Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Air Products & Chemicals Inc. (NYSE:APD)

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Enterprise Value to FCFF (EV/FCFF)

Intermediate level


Free Cash Flow to The Firm (FCFF)

Air Products & Chemicals Inc., FCFF calculation

US$ in thousands

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12 months ended: Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Net income attributable to Air Products
Net income attributable to noncontrolling interests
Net noncash charges
Working capital changes that provided (used) cash, excluding effects of acquisitions
Cash provided by operating activities
Cash paid for interest, net of amounts capitalized, net of tax1
Capitalized interest, net of tax2
Additions to plant and equipment
Free cash flow to the firm (FCFF)

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Air Products & Chemicals Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Air Products & Chemicals Inc.’s FCFF decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

Interest Paid, Net of Tax

Air Products & Chemicals Inc., interest paid, net of tax calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Effective Income Tax Rate (EITR)
EITR1
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax
Less: Cash paid for interest, net of amounts capitalized, tax2
Cash paid for interest, net of amounts capitalized, net of tax
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax
Less: Capitalized interest, tax3
Capitalized interest, net of tax

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

1 See details »

2 2019 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= × =

3 2019 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= × =


Enterprise Value to FCFF Ratio, Current

Air Products & Chemicals Inc., current EV/FCFF calculation, comparison to benchmarks

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Selected Financial Data (US$ in thousands)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Ecolab Inc.
Linde plc
EV/FCFF, Sector
Chemicals
EV/FCFF, Industry
Basic Materials

Based on: 10-K (filing date: 2019-11-26).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Air Products & Chemicals Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1
Free cash flow to the firm (FCFF)2
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
Ecolab Inc.
Linde plc
EV/FCFF, Sector
Chemicals
EV/FCFF, Industry
Basic Materials

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

1 See details »

2 See details »

3 2019 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Air Products & Chemicals Inc.’s EV/FCFF ratio increased from 2017 to 2018 and from 2018 to 2019.