德银关于液化空气集团的研究报告：调整目标价及EPS预测，二季度及上半年业绩将于7月28日发布

RatingBuy CompanyAir Liquide 17 June 2026Date Results EuropeFrance ChemicalsIndustrial Gases Q2/H1 results due July 28. Modelupdate to reflect free share attribution Valuation & Risks Virginie Boucher-FerteResearch Analyst Q2 G&S/group comparable sales up 2.8%. H1 group margin up ~110 bpsWe forecast Q2 comparable Gas & Services (G&S) sales to be up 2.8% YoY (group also up 2.8% YoY), an improvement from the 1.9% growth rate in Q1. This is abovemanagement guidance (Q2 more or less similar to Q1), but broadly in-line withconsensus. Growth should be led by an inflection in Electronics (given the lappingof the negative E&I impact), followed by Healthcare and Industrial Merchant(supported by pricing), while Large Industries should be marginally positive. Weexpect reported group sales to be up 5% to €7,030m, further supported by nat gasand M&A impacts more than offsetting FX headwinds. We forecast H1 group Tristan LamotteResearch Analyst Saurabh MehndirattaResearch Associate Rajiv DalalResearch Associate Dimitri DruartResearch Associate We have lowered our EPS forecasts by c10% to reflect the free-share attribution onJune 10 (one free share for every 10 held, with a 10% increase in bonus shares forloyalty bonus-eligible shares). We have made no material EPS adjustments beyondthis technical change. We adjust our DCF model accordingly and lower our target Looking to 2026 and beyond, the growth drivers for the group appear strong,supported by a record backlog of high-quality, diverse projects (with more to come)and the growing contribution from structural efficiencies driving ongoing marginimprovement. The relatively inflation-proof and resilient business model is anadded bonus at these times of heightened macro and geopolitical uncertainty. The IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank doesand seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm mayhave a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single 17 June 2026Industrial Gases Valuation & RisksOur price target is based on DCF as Air Liquide is a growth company. We use a WACC of 8.2% (risk-free rate of 2.9%, beta of 0.9, equity risk premium of 6.5%, costof equity of 8.7% and cost of net debt of 2.3% post tax). We estimate a terminal Downside risks include weaker global economic growth, adverse policy changestowards energy transition projects in Europe and the US, FX (weaker USD),aggressive competition in merchant and/or new onsite contracts from peers, value- 17 June 2026Industrial Gases Air Liquide Reuters: AIRP.PA Company Profile Air Liquide is a world leader in gases, technologies andservices for Industry and Health. The group produces,markets, and sells gases, including liquid nitrogen, argon,carbon dioxide, and oxygen worldwide. The company also Virginie Boucher-Ferte+33 1 4495-5934virginie.boucher- Appendix 1 Important Disclosures *Other information available upon request Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees.2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are strongly Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Virginie Boucher-Ferte. 17 June 2026Industrial Gases Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depic