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Air Products

Air Products is a producer and distributor of industrial gases. It has three major regional industrial gas segments: Gases Americas (44% FY16 sales, 53% FY16 EBITDA) Gases-EMEA (22% FY16 sales, 22% FY16 EBITDA) Gases Asia (24% FY16 sales, 28% FY16 EBITDA) Gases Global (9% FY16 sales, 3% FY16 EBITDA) Each of the three regional Industrial Gases segments includes onsite air separation units (ASUs) (producing primarily oxygen, nitrogen and argon), hydrogen/HyCO plants (producing primarily hydrogen, carbon monoxide, syngas and steam), and the regional merchant gases business (including liquid/bulk, packaged gases and related equipment). (06 Feb 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

APD F3Q18: Deploying ~$15 bn in the Next 5 Yrs?

Earnings Note: 05 Aug 2018, 9:40 PM ET - Higher volumes in all three Industrial Gas regions led to positive quarterly results. Meanwhile, the company gears up to spend up to $15 bn on earnings accretive projects over the next 5 years, potentially pushing net leverage to 2.5x.
Focused

Air Products F2Q18: Looking for M&A Targets

Earnings Note: 01 May 2018, 10:36 PM ET - Air Products revenues increased 9% yoy as volumes, in particular, were higher in all three Industrial Gas regions, driven by new plants. Credit metrics continued to improve as the company builds a sizable cash pile in preparation for M&A.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.
Focused

Air Products F1Q18: Strong Growth, Margins Lower

Earnings Note: 28 Jan 2018, 11:59 PM ET - APD reported strong quarterly results on the back of higher volumes and higher pricing in Asia. Management indicates that it is willing to deploy up to $9bn in capital towards acquisitions in the next two years and push leverage to 2.0-2.5x

Praxair 4Q17: Good PMI Trends, Backlog Improving

Earnings Note: 25 Jan 2018, 11:46 PM ET - PX is benefiting from positive manufacturing trends around the world, however, it has not to kept pace with competitor Air Products' recent efficiency initiatives, leading the company to fall to second place in operational excellence.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.
Focused

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Air Products: Buying Coal Gasification Technology

Worth Watching: 09 Jan 2018, 11:47 PM ET - Air Products (A2/A) announced on Tuesday that it will acquire Shell's Coal Gasification Technology as well as its patent portfolio for Liquids Gasification. Financial terms have not yet been disclosed, though the company did indicate that the deal ..

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.
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Air Products F4Q17: Ready to Deploy Dry Powder

Earnings Note: 31 Oct 2017, 7:41 PM ET - Margins continue to improve as Air Products delivers on its operational strategy. Management indicates that it is willing to deploy up to $8bn in capital towards acquisitions in the next three years and push leverage as high as 2.0-2.5x. 

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 

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