Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€345.00	Dgxr	Dqywlpf

Air Liquide Earnings: Poised to Capitalize on Growing Investment in Clean Hydrogen

Krzysztof Smalec

Oct 25, 2023

We’ve raised our fair value estimate for narrow-moat-rated Air Liquide to EUR 150 from EUR 148 following its third-quarter earnings, mostly due to time value of money. Air Liquide grew its third-quarter comparable sales by roughly 2% from the prior-year period. We view the stock as fairly valued at current levels, with shares in 3-star territory.

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