APD - Air Products and Chemicals: Robust EPS Growth At A Reasonable Price

2024-06-10 10:00:00 ET

Summary

• Air Products and Chemicals, a major global producer and supplier of industrial gases and the largest supplier of hydrogen and helium globally, is now a $59 billion (by market cap) industrial gases giant.
• The company has increased its dividend for 42 consecutive years with a 10-year dividend growth rate of 9.5%.
• Air Products and Chemicals moved its revenue from $10.4 billion in FY 2014 to $12.6 billion in FY 2013, a compound annual growth rate of 2.2%.
• The company benefits from durable competitive advantages, including global economies of scale, large barriers to entry, high switching costs, a global oligopoly, and long-term contracts with fixed infrastructure.

Air Products and Chemicals (APD) is a major global producer and supplier of industrial gases, now the largest supplier of hydrogen and helium in the world. Founded in 1940, Air Products and Chemicals is now a $59 billion (by market cap) industrial gases giant that employs over 20,000 people.

The company's FY 2023 sales were reported through four Industrial Gases business segments organized by geography: Americas, 43%; Asia, 26%; Europe, 24%; and the Middle East and India, 1%. Corporate and other accounted for the remainder....

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