A focus on operating efficiencies should help Air Liquide improve its long-term operating margins.
We do not expect to materially change our EUR 108 fair value estimate for narrow-moat Air Liquide following a first-half sales update that reflected 5% growth in gas and services revenue and top-line growth in every geographic region.First-half group revenue increased 6% on a comparable basis to EUR 10.2 billion, excluding negative currency translation of 7 percentage points and energy cost pass-throughs. Gas and services revenue, constituting more than 95% of the company's total revenue, grew ...
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.
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