Report
João Calado
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BiG Research Alpha Idea: Air Liquide

Air Liquide was founded in 1902 by the inventor of the industrial process for the
production of oxygen from liquid air, Georges Claude and a visionary entrepreneur, Paul
Delorme. In 1952, the company developed the storage of gas in liquid form which
allowed it to transport vast quantities by road or rail. In 1960 the large industries
segment was launched to supply oxygen for the steel industry and nitrogen to chemical
industry. These clients are bond by large duration contracts (>15 years) and currently the
group manages more than 9400km of pipelines worldwide. Around 1995 the group
started to supply oxygen and therapeutic gases used for anesthesia, resuscitation and
pain relief in the healthcare sector.

Underlying
Air Liquide SA

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.

Provider
BiG Research
BiG Research

Banco de Investimento Global, S.A. (BiG) is a privately-held, specialized financial institution, with headquarters in Lisbon, and is licensed to operate in all business areas open to the banking sector in Portugal.

BiG Research specializes in finding long term investment ideas in European and US markets.

Analysts
João Calado

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