Air Liquide: Jefferies still a buyer

(CercleFinance.com) - Jefferies confirms its 'buy' recommendation on Air Liquide shares, maintaining its target price at E190, which represents 11% upside potential for the French supplier of gases for industry and healthcare.


The lack of volume growth in Air Liquide's industrial merchant (and group) business over the past five years has had a surprisingly limited impact on its ability to increase operating margins, it points out.

The broker estimates that the existing business underpins around 71% of the share price. Net prices (which remain solid) are a much more important valuation factor than volumes.


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