Air Liquide 1Q Results Confirm Global Economic Acceleration, Steady Internal Progress. Maintain FVE.
We expect to maintain our EUR 108 fair value estimate for narrow-moat Air Liquide following its first-quarter sales update that reflects stronger underlying revenue growth, as well as steady progress on efficiency and integration programs. The stock remains firmly in 3-star territory as we await clearer signs of undervalued growth potential.First quarter Group revenue declined 3.2% on a reported basis, but rose a solid 6.0% on a comparable basis (excluding negative currency translation of more ...
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