Contents
6 Global Gas Alert: value in Europe
7 A difficult results season ahead
11 Questions over FY guidance likely to be raised again
12 But gases model is not broken
15 Stock picks
18 Macro trends
19 Gas majors - growth/volume
20 Gas majors – quarterly forecasts
21 Gas majors – cash generation
22 Gas majors – performance and value
23 Gas majors, an overview
24 Gas majors – relative positioning
Company profiles:
25 Air Liquide
27 Air Products
29 Linde
31 Praxair
Tables index Charts index
6 Gas majors – Absolute and relative performance
7 Gas majors – Valuation multiples
10 Gas majors: group operating margins (%)
11 Gas majors: gases operating margin (%)
12 Gas majors – SG forecasts vs consensus
13 Global gases majors – proportion of protected earnings within mix (%)
14 Gas majors – sales by business 2008 (% of group)
14 Gas majors – profit by business 2008e (% of group)
19 Underlying group sales growth
19 Underlying gases sales
19 Underlying European sales
19 Underlying American sales
19 Underlying merchant sales
20 Air Liquide profit forecasts: 2008-2011e (€m)
20 Air Products profit forecasts 2008-2011e (US$m)
20 Linde profit forecast 2008-2010e (€m)
20 Praxair profit forecasts 2008-2010e (US$m)
21 Gas majors – cash flow multiples 1998-2011e
24 Gas majors – sales by mode of distribution (%)
24 Gas majors – profit by business 2008e (% of group)
24 Global gas majors – sales by geography 2007/2008e (%)
2 The lndustrial Gas leaders (%) 2008
2 Geographic breakdown of the market
2 Global gases industry by end market (%)
2 EBIT margin (grey) & ROCE (red) (%) 2003-09e
2 Global gases industry by product (%)
2 Global gas majors underlying growth (%)
3 Sector performance relative to the market
3 Historical valuation ratios
4 Air Liquide: sales by business 2008
4 Air Liquide: sales by geography 2008
4 Air Products: sales by business 2008
4 Air Products: sales by geography 2008
4 Linde: sales by business 2008
4 Linde: sales by geography 2008
4 Praxair: sales by reporting division 2008
4 Praxair: sales by distribution method 2008
8 Gas majors – underlying gases sales growth (%)
18 Main economy – consumer confidence
18 Main economy – consumer confidence
18 Main economy – industrial production
22 Gases absolute performance
22 Industrial Gases relative to the market
22 European Gases relative to S&P350
22 US Gases relative to S&P500
22 Air Liquide/Linde prospective PER
22 Praxair/APD prospective PER