Air Liquide Ends 2018 With a Solid 4Q; Modestly Raising FVE
We modestly raise our fair value estimate for Air Liquide to EUR 109 from EUR 108 after the narrow-moat industrial gas producer announced solid fourth-quarter results, growing sales in all geographies and end markets. The fair value increase is primarily due to time value of money since our last update. Nothing in the earnings release fundamentally alters our long-term outlook, and we remain optimistic about the company’s prospects.Full-year revenue grew roughly 3% year over year (6% on a compa...
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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