Air Liquide: Broad-based, Moderate Ramp-Up in 3Q Revenue; Airgas Integration On Track. Raise FVE
We expect to raise our fair value estimate to roughly EUR 110 from EUR 108 for narrow-moat Air Liquide following third-quarter results indicating stronger underlying revenue and cash flow growth plus steady progress on efficiency and integration programs. The stock remains firmly in 3-star territory, as we await clearer signs of accelerating organic growth toward its longer-term 6% annual average.Excluding effects of currency and energy costs, Air Liquide recorded 4.0% comparable growth in Gas ...
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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