Pulled this from "Seeking Alpha", by S. Unal today:
Air Products & Chemicals Inc. (APD) was the fifth worst performing Dividend Aristocrat in 2012, with a total return of only 0.3%. This atmospheric gases company has increased its dividends for 30 consecutive years. Its current dividend is yielding 3.1% on a payout ratio of 47%. The company's dividend growth averaged 11.0% annually over the past five years. The company's shares performed poorly in an environment of sluggish economic growth. Rising input costs, especially for helium, have pressed its earnings. Despite some revenue growth, earnings have been adversely impacted by restructuring costs at its photovoltaic business. The company does enjoy stable long-term contracts and has some pricing power, which was demonstrated by the latest hike in helium prices. Counting on the economic rebound starting this year, APD is expected to see a relatively robust five-year EPS CAGR at 9.5% annually. With a forward P/E of 14.8x, the stock is trading at a lower multiple than its historical average.