Air Products' 15% 3Q EPS Growth Driven by Stronger Volumes and Rising Efficiency; We Raise our FVE.
We plan to raise our fair value estimate of $143 per share by 2%-3% for narrow-moat industrial gas, or IG, major Air Products to reflect strong third-quarter results that raised our confidence in forecast earnings growth and cash flow generation. Fiscal third-quarter adjusted EPS growth of 15% mainly reflected benefits from meaningful volume growth and rising efficiency, partly offset by flat average selling prices, unfavorable currency effects and some business transition costs.Financial flexi...
Air Products and Chemicals serves customers globally with a portfolio of products, services, and solutions that include atmospheric gases, process and other gases, equipment, and services. The company is a supplier of hydrogen and is engaged in helium and liquefied natural gas (LNG) process technology and equipment. The company also develops, engineers, builds, owns and operates industrial gas projects, including gasification projects that convert abundant natural resources into syngas for the production of power, fuels and chemicals. The company designs and manufactures equipment for air separation, hydrocarbon recovery and purification, LNG, and liquid helium and liquid hydrogen transport and storage.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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