AIR LIQUIDE: VENTAS 3T’20 (ANÁLISIS BANCO SABADELL)
Vtas. 3T'20 vs 3T'19:Ventas: 4.980 M euros (-8,7% vs -11,8% BS(e) y -10,6% consenso);
Vtas. 9meses'20 vs 9meses'19:
Ventas: 15.253 M euros (-7,0% vs -8,1% BS(e) y -7,7% consenso).
Ha presentado Ventas 3T’20 mejores de lo esperado, con un crecimiento Lfl en el trimestre de -0,9% (vs -3,5% BS(e), -2,7% de consenso y -6,9% de 2T’20). Por divisiones, Large Industries (~24% ventas), Healthcare (19% ventas) y Electronics (~10% ventas) han evolucionado claramente por encima de lo previsto, mientras por regiones destacan China y Europa (ambas con ventas superiores al 3T’19).
La compañía mantiene su guidance de “mejorar márgenes” (vs +70 pbs BS(e) y +80 pbs de consenso) y obtener un BDI recurrente similar al de 2019” (vs -1,4% BS(e) y -1,2% consenso). Esperamos acogida positiva, máxime tras la debilidad del valor en el último mes (-4,5% vs ES50). COMPRAR. P.O. 160,00 euros/acc. (potencial +22,84%).
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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