After a Fresh Look at Air Liquide, We Maintain Our EUR 108 FVE and Narrow Moat Rating
We are maintaining our EUR 108 fair value estimate for narrow-moat Air Liquide after the company announced third-quarter sales that were roughly in line with our expectations.Air Liquide increased revenue across all segments and geographic zones. Third-quarter group revenue increased 6% on a comparable basis to EUR 5.3 billion, driven by 5.2% revenue growth in gas and services, which constitutes over 95% of the company’s total revenue. Electronics revenue grew 8.5%, benefiting from three new i...
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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