Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€578.00	Bbmg	Cwrvrzff

Acceleration of Investment Decisions Positions Air Liquide Well for Future Growth; Maintaining FVE

Krzysztof Smalec

Feb 16, 2023

We are maintaining our EUR 140 fair value estimate for narrow-moat-rated Air Liquide as nothing in its fourth-quarter earnings release materially alters our long-term outlook for the firm. Despite a challenging macroeconomic environment, the industrial gas firm grew its full-year 2022 comparable revenue and EPS both by 7% from the prior year. We see the name as appropriately valued at current levels, with shares trading in 3-star territory.

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