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Air Products & Chemicals Inc APD

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Morningstar’s Analysis

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Air Products Posts Solid Fiscal Second-Quarter Results; Raising Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

We are raising our fair value estimate for narrow-moat-rated Air Products after the industrial gas firm reported its fiscal second-quarter results. We were encouraged to hear positive updates on the status of two large gasification projects: (1) Lu’An has asked Air Products to restart the facility; and (2) Air Products is now optimistic that the Jazan transaction will close during fiscal 2021. After updating our estimates, we are bumping our fair value estimate for Air Products to $317 from $297. Earlier this year, we saw the name as undervalued as market sentiment turned around against the company due to question marks around Lu’An and Jazan, but the stock is now back in 3-star territory.

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Company Profile

Business Description

Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the largest supplier of hydrogen and helium in the world. It has a unique portfolio serving customers in a number of industries, including chemicals, energy, healthcare, metals, and electronics. Air Products generated $8.9 billion in revenue in fiscal 2020.

7201 Hamilton Boulevard
Allentown, PA, 18195-1501
T +1 610 481-4911
Sector Basic Materials
Industry Chemicals
Most Recent Earnings Mar 31, 2021
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 19,275