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Air Liquide: Oddo BHF still buying after results

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' recommendation on Air Liquide shares, with a target price of E216, pointing out that the industrial gas supplier's share is trading at 13x EV/EBITDA for FY 2025, versus nearly 18x for its peer Linde.


The group remains confident about the outlook for its markets, enabling it to commit to growing margins until 2026 (versus 2025 before), the analyst points out, who has only marginally adjusted his EBIT sequence for 2025/27.

Investment opportunities over the next 12 months amount to E4.1bn (of which over 40% related to the energy transition, compared with E3.4bn at end-2023), which makes it a key player in the energy transition, he continues.


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