Air Liquide First Quarter Reflects Moderate Broad-Based Organic Growth; We Raise our FVE to EUR 108.
We raise our fair value estimate for narrow moat Air Liquide to EUR 108 from EUR 101. Roughly two thirds of the increase reflects our assumption of lower future income tax rates, with the balance owing to moderately stronger organic growth signaled in its quarterly revenue report.Morningstar now believes federal tax reform under the current administration is more likely than not. We assumed a 25% statutory corporate tax rate on Air Liquide’s U.S. pretax income, down from the current rate of 35%...
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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