Air Liquide: Elliott Adds Capital Return Upside To The Margin Expansion Story

Mare Evidence Lab 6.17K Followers Follow Summary H1 confirmed strong execution, with recurring operating margin up 110 bps despite limited industrial recovery and persistent FX pressure. Electronics remains a key growth driver, while the investment backlog reached a record €6 billion across more than 70 projects. Elliott’s reported stake adds pressure for faster margin improvement and could increase the importance of the upcoming Capital Markets Day. We maintain our Buy rating as earnings visibility, backlog growth, and potential margin convergence with Linde support a higher valuation framework. Stefonlinton/iStock Editorial via Getty Images In our last assessment, we reaffirmed our buy rating on Air Liquide S.A. ( AIQUF ) ( AIQUY ). Since early June, shares have declined 7% (Fig. 1), offering an attractive entry point. Our overweight was supported by a This article was written by Mare Evidence Lab 6.17K Followers Follow Buy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as they might be, and must be treated as such. We take no responsibility for your investments but wish you best of luck. Analyst’s Disclosure: I/we have a beneficial long position in the shares of AIQUF, AIQUY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.