Air Liquide's Stronger 2H Organic Sales Growth and Efficiency Support 12% Dividend Hike; Raising FVE
We expect to raise our EUR 108 fair value estimate by 2%-4% for narrow-moat Air Liquide following solid second-half results, to reflect our moderately stronger organic revenue growth forecast, steady efficiency gains, and benefits from U.S. tax reform. The stock remains in 3-star territory, as significant currency headwinds tied to a stronger euro are likely to limit 2018 operating earnings growth relative to most industrial gas peers.Fourth-quarter results reflected sequential improvement and ...
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