Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€949.00	Lmrqp	Mmswqmgd

Air Liquide Earnings: Well-Positioned To Capitalize on Opportunities in Hydrogen and Electronics

Krzysztof Smalec

Jul 27, 2023

Narrow-moat-rated Air Liquide’s second-quarter comparable sales increased by 4% from the prior-year period, with broad-based growth across all regions and business lines, except for large industries. We’ve raised our fair value estimate to EUR 148 from EUR 145, which reflects our slightly more optimistic operating margin assumptions and the time value of money.

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