Air Liquide Shifts Focus Toward Accelerating Organic Growth in 2017; We Raise our FVE to EUR 101.
Narrow moat Air Liquide’s fourth-quarter results and management discussion remain dominated by the $13.1 billion Airgas acquisition, including initial integration steps, completion of a longer-term financing package, and synergy potential. Moderately favorable quarterly and full-year results present a roadmap for the steady pick-up we expect at all four global industrial gas, or IG majors over the next year.We raise our fair value estimate to EUR 101 from EUR 93 mainly to reflect a lower WACC t...
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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