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Air Products & Chemicals Inc APD

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Morningstar’s Analysis

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Air Products Ends Fiscal 2021 on a Solid Note; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat-rated Air Products’ fiscal fourth-quarter adjusted EPS of $2.51 came in a penny above our estimate, though on higher revenue and lower margins than we had anticipated due to higher energy cost pass-throughs (which increase revenue but not profits). For full-year fiscal 2022, management expects adjusted earnings per share in the range of $10.20 to $10.40, which implies roughly 14% growth at the midpoint. After rolling our model forward one year, we’ve raised our fair value estimate for Air Products to $340 from $330. We continue to see shares as undervalued, with the stock trading in 4-star territory.

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Company Profile

Business Description

Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the largest supplier of hydrogen and helium in the world. It has a unique portfolio serving customers in a number of industries, including chemicals, energy, healthcare, metals, and electronics. Air Products generated $10.3 billion in revenue in fiscal 2021.

7201 Hamilton Boulevard
Allentown, PA, 18195-1501
T +1 610 481-4911
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Sep 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 20,875