First Read: Air Liquide "Best of Europe Virtual Conference 2026 - Feedback"

研报英文原文证据摘录

First Read: Air Liquide "Best of Europe Virtual Conference 2026 - Feedback"

Global Research

14 May 2026ab

First Read

EquitiesAir Liquide

Best of Europe Virtual Conference 2026 - France

Feedback Chemicals, Specialty

12-month rating Buy

12m price target €210.00

Air Liquide at the Best of Europe Virtual Conference 2026

We hosted Joseph Marczely, Investor Relations (North America), today for group

meetings. Price (14 May 2026) €178.96

RIC: AIRP.PA BBG: AI FP

Key takeaways

Trading data and key metrics

Cautiously constructive. Air Liquide struck a cautious but incrementally more

52-wk range €188.54-155.68

constructive tone on fundamentals, with management emphasizing that current areas

Market cap. €103b/US$121b

of strength remain relatively selective rather than indicative of a broader cyclical

recovery. Improving activity on the US Gulf Coast, and continued momentum in Shares o/s 577m (ORD)

electronics were highlighted as key positives, while Europe - particularly chemicals and Free float 100%

refining - remain weak and likely requires further restructuring/rightsizing. Electronics Avg. daily volume ('000) 979

continues to emerge as the company's key structural growth driver, with backlog and Avg. daily value (m) €172.8

project opportunities increasingly skewed toward semis following the DIG acquisition, Common s/h equity (12/26E) €28.1b

while hydrogen and broader energy-transition momentum in the US have moderated P/BV (12/26E) 3.7x

versus prior expectations. Air Liquide also pointed to the potential for additional Net debt to EBITDA (12/26E) 1.2x

disclosure at the 1 October CMD, with IR indicating there would be greater granularity

EPS (UBS, diluted) (EUR)

on medium term financial targets; with targets likely to also extend to top line and

UBS Cons.