Air Products (APD)

November 7, 2024 In Company Notes By Hassan I. Ahmed

APD – Q4 EBITDA and EPS Beat; Q1 and FY2025 Guidance Below Consensus

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...

August 26, 2024 In Multi Company Notes By Hassan I. Ahmed

Air Products – Addressing the Concerns; Valuation Re-rating to Follow? Raising TP to USD375

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...

August 1, 2024 In Company Notes By Hassan I. Ahmed

APD – Q3 EBITDA and EPS Beat; Q4 Guidance Midpoint Below Consensus

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...

Air Products (APD)

APD – Q4 EBITDA and EPS Beat; Q1 and FY2025 Guidance Below Consensus

Air Products – Addressing the Concerns; Valuation Re-rating to Follow? Raising TP to USD375

APD – Q3 EBITDA and EPS Beat; Q4 Guidance Midpoint Below Consensus

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