1,642
  1,707
  1,774
  1,843
  1,916
  1,991
  2,071
  2,155
  2,243
  2,335
  2,433
  2,536
  2,645
  2,759
  2,880
  3,008
  3,143
  3,285
  3,434
  3,592
Total cash flow (excl. dividends), $m
  2,731
  1,311
  1,463
  1,619
  1,784
  1,957
  2,138
  2,327
  2,525
  2,730
  2,944
  3,147
  3,379
  3,619
  3,869
  4,128
  4,398
  4,678
  4,970
  5,274
  5,590
  5,920
  6,263
  6,621
  6,995
  7,385
  7,792
  8,217
  8,662
  9,127
  9,613
Retained Cash Flow (-), $m
  -3,006
  -912
  -976
  -1,031
  -1,085
  -1,139
  -1,192
  -1,245
  -1,298
  -1,352
  -1,406
  -1,462
  -1,520
  -1,579
  -1,641
  -1,706
  -1,773
  -1,844
  -1,918
  -1,997
  -2,079
  -2,166
  -2,258
  -2,355
  -2,457
  -2,565
  -2,678
  -2,798
  -2,925
  -3,058
  -3,198
Prev. year cash balance distribution, $m
 
  3,118
  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
 
  3,517
  487
  588
  699
  818
  946
  1,083
  1,227
  1,379
  1,538
  1,685
  1,859
  2,040
  2,227
  2,422
  2,625
  2,834
  3,052
  3,277
  3,511
  3,754
  4,005
  4,267
  4,538
  4,820
  5,114
  5,419
  5,737
  6,069
  6,415
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
 
  3,372
  446
  512
  575
  634
  687
  731
  767
  792
  806
  800
  793
  776
  748
  711
  667
  617
  562
  505
  446
  388
  332
  280
  231
  188
  149
  116
  89
  66
  48
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., 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 12.2
Price to Sales 4.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 23.4
Price to Free Cash Flow 69.4
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 13.2% 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 79.7%.

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 106.6%.

Life of production assets of 11 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 3.3%. 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 219.527 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 $36.8 billion.

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COMPANY NEWS

▶ What Praxairs Short Interest Suggests before 4Q17 Earnings   [Jan-19-18 10:33AM  Market Realist]
▶ APD to Acquire Coal Gasification Technology from Shell   [Jan-16-18 09:25AM  Market Realist]
▶ Can PPG Industries Beat Analysts Earnings Estimates?   [Jan-12-18 09:10AM  Market Realist]
▶ Stocks With Rising Relative Strength: Air Products & Chemicals   [Dec-26-17 03:00AM  Investor's Business Daily]
▶ Air Products & Chemicals Looks to Fill a Gap   [Dec-19-17 02:37PM  TheStreet.com]
▶ Praxairs Valuation: Where It Stands Compared to Its Peer   [Dec-01-17 09:01AM  Market Realist]
▶ Air Products and Chemicals Expands in China   [10:47AM  Market Realist]
▶ Air Products & Chemicals Chief Gets Extension   [Nov-20-17 02:35PM  Market Realist]
▶ Best NYSE Materials Dividend Picks For The Day   [Nov-19-17 01:02PM  Simply Wall St.]
▶ Air Products Declares Quarterly Dividend   [11:56AM  PR Newswire]
▶ Kiplinger Dividend 15: Our Top Dividend Picks   [Nov-03-17 12:20PM  Kiplinger]
Financial statements of APD
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