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...
Key Points Debt and Louisiana project IRR concerns overblown, in our view. Underperformance relative to Linde excessive and unjustified Earnings and valuation accretion from growth projects underappreciated We rate APD shares Overweight with...
Key Points Q3’24 EBITDA and EPS beat on margin and pricing gains. Q4’24 guidance midpoint below consensus Higher y-o-y EBITDA in Americas and Europe offset somewhat by lower Asia and Middle East...