(Boursier.com) — Liquid air fell 0.8% to 147.40 euros on Friday, while Berenberg adjusted the file from 140 to 150 euros with a notice to ‘keep’. Among other brokers’ opinions, Bernstein raised its target price from 168 to 178 euros while remaining to ‘outperform’, while Kepler Cheuvreux raised its target from 152 to 159 euros (‘keep’). Goldman Sachs (‘neutral’) raised its target from 123 to 145 euros. The operating margin (ROC on sales) stood at 16.2% on a reported basis, down -160 basis points compared to 2021 due to the sharp rise in energy costs which are contractually re-invoiced to Large Industries customers, thus creating a dilutive mechanical effect on the published margin. Excluding this energy effect, the operating margin improved very significantly by +70 basis points.
Net profit attributable to the group reached 2,759 million euros in 2022, showing strong published growth of +7.3% and up +1% excluding currency. Recurring net income, Group share amounted to 3,162 million euros, a significant increase of +22.9% and +17.3% excluding currency compared to 2021 net recurring income (Group share). net recurring income, Group share thus exceeded 3 billion euros for the first time.
Net earnings per share amounted to 5.28 euros, up 7% compared to 2021, in line with the growth in net income Group share. The dividend that will be submitted to the vote of the shareholders next May amounts to 2.95 euros per share, an increase of 12.2%.
In 2023, Air Liquide is confident in its ability to once again increase its operating margin and achieve growth in recurring net income, at constant exchange rates…
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