Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AIR LIQUIDE SA. We currently have 10 research reports from 1 professional analysts.
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AIR LIQUIDE SA
AIR LIQUIDE SA
FY16 roughly in line; moderate optimism going forward
15 Feb 17
Air Liquide released its FY16 results. Revenues reached €18,135m (+14.6% and +0.9% comparable), recurring operating income €3,024m (+5.9%) and net income €1,844m (+5%). Net debt at the end of FY16 amounted to €15,368m (vs €7,239m). The dividend proposed will be €2.60 and shareholders will be granted 1 free share for 10 existing. Remember Airgas is consolidated since 23 May 2016.
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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
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.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume