L'Air Liquide S.A.

L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.
  • TickerAI
  • ISINFR0000120073
  • ExchangeEuronext Paris
  • SectorChemicals
  • CountryFrance

Analysts

David Silver

A focus on operating efficiencies should help Air Liquide improve its long-term operating margins.

Narrow-moat Air Liquide’s, or A-L's, generally favorable fourth-quarter and full-year 2015 results present a roadmap for the pickup in growth we anticipate at all four global industrial gas majors over the next year. Key elements include contributions from the startup and ramp-up of new facilities; strength in the less economically sensitive healthcare, electronics, and food and beverage sectors; and growth in emerging markets. We lower our fair value estimate to EUR 107 from EUR 112, mainly to ...

Air Liquide S.A.: Update to Discussion of Key Credit Factors

CORPORATES CREDIT OPINION 19 May 2017 Update RATINGS Air Liquide S.A. Domicile Paris, France Long Term Rating A3 Type LT Issuer Rating - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Stanislas Duquesnoy 49-69-70730-781 VP-Sr Credit Officer stanislas.duques

David Silver

A focus on operating efficiencies should help Air Liquide improve its long-term operating margins.

Narrow-moat Air Liquide’s, or A-L's, generally favorable fourth-quarter and full-year 2015 results present a roadmap for the pickup in growth we anticipate at all four global industrial gas majors over the next year. Key elements include contributions from the startup and ramp-up of new facilities; strength in the less economically sensitive healthcare, electronics, and food and beverage sectors; and growth in emerging markets. We lower our fair value estimate to EUR 107 from EUR 112, mainly to ...

David Silver

Industrials After Trump's Election: Greater Uncertainty but Defense Likely the Greatest Beneficiary

It’s challenging to predict what will happen following the election of Donald Trump as president, because he may lack the full support of the Republican Congress and may refine his policies as his team gathers information from business and labor leaders, but we can say with confidence that the near-term cone of uncertainty surrounding the performance of many industrial stocks just increased. Trump’s anti-free-trade rhetoric and policy uncertainty has led to an initially weaker U.S. dollar, which...

David Silver

With Airgas in the Fold, Air Liquide Seeks to Recharge Organic Growth: We Raise Our FVE to EUR 96

Narrow-moat Air Liquide’s third-quarter activity was dominated by the $13.1 billion Airgas acquisition, including initial integration steps and completion of a longer-term financing package. Its moderately favorable quarterly revenue and year-to-date results present a roadmap for the steady pickup we expect at all four global industrial gas, or IG, majors over the next year. Key elements include contributions from new facilities, strength in less economically sensitive healthcare and electronics...

David Silver

Praxair and Linde to Combine in All-Stock Merger to Create Industrial Gas Leader

We expect to raise our Praxair fair value estimate to $123 from $118 and maintain our Linde fair value estimate at EUR 160 to reflect the Dec. 20 announcement that the two industrial gas majors will merge in an all-stock transaction currently valued at over $65 billion. The shares of both companies fell 2%-3% upon announcement of the deal, probably reflecting the anticipation of an agreement. Both stocks rose in recent months as a potential merger has been discussed publicly since September, wit...

David Silver

Air Products Completes $3.8 Billion Sale of Performance Materials Unit to Evonik of Germany

Air Products announced Jan. 3 that it has completed the sale of its performance materials division to Evonik of Germany for $3.8 billion in cash. The firm announced the sale in May 2016 as part of a larger plan to divest its remaining nonindustrial gases businesses. We anticipate no change in our fair value estimate or narrow moat rating as a result. For management, completing the sale of its performance materials division is the final piece in a multiyear program to reposition the company, redu...

1 director sold

A director at Air Liquide sold 20,000 shares at 110.272EUR and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Nurhayati Wan

Air Liquide

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Nurhayati Wan

Air Liquide

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Nurhayati Wan

Air Liquide

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Nurhayati Wan

Air Liquide

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Jehanne Leroy

Proxy Report - 16/05/2018

Tout comme l’an dernier dans le cadre de la politique de rémunérations 2017, la société proposé cette année une augmentation du fixe pour 2018. Si cette hausse est certes peu significative (+3,9%), afin d’éviter tout effet inflationniste malvenu au regard des rémunérations déjà très généreuses du Président Directeur général, il aurait fallu qu’elle soit compensée par l’abaissement des bonus cible et maximum. Or, la société n’a pas compensée cette hausse. Ainsi, la rémunération maximum du Président Directeur général est désormais de 5,8 M€ €, ce qui est, bien évidemment, excessif.La société pro...

Jehanne Leroy

Proxy Report - 16/05/2018

As last year, the company proposes to increase the fixed remuneration without any counterpart. This has an inflationary impact we cannot support. The 2018 maximal remuneration of the Chairman and CEO will reach €5.8 M, which is 40% higher than the CAC 40 median.Moreover, the Chairman and CEO has the benefit of excessive post-employment benefits. Considering that he is already excessively paid, such post-employment payments are not acceptable.

Air Liquide – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Air Liquide - Assemblée générale des actionnaires du 07 mai 2019

RémunérationsConcernant les rémunérations 2018 du dirigeant, la transparence de la société est plutôt bonne mais elle ne communique toujours pas les objectifs a posteriori. Si l'absence de communication pour des raisons de confidentialité a priori s'entend parfaitement, une absence de communication alors que l'exercice est passé n'est pas compréhensible et empêche une claire compréhension de la part des actionnaires du lien entre performances effectivement réalisées et montant attribués. Par ailleurs, cela n’est pas en ligne avec les meilleures pratiques françaises et européennes. En raison de...

Expert Corporate Governance Service (ECGS)

Air Liquide - AGM 07 May 2019

ITEM 8: The Company’s disclosure, although acceptable, does not meet the market best practices and objectives to achieve in 2018 should have been disclosed. Moreover, amounts at stake (€5.6 M, i.e. 159% of the median total CEO remuneration in the Chemicals sector of the MSCI Europe) are excessive compared to market and sector practices. ITEM 9: Overall, changes proposed for the new remuneration policy are not significantly negative. However, dealing with the criteria redundancy seems to be a way for the Board to avoid dealing with the actual issues executives’ remuneration policies have at Ai...

Valérie GASTALDY

Analyse moyen terme - AIR LIQUIDE : La moyenne mobile sert de résistance.

Les sommets et les creux ne sont pas particulièrement inclinés, la tendance est neutre. Les cours consolident.Arguments :- La moyenne mobile sert de résistance.- Les prix évoluent dans un rectangle.

Valérie GASTALDY

Medium term view - AIR LIQUIDE : The moving average is capping prices.

Peaks and troughs are not clearly tilted, the trend is neutral. Prices are consolidating.Arguments :- The moving average is capping prices.- Prices are evolving within a rectangle.

Matthieu DRIOL

Analyse court terme - AIR LIQUIDE : Le retracement de 50% est atteint.

Lors de notre dernière analyse court terme (17/11/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 101,1 € et un niveau d'invalidation à 93,08 €. La tendance haussière reprend après la consolidation. Arguments : - Le retracement de 50% est...

Matthieu DRIOL

Short term view - AIR LIQUIDE : The 50% retracement has been reached.

In our previous short term analysis (17/11/2016), we were positive. We remain positive with a target at 101,1 € and an invalidation level at 93,08 €. The bullish trend resumes after the consolidation. Arguments : - The 50% retracement has been reached. - The moving average...

Matthieu DRIOL

Analyse court terme - AIR LIQUIDE : La moyenne mobile sert de support.

La tendance est toujours haussière, mais elle pourrait ralentir. Les indicateurs sont surachetés. Le prochain objectif est à 110,91 € Le niveau d'invalidation est sous 103,30 €.Arguments :- Le support est atteint, il cause le rebond.- La moyenne mobile sert de support.

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