Air Liquide : Still robust momentum in H1 2024
>Outperform rating, target price € 216 - These H1 figures are in line with the Advance plan (and its upgraded ambitions which see a ROCE of over 10% and operating margin improvement of 320bp for 2022-25). The investment opportunities for the next 12 months amount to € 4bn (with over 40% related to the energy transition vs € 3.4bn at end-2023), which makes the group a key name to play the energy transition. We confirm our Outperform rating (target price € 216). Ai...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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