Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€389.00	Pdqlv	Wyjkxbd

Air Liquide Posts Solid Q3 Results, Even With Lower Large Industries Volumes in Europe

Krzysztof Smalec

Oct 25, 2022

We are maintaining our EUR 140 fair value estimate for narrow-moat-rated Air Liquide after the industrial gas firm reported solid third-quarter results despite a slowdown in large industries volumes in Europe. We see the name as appropriately valued at current levels, with shares trading in 3-star territory.

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