APD
Air Products and Chemicals Inc.
Industrial/Transportation
01/27/2014
Presented
| Date | 01/23/2014 |
| Price | $111.01 |
| Market Cap | $23.50B |
| Ent Value | $29.82B |
| P/E Ratio | 31.96x |
| Book Value | $34.31 |
| Div Yield | 2% |
| Shares O/S | 211.28M |
| Ave Daily Vol | 990,000 |
| Short Int | 1.16% |
Current
| Price | $323.23 |
| Market Cap | $71.86B |
| Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, performance materials, equipment, and services worldwide. The company operates through four segments: Merchant Gases, Tonnage Gases, Electronics and Performance Materials, and Equipment and Energy. The Merchant Gases segment sells atmospheric gases, such as oxygen, nitrogen, and argon; process gases comprising hydrogen and helium and carbon dioxide; and medical and specialty gases for the metal, glass, chemical processing, food processing, healthcare, steel, general manufacturing, and petroleum and natural gas industries. The Tonnage Gases segment offers hydrogen, carbon monoxide, nitrogen, oxygen, and syngas to the energy production and refining, chemical, and metallurgical industries. The Electronics and Performance Materials segment provides nitrogen trifluoride, silane, arsine, phosphine, white ammonia, silicon tetrafluoride, carbon tetrafluoride, hexafluoromethane, critical etch gases, and tungsten hexafluoride; and tonnage gases, chemicals mechanical planarization slurries, specialty chemicals, and services and equipment for the manufacture of silicon and compound semiconductors, and thin film transistor liquid crystal displays. This segment also offers performance materials for a range of products, including coatings, inks, adhesives, civil engineering, personal care, institutional and industrial cleaning, mining, oil refining, and polyurethanes. The Equipment and Energy segment designs and manufactures cryogenic equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and helium distribution; and provides plant design, engineering, procurement, and construction management services for the chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing industries. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania. |
Highlights
The presenter sees Air Products & Chemicals as an attractive event-driven opportunity in that it is liquid, not particularly crowded, and focused on a high-quality business. One of five industrial gas companies globally, the presenter regards APD as an infrastructure-like business with significant defensive properties that is meaningfully under-earning currently. He is playing shares for 60% upside over the next two years, with downside potential of perhaps 10 percent in the near term.
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