Strong Growth in Electronics and Healthcare Fuels Another Solid Quarter for Air Liquide; Raising FVE
We bump our fair value estimate for Air Liquide to EUR 111 from EUR 109 after the narrow-moat industrial gas supplier delivered another solid quarter, growing sales 9% year over year (5% on a comparable basis), with all segments contributing. The key drivers of our fair value adjustment are a slightly more optimistic revenue forecast for full-year 2019 and time value of money since our last update.Air Liquide continued its solid momentum, growing revenue in all geographies and end markets. The ...
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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