Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€279.00	Hpzm	Tzdszmht

Air Liquide Earnings: Solid Growth in the Americas Partially Offset by Declines in Europe and Asia

Krzysztof Smalec

Apr 24, 2024

Wide-moat-rated Air Liquide reported solid first-quarter results, featuring 2% year-over-year comparable sales growth. Results varied by region, as comparable sales increased by 6% in the Americas and 11% in the Middle East and Africa but decreased by 1% in Asia Pacific and 2% in Europe. We are maintaining our EUR 185 fair value estimate given that nothing in the industrial gas firm's earnings release materially alters our long-term outlook. We see the name as fairly valued at current levels.

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