Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€356.00	Wvgh	Tykzhnd

Air Liquide Earnings: Sales Climb 7%, With Growth Across All Regions

Krzysztof Smalec

Apr 27, 2023

Narrow-moat-rated Air Liquide started 2023 with a strong first quarter, with growth in all regions and business lines except for large industries, though the latter showed signs of sequential recovery. We’ve increased our fair value estimate to EUR 145 from EUR 140, driven by our slightly more optimistic revenue growth projections as well as time value of money.

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