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AI.PAR
Air Liquide
Materials · Specialty Chemicals

French multinational company supplying industrial gases and services to various industries including healthcare, electronics, and energy sectors.

HQ: FranceListed: France

Historical AI Forecasts

Audit every published iPulse AI forecast batch and immutable historical research document for Air Liquide.

Historical AI Forecasts

Air Liquide SA (AI.PAR) AI FORECASTS & ADVISOR ANALYSIS

Read and compare the 12 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 28 November 2025Deep analysis 28 November 2025

PublisherRusslan Ramdowar
25 min readAudit All Past Forecasts

AI Advisor 1 AI

Independent Investor FrameworkAI Thinker

Model rating

Buy

5-Year Return Est.

+76.7%

Includes 3.25% annual net dividend contribution

1. Investment Thesis — Base Case

The most reasonable scenario projects Air Liquide as a resilient , delivering consistent 6-8% annual revenue growth and slightly higher expansion through . The company benefits from the dual tailwinds of industrial decarbonization and the digitization of the economy (Electronics division growth). While the hydrogen revolution provides upside, the core investment thesis rests on the stability of the Large Industries business model, backed by long-term contracts with energy indexation. We assume a normalization of energy markets and steady execution of the . Valuation remains grounded in historical averages (P/E ~22-25x), reflecting its status as a defensive growth stock with superior risk-adjusted returns compared to the broader sector.

Historical prices and published forecast

Historical prices and published forecastObserved prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in EUR.81.77120.91160.04199.18238.32Nov 2020May 2023Nov 2025May 2028Nov 2030Forecast starts
  • Observed price
  • Published advisor forecast
Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in EUR.
View chart values
Historical prices and published forecast — published chart values
SeriesDateValue (EUR)
Observed price2020-11-23103
Observed price2020-11-27104
Observed price2020-12-13101
Observed price2020-12-2199.3
Observed price2021-01-02102
Observed price2021-01-2299.2
Observed price2021-02-07103
Observed price2021-02-15101
Observed price2021-03-0394.8
Observed price2021-03-15100
Observed price2021-04-08105
Observed price2021-04-20105
Observed price2021-05-06108
Observed price2021-05-10108
Observed price2021-05-18104
Observed price2021-06-11106
Observed price2021-06-27112
Observed price2021-07-13113
Observed price2021-07-29109
Observed price2021-08-02109
Observed price2021-08-22113
Observed price2021-08-30114
Observed price2021-09-19108
Observed price2021-10-09105
Observed price2021-10-21108
Observed price2021-10-25107
Observed price2021-11-10114
Observed price2021-11-30110
Observed price2021-12-08117
Observed price2021-12-20112
Observed price2022-01-05120
Observed price2022-01-17117
Observed price2022-02-06110
Observed price2022-02-18113
Observed price2022-03-06106
Observed price2022-03-14111
Observed price2022-04-03121
Observed price2022-04-19121
Observed price2022-05-01124
Observed price2022-05-09118
Observed price2022-05-29123
Observed price2022-06-06123
Observed price2022-06-30106
Observed price2022-07-16104
Observed price2022-07-28110
Observed price2022-08-13113
Observed price2022-08-25109
Observed price2022-08-29106
Observed price2022-09-2297.8
Observed price2022-09-2696.6
Observed price2022-10-04102
Observed price2022-10-24103
Observed price2022-11-13112
Observed price2022-11-25117
Observed price2022-12-15111
Observed price2022-12-31110
Observed price2023-01-12118
Observed price2023-01-16119
Observed price2023-01-28122
Observed price2023-02-13119
Observed price2023-02-21125
Observed price2023-03-13123
Observed price2023-04-06129
Observed price2023-04-10131
Observed price2023-04-22135
Observed price2023-05-12135
Observed price2023-05-24130
Observed price2023-06-09129
Observed price2023-06-29135
Observed price2023-07-03136
Observed price2023-07-07128
Observed price2023-07-31135
Observed price2023-08-04131
Observed price2023-09-01138
Observed price2023-09-21133
Observed price2023-10-03129
Observed price2023-10-11135
Observed price2023-10-23126
Observed price2023-11-16140
Observed price2023-11-20141
Observed price2023-12-10146
Observed price2023-12-22147
Observed price2024-01-07142
Observed price2024-01-15145
Observed price2024-02-08140
Observed price2024-02-12139
Observed price2024-03-07159
Observed price2024-03-15161
Observed price2024-04-04157
Observed price2024-04-12156
Observed price2024-05-02150
Observed price2024-05-10154
Observed price2024-05-30149
Observed price2024-06-07155
Observed price2024-06-19147
Observed price2024-07-09146
Observed price2024-07-25150
Observed price2024-08-06147
Observed price2024-08-18151
Observed price2024-09-07150
Observed price2024-09-19156
Observed price2024-09-27160
Observed price2024-10-05152
Observed price2024-10-21156
Observed price2024-11-10146
Observed price2024-11-26143
Observed price2024-12-04147
Observed price2024-12-16145
Observed price2024-12-24140
Observed price2025-01-13142
Observed price2025-02-06153
Observed price2025-02-10155
Observed price2025-03-06164
Observed price2025-03-18164
Observed price2025-03-30160
Observed price2025-04-07153
Observed price2025-05-01165
Observed price2025-05-17169
Observed price2025-05-29165
Observed price2025-06-14167
Observed price2025-06-26158
Observed price2025-07-12160
Observed price2025-07-20156
Observed price2025-08-01155
Observed price2025-08-21167
Observed price2025-08-25164
Observed price2025-09-10159
Observed price2025-09-30161
Observed price2025-10-08154
Observed price2025-10-28158
Observed price2025-11-05154
Observed price2025-11-17154
Observed price2025-12-11144
Observed price2025-12-31146
Observed price2026-01-08143
Observed price2026-01-20142
Observed price2026-02-05153
Observed price2026-02-17153
Observed price2026-02-25162
Observed price2026-03-09152
Observed price2026-04-02163
Observed price2026-04-26171
Observed price2026-04-30164
Observed price2026-05-08159
Observed price2026-05-28165
Observed price2026-06-01161
Observed price2026-06-25171
Observed price2026-06-29173
Observed price2026-07-03180
Observed price2026-07-27177
Observed price2026-08-16167
Observed price2026-09-01173
Observed price2026-09-15166
Observed price2026-09-16166
Observed price2026-09-18163
Published advisor forecast2025-11-27150
Published advisor forecast2026-05-28157
Published advisor forecast2026-11-28164
Published advisor forecast2027-05-28171
Published advisor forecast2027-11-28178
Published advisor forecast2028-05-28185
Published advisor forecast2028-11-28193
Published advisor forecast2029-05-28200
Published advisor forecast2029-11-28208
Published advisor forecast2030-05-28217
Published advisor forecast2030-11-28225

2. Scenarios & Signals

Bull case

In the bull case, Air Liquide successfully capitalizes on the global acceleration of the economy and the onshoring of semiconductor manufacturing in Europe and the US. The company's 'ADVANCE' strategic plan exceeds targets, with Employed (ROCE) surpassing 12% earlier than anticipated due to premium in low-carbon industrial gases. Major projects in carbon capture and electrolysis come online ahead of schedule, driving double-digit . The market awards a (P/E > 28x) akin to high-growth industrial technology firms rather than traditional chemical companies, viewing Air Liquide as a critical infrastructure play for the global .

Bear case

The bear case envisions a prolonged global , particularly impacting the heavy industries in Europe and China, Air Liquide's key markets. Persistently high energy costs in Europe erode margins despite indexation clauses, while the adoption of faces significant regulatory and technical delays, rendering large investments dilutive in the medium term. limits the growth of the Electronics division in Asia. Consequently, revenue growth stagnates below inflation, and the market compresses the to historical lows (P/E < 18x), viewing the company as a low-growth utility with heavy rather than a growth .

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