Air Liquide SA

AI: XPAR (FRA)

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Air Liquide Earnings: Accelerating Operating Margin Expansion

Krzysztof Smalec

Feb 21, 2025

Wide-moat-rated Air Liquide finished 2024 on a solid note, posting a 2.6% year-over-year comparable sales increase in the fourth quarter. After rolling our model forward one year, we’ve raised our fair value estimate to EUR 187 per share from EUR 171, primarily driven by our more optimistic midcycle operating margin assumption.

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Air Liquide SA

Air Liquide Earnings: Accelerating Operating Margin Expansion

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