Air Products Continues Impressive Earnings Growth Streak; Raising Fair Value Estimate
We raise our fair value estimate for narrow-moat industrial gas supplier Air Products to $190 from $187 per share as the company continues to show strong momentum, extending its adjusted EPS growth streak to 20 consecutive quarters. Despite 4% currency headwinds, Air Products delivered 12% year-over-year adjusted EPS growth and posted a record 37.7% adjusted EBITDA margin. Additionally, management raised its guidance range for full-year 2019 adjusted EPS to $8.15-$8.30 from $8.05-$8.30. Our fair...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.
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