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The group’s comparable growth slowed compared to the previous quarters on the back of the weaker Larger Industries and Electronics. Our numbers now look a tad optimistic for the full year and we will most likely revise them down, with a small impact on the valuation. We feel comfortable with our recommendation and target price at this stage.
Companies: Air Liquide (AI:EPA)Air Liquide SA (AI:PAR)
As expected Air Liquide released a very decent set of results for Q123.
The slowdown in growth in Q2 is not alarming given its magnitude and the comparison basis.
It will still have to be monitored in the light of slower global GDP growth.
Little change to our numbers much after this release.
The group issued decent (top-line) numbers for Q1 23 with comparable growth at +6.2%. This was supported by all segments apart from Large Industries which is still under pressure (albeit improving). The investment backlog is stable and should free up growth in the quarters to come. No big change to be expected in our numbers, which may still go a bit higher in terms of FY23 revenues.
The group posted in line results for FY22.
There was some slight weakness in the Q4 at the top-line level however.
The progressive recovery of Large Industries should support the FY23 results.
The group issued the “same old outlook”.
We will not change our numbers materially after this release.
The group’s comparable growth accelerated in Q3.
This was largely attributable to Industrial Merchant and Electronics.
The group looks set to reach its target for the full year.
Air Liquide posted a decent set of numbers for Q2 22
Margins excluding the impact of energy prices held up well
The group seems on track to reach its yearly targets
Obviously, (gas) disruptions could change the situation
The Q1 22 revenues came in above market expectations.
This mainly stemmed from America and Industrial Merchant, even if all segments did pretty well.
The impact of Ukraine and a potential slowdown in world economies is not yet being felt.
We will marginally upgrade our forecasts.
Air Liquide set decent targets for FY25 at its capital markets day
They include an improvement in top-line growth, margins and ROCE
The group also emphasised what it considers it key markets going forward
It also focused on its main ESG taregts
FY21 results are in line with both consensus and our numbers (even slightly higher).
By segment, the group’s top line was driven by all segments and geographies after a weaker FY20.
The trends in Q4 are very similar to what was witnessed in Q3.
The outlook is similar to what it has been “for years”, so no surprise on that front either.
Expect only marginal changes to our numbers. Our recommendation will stay the same (Add).
The group’s Q321 trading statement shows a rebound for the industrial activities
The momentum in the Electronics and Healthcare businesses remains strong
By region, the top line was driven by the Americas and the Middle East
We will fine-tune our numbers upwards after this release
Air Liquide saw a rebound of the industrial activities in Q2, while Electronics and Healthcare remained at a high level
Geographically, all regions benefited
Efficiencies (understand cost-cutting) reached €206m in the half year (target over €400m for FY21)
In this context, the comparable operating margin is up 100bp, a decent number given the top line
“Investment opportunities” for the next 12 months amount to €3.1bn
We will upgrade a tick forecasts and valuation
Q1 21 revenues came in widely in line with expectations
Growth has been pushed by a favourable comparison basis, most of all in Asia
The cost-cutting impact was in line with historical performance
We will not materially change our numbers after this release
FY20 results came out well in line with expectations
The rebound witnessed in Q3 was confirmed in Q4
Costs were well under control (partly helped by travel restrictions)
The “same old” outlook, which is ok
No major changes to be expected in our numbers
Q3 sales unsurprisingly better than Q2
Healthcare and Electronics were still very strong
Industrial merchant still strongly impacted by the pandemic
We will not materially change our estimates after this release
Companies: Air Liquide SA
The H1 20 numbers confirm the impressive resilience of the group’s businesses
Margins were improved despite some pressure on the top line
The outlook for H2 is rather reassuring
We will only fine-tune our numbers
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