After a Fresh Look at Air Liquide, We Maintain Our EUR 108 FVE and Narrow Moat Rating
After taking a fresh look at Air Liquide, we are maintaining our EUR 108 fair value estimate and narrow moat rating. Air Liquide has consistently earned returns in excess of its cost of capital throughout the last decade, and we think the company’s narrow moat will put it in a position to keep delivering attractive returns on invested capital. Additionally, we expect the company to benefit from strong cost and revenue synergies from its 2016 acquisition of Airgas. We believe Air Liquide is curre...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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