Key Points Q4’25 EPS and EBITDA beat on European EBITDA gains Q1’26 guidance below but FY2026 guidance above consensus We rate Air Products shares Overweight, with a 12-month target price of USD375 Summary Air Products...
Key Points Improved capital allocation coupled with focus on core business should result in management stated medium-term targets being achievable Free cash flow generation should rev up FY2026 and beyond while debt...
Key Points Q3’25 EPS and EBITDA beat on strong base business performance Q4’25 guidance below consensus We rate Air Products shares Overweight, with a 12-month target price of USD375 Summary Air Products reported Q3’25 adjusted...
Key Points Q2’25 EPS miss on lower Americas margins. Q3’25 and FY2025 guidance midpoint below consensus Higher y-o-y EBITDA logged in all segments except Americas and Middle East and India We rate Air...
Key Points Capital allocation and IRR concerns being addressed, in our view. Underperformance relative to Linde should reverse Free cash flow generation should rev up FY2025 and beyond while debt levels should...
Key Points Inline Q1’25 EPS beat on y-o-y margin expansion. Q2’25 guidance midpoint below and FY2025 guidance midpoint above consensus Higher y-o-y EBITDA logged in all segments except Europe and Middle East...
Key Points Capital allocation and IRR concerns being addressed, in our view. Underperformance relative to Linde should reverse Free cash flow generation should rev up FY2025 and beyond while debt levels should...
Key Points Q4’24 EBITDA and EPS beat on margin pricing gains. Q1’25 and FY2025 guidance midpoint below consensus Higher y-o-y EBITDA logged in all segments except Middle East and India We rate Air...