Air Liquide : Europe turns from headwind into tailwind & end-markets look encouraging, TP moves to € 192 (€ 188)
>We forecast Q1 2023 comparable sales growth of 4.8% in G&S, easy comps in Large Industries are expected to emerge as supportive element - We forecast Q1 2023 comparable sales growth of 4.3% (G&S: +4.8%) with the energy inflation effect starting to level out. We expect volumes in Large Industries to have recovered to -3% y-o-y in Q1 2023 as key clients (e.g. chemicals), especially in Europe (Q4 2022 volumes: -16% y-o-y), commenced plant ramp-ups after volatility an...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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