Air Liquide : Robust organic growth that is ahead on the road map
>Outperform rating and a target price of € 216 - Following the publication and conference call, we have slightly adjusted our EBIT forecasts for 2024-2026e (+2% on average). The decline in EPS follows the integration of the free share plan (10 for 1). We reiterate our Outperform rating on the stock; the group appears to be ahead of the Advance plan (and its upgraded ambitions which notably see ROCE of over 10% and operating margin improvement of 320bp for 2022-2025). ...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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