Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AIR LIQUIDE SA. We currently have 9 research reports from 1 professional analysts.
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AIR LIQUIDE SA
AIR LIQUIDE SA
Q3 16 in line; rather positive comments on the Airgas acquisition
25 Oct 16
Air Liquide released its Q3 trading statement. Sales reached €5,077m (+26.8% and -1.1% comparable). Year-to-date, revenues are up +9.5% (Airgas is consolidated as from 23 May 2016) and up +0.8% on a comparable basis at constant energy prices and currency.
H1 16 not very convincing; waiting for the share issue now
01 Aug 16
Air Liquide released H1 16 numbers showing a 2.2% increase in revenues to €8,116m, a 1.9% decrease in recurring operating income to €1,409m and a 4.6% decrease in net profit to €849m. These numbers include Airgas as of 23 May. Note the top-line on a comparable basis is up +1.7% (+2.4% in Q1) and operating income down 4.2% (vs -1.9% released). Net debt at 30 June reached €19.86bn (vs €7.24bn at year-end 15) and takes into account the Airgas acquisition.
Presentation of the "Neos" plan for 2016-2020
06 Jul 16
Air Liquide held its capital markets day in London on 6 June, unveiling its “Neos” plan to 2020. As far as key elements are concerned, the group is aiming at a revenue growth rate over the 2016-20 period of +6% to +8%, while it intends to generate substantial efficiency gains of at least €300m on average per year, in addition to synergies related to Airgas for a total amount above US$300m. The group also targets to reach a ROCE “in excess” of 10% within 5-6 years and to maintain its S&P “A” range rating.
Q116 trading statement: nothing special
26 Apr 16
Air Liquide Q1 16 trading statement. Q1 16 revenues reached €3,872m (-3.1% and +2.4% on a comparable basis). Forex (-1.9%) and Energy (-3.6%) weighed on the top line, explaining the huge gap between the nominal numbers and the figures on a comparable basis.
FY15 unsurprising; Airgas acquisition in the spotlight for FY16
16 Feb 16
Air Liquide released FY15 results. Sales reached €16,380m (+6.7% and +3.3% excluding currency, energy and changes in scope), recurring operating income reached €2,890m (+9.8% and +3.9%) and net profit €1,756m (+5.6% and +0.2%). Net debt at the end of 2015 amounted to €7,238m vs €6,306m a year before. A dividend of €2.60 will be proposed (vs €2.55 in FY14). As usual, the guidance is very vague, Air Liquide expecting for FY16 "another year of profitable growth, assuming a comparable environment", although this does not take into account the Airgas acquisition and its financing.
A few thoughts after the Airgas deal
22 Nov 15
After Air Liquide announced last Tuesday it was acquiring US-based Airgas, and despite the fact the deal still has to be approved by shareholders and anti-trust authorities and/or that other players (Air Poducts, Praxair) could consider a counter-bid, we have looked in more detail at the potential financial consequences of such a move.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.