Investment Thesis
Air Products & Chemicals supplies industrial gases and large-scale hydrogen/helium projects worldwide. Mega projects in blue/green hydrogen and LNG support double-digit EPS growth with long-term contracts.
- Mega Project Backlog: NEOM, Net-Zero Hydrogen, and LNG projects provide decades of cash flow.
- Industrial Gas Leadership: On-site plants and merchant distribution underpin stable margins.
- Balance Sheet Capacity: Strong investment grade credit funds multi-billion capex program.