Report
David Silver
EUR 147.86 For Business Accounts Only

A focus on operating efficiencies should help Air Liquide improve its long-term operating margins.

Narrow-moat Air Liquide’s, or A-L's, generally favorable fourth-quarter and full-year 2015 results present a roadmap for the pickup in growth we anticipate at all four global industrial gas majors over the next year. Key elements include contributions from the startup and ramp-up of new facilities; strength in the less economically sensitive healthcare, electronics, and food and beverage sectors; and growth in emerging markets.
We lower our fair value estimate to EUR 107 from EUR 112, mainly to ...
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
Morningstar
Morningstar

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.

Analysts
David Silver

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