Air Liquide: Liberum maintains buy rating after results

(CercleFinance.com) - Liberum has reaffirmed its "buy" rating on the Air Liquide stock, maintaining its target price of 126 euros, after the French industrial gas published annual results, resulting in the rapid growth of its electronic gas business.


The broker underlines that it has achieved impressive organic growth every quarter in 2018 (+ 10% like-for-like over the year), boosted by a structural increase in its advanced materials business.

"Electronics is only 9% of Gases revenues today and probably 10-12% of profits but is an underappreciated asset with above average returns and the potential to sustain growth 2x the group average," it continued.

“Air Liquide's Electronic Gases business enjoyed impressive organic growth in 2018 in every quarter (+10% LFL for year) buoyed by a structural growth story in its advanced materials business where the materials intensity of semiconductor and display manufacturing is increasing.”


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