Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Industrial Gas Firms Face Minimal Direct Impact From Tariffs

Krzysztof Smalec

Apr 3, 2025

On April 2, President Donald Trump announced a 10% baseline tariff on all imports into the United States, with higher rates on imports from select countries. We are keeping our fair value estimates unchanged for the three wide-moat industrial gas firms under our coverage: EUR 187 for Air Liquide, $333 for Air Products, and $437 for Linde. After the tariff announcement sent the market down, Air Products' shares looks the most attractive from a valuation perspective, trading at a roughly 14% discount to our fair value estimate.

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Air Liquide SA

Industrial Gas Firms Face Minimal Direct Impact From Tariffs

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