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1、DeutscheBankMarketsResearchRatingCompanyDateBuyAirProducts&10November2017ChemicalsBreakingNewsNorthAmericaUnitedStatesReutersBloombergExchangeTickerPriceat9Nov2017(USD)160.55IndustrialsAPD.NAPDUNNYSAPDPricetarget180.00Chemicals/Specialty52-weekrange161.39-134.30HugeCapitalDeploymentinChinaDavidBeg
2、leiterResearchAnalyst(+1)212250-5473david.begleiter@db.comCapitaldeploymentnowtotals$2.3-$3.9Bofthetargeted$8B-plus.BuyWiththehigh-profileannouncementofa$3.5Bmajority-ownedcoal-to-syngasKatherineGriffinJVinChina,AirProductshastakenasecond,meaningfulsteptowardsitsgoalResearchAssociateofdeploying$8B
3、-plusofcapitalintohighreturnindustrialgasassetsoverthe(+1)212250-7265next3-4years.Whilereturnsforthisproject,comparedtotheLu’Ancoal-to-katherine-a.griffin@db.comsyngasprojectannouncedinSeptember,havealongertimehorizonduetothisprojects'‘21start-up(versusLu’Anwhichisscheduledtostart-upin’18),weDavid
4、Huangbelievethisannouncement,coupledwithAirProductsexistingO2supplypositionto7otherlargecoal-basedprojectsinChina,augurswellforadditionalResearchAssociatecoal-to-syngasinvestmentsbyAirProductsinthisregion.Dependingonthe(+1)904520-5307levelofJVownership,whichwasnotdisclosedbeyondnotingAirProductsda
5、vid-a.huang@db.comwillbethemajorityowner,thisprojectrepresentsaninvestmentof$1.8B(at51%ownership)to$3.4B(at99%).CoupledwiththeLu’AninvestmentofPrice/pricerelative$500MM,AirProductshasnowdeployed$2.3-$3.9B,or30%-49%,ofitstargeted$8Bofcapital.Withinvestorsnowlikelytoassignahighprobability180ofsucces
6、stoAirProductscapitaldeploymentstrategy,andvaluationan165attractive11.5x‘18EEBITDA,vs13.1xforPraxair,wereiterateourBuyrating.150AirProductstoforma$3.5BJVforacoal-to-syngasprojectinChina135AirProductshassignedanagreementwithShaanxiFutureEnergyGroup120(SFEC),asubsidiaryofYankuangGroup,fora$3.5Bcoal-
7、to-syngasproduction105facilitytobebuiltinYulincity,ShaanxiProvince,China.Undertheagreement11/145/1511/155/1611/165/17AirProductsandSFECwillformanAirProductsmajority-controlledJVtoAirProducts&Chemibuild,ownandoper
