Air Liquide's 2Q Reflects Moderate Growth and Steady Restructuring; Maintaining EUR 108 FVE
We expect to maintain our EUR 108 fair value estimate for narrow-moat Air Liquide following first-half results that reflect moderate revenue growth and steady progress on efficiency and integration programs. The stock remains firmly in 3-star territory as we await clearer signs of accelerating organic growth.Air Liquide recorded 2.7% comparable growth in gas and services revenue (97% of total) in the second quarter. Moderate growth prevailed across all major geographies and supply modes. Follow...
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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