L'Air Liquide S.A.

L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.
  • TickerAI
  • ISINFR0000120073
  • ExchangeEuronext Paris
  • SectorChemicals
  • CountryFrance
Research Department

INFORME DIARIO 09 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS, CELLNEX, FLUIDRA, IAG, MAPFRE-BANKIA-CAIXABANK, MASMOVIL. EUROPA: AIRBUS, AIR LIQUIDE Fuerte caída del petróleo y las tecnológicas en EE.UU. Fuerte caída del petróleo ante los riesgos de sobreoferta a la que se sumó las ventas en las tecnológicas en EE.UU. mientras que en Europa las pérdidas se fueron reduciendo durante la parte final de la sesión. Con todo, en el Euro STOXX sólo Autos terminó con ganancias frente a Energía y Bancos, que presentaron las mayores caídas. Por el lado macro, en Alemania las exportaciones e impor...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market we...

Valérie GASTALDY

Short term view - AIR LIQUIDE : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €104.55.

Valérie GASTALDY

Analyse court terme - AIR LIQUIDE : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 104,55 €.

Valérie GASTALDY

Short term view - AIR LIQUIDE : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €104.55. The bearish trend would be challenged above €115.25.

Research Department

INFORME DIARIO 09 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS, CELLNEX, FLUIDRA, IAG, MAPFRE-BANKIA-CAIXABANK, MASMOVIL. EUROPA: AIRBUS, AIR LIQUIDE Fuerte caída del petróleo y las tecnológicas en EE.UU. Fuerte caída del petróleo ante los riesgos de sobreoferta a la que se sumó las ventas en las tecnológicas en EE.UU. mientras que en Europa las pérdidas se fueron reduciendo durante la parte final de la sesión. Con todo, en el Euro STOXX sólo Autos terminó con ganancias frente a Energía y Bancos, que presentaron las mayores caídas. Por el lado macro, en Alemania las exportaciones e impor...

Francisco Rodriguez

AIR LIQUIDE: MENSAJES DE LA CONFERENCE CALL RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. destacamos:  Evolución del negocio y perspectivas: Hay una elevada dispersión según sector, si bien en todos están viendo recuperación. Por regiones, también ven recuperación si bien en EE.UU. (~40% ventas) está siendo lenta. En cuanto a los precios, siguen previendo una evolución favorable en 2S’20 y se muestran razonablemente optimistas también de cara a 2021.  Margen: De cara al 2S’20, parte de la reducción de costes del 1S’20 (100 M euros; equivalente a 100 pbs de margen) desaparecerán en parte con el incremento previsto en actividad....

Research Department

INFORME DIARIO 30 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, BBVA, CAF, ENCE, FERROVIAL, IBERDROLA, INDRA, MASMOVIL, MERLIN, NEINOR, NH HOTELES EUROPA: AIRBUS, AIR LIQUIDE, AB INVEB, AIRBUS, SAFRAN, TOTAL, VOLKSWAGEN El Ibex de nuevo a la cola de Europa Jornada relativamente tranquila en la mayoría de los índices europeos salvo el Ibex, lastrada por los bancos y los valores turísticos. Así, dentro del Euro STOXX encabezaron las ganancias Inmobiliario y Retail frente Bancos y Autos que registraron las mayores caídas. Por el lado macro, en EE.UU. los inventarios mayoristas cayeron más de l...

Research Department

INFORME DIARIO 29 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, AEDAS, AENA, CELLNEX, IBERPAPEL, SANTANDER, VOCENTO. EUROPA: AIR LIQUIDE, AXA, INTESA, KERING, PREVIOS SEMANA PRÓXIMA, SANOFI Europa se estabiliza, pero siguen las dudas con el Covid-19 Los índices de Europa se mantuvieron en un rango lateral, muy influidos por el calendario de resultados empresariales. A destacar el rebote del Ibex 35 (+1%) que compensó las caídas del lunes. Dentro del Euro STOXX encabezaron las ganancias Viajes&Ocio e Inmobiliario frente a R. Básicos y S. Financieros que registraron las mayores caídas. Por el lado...

Research Department

INFORME DIARIO 29 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BBVA, CAMBIOS IBEX, IAG, METROVACESA. EUROPA: AIRBUS, AIR LIQUIDE, CAMBIOS EUROSTOXX 50, SAFRAN, SAP, SECTOR BANCOS FRANCIA. Europa y el Ibex mantienen la racha Nueva jornada de subidas en las bolsas europeas impulsadas por el plan de estímulo europeo. En el Euro STOXX Autos y Seguros fueron los dos únicos sectores que no presentaron ganancias, frente a Bienes de Consumo y Retail que fueron los que mejor comportamiento relativo tuvieron. Por el lado macro, en la Eurozona el índice de sentimiento económico de mayo decepcionó al mejorar muy...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - Fr

Fiat Chrysler Automobiles (Achat) : Confirme ses objectifs avant la fusion avec PSA ING (Achat) - 9M-19 : PNB de €13,9 mds (+2,1%) Lloyds Banking Group (Vente) - 9M-19 : RN de $2,0mds (-46,9%) Ryanair (Conserver) - S1/19-20 : Résultat opérationnel de €1,3md (-1%) Metro (Vente) : EP Global Commerce (EPGC) prévoit d’augmenter sa participation à ~30% Repsol (Achat) - 9M-19 : Résultat opérationnel de €2,9 mds (-6,5%) IAG (Achat) : Rachète la compagnie espagnole Air Europa pour €1 md Bombardier (Achat) : Cession de ses activités aérost...

Air Liquide S.A.: Update to Discussion of Key Credit Factors

CORPORATES CREDIT OPINION 19 May 2017 Update RATINGS Air Liquide S.A. Domicile Paris, France Long Term Rating A3 Type LT Issuer Rating - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Stanislas Duquesnoy 49-69-70730-781 VP-Sr Credit Officer stanislas.duques

L'AIR LIQUIDE reduced its risk exposure resulting in an upgrade to Slightly Positive

L'AIR LIQUIDE (FR), a company active in the Commodity Chemicals industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 24, 2020, the closing price was EUR 139.10 and its potential was estimated at EUR 146.06.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Air Liquide – AGM 5 May 2020

ITEM 11: The Chairman and CEO's 2020 remuneration policy includes the addition of a criterion relating to carbon emissions to the performance conditions of the long-term remuneration, which ECGS welcomes, but also the addition of a retirement insurance contract supplementing the defined benefit plan whose rights are frozen. This new plan, although less costly, remains excessive and does not comply with our voting policy, as Mr. Potier is already well remunerated. The approval of this new remuneration policy would be tantamount to approval of this retirement insurance contract. Thus, since, acc...

Jehanne Leroy

L'Air Liquide - Assemblée Générale des actionnaires du 5 mai 2020

RémunérationsLa politique de rémunération 2020 du Président Directeur Général comprend l’ajout d’un critère relatif aux émissions de carbone aux conditions de performance de la rémunération long-terme, ce que Proxinvest accueille favorablement, mais également l’ajout un contrat d’assurance-retraite complétant le régime à prestations définies dont les droits sont gelés. Ce nouveau régime, bien que présentant un cout moindre, demeure excessif et ne respecte pas notre politique de vote, M. Potier étant déjà largement rémunéré. Or, l’approbation de cette nouvelle politique de rémunération vaudrait...

Expert Corporate Governance Service (ECGS)

Air Liquide - AGM 07 May 2019

ITEM 8: The Company’s disclosure, although acceptable, does not meet the market best practices and objectives to achieve in 2018 should have been disclosed. Moreover, amounts at stake (€5.6 M, i.e. 159% of the median total CEO remuneration in the Chemicals sector of the MSCI Europe) are excessive compared to market and sector practices. ITEM 9: Overall, changes proposed for the new remuneration policy are not significantly negative. However, dealing with the criteria redundancy seems to be a way for the Board to avoid dealing with the actual issues executives’ remuneration policies have at Ai...

Jehanne Leroy

Air Liquide - Assemblée générale des actionnaires du 07 mai 2019

RémunérationsConcernant les rémunérations 2018 du dirigeant, la transparence de la société est plutôt bonne mais elle ne communique toujours pas les objectifs a posteriori. Si l'absence de communication pour des raisons de confidentialité a priori s'entend parfaitement, une absence de communication alors que l'exercice est passé n'est pas compréhensible et empêche une claire compréhension de la part des actionnaires du lien entre performances effectivement réalisées et montant attribués. Par ailleurs, cela n’est pas en ligne avec les meilleures pratiques françaises et européennes. En raison de...

Air Liquide – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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