Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€245.00	Yhb	Dqsbgzpg

Air Liquide Earnings: Driving Profitable Growth as Margin Expansion Accelerates

Krzysztof Smalec

Feb 20, 2024

Narrow-moat-rated Air Liquide ended 2023 on a strong note, as full-year revenue grew roughly 4% on a comparable basis and earnings per share increased nearly 12%. After rolling our model forward one year, we’ve raised our fair value estimate to EUR 162 per share from EUR 150 to reflect our more optimistic midcycle operating margin assumptions as well as the time value of money.

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