Financials Linde plc

Equities

LIN

IE000S9YS762

Commodity Chemicals

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-10 pm EDT			5-day change	1st Jan Change
434.4 ^USD	+1.05%		+2.55%	+5.77%

May. 07	John Chevedden Files an Exempt Solicitation Statement with Securities and Exchange Commission	CI
May. 06	BMO Capital Adjusts Price Target on Linde to $475 From $510, Maintains Outperform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	113,883	137,919	176,328	160,663	199,149	208,818	-	-
Enterprise Value (EV) ¹	125,139	150,319	187,712	173,141	213,858	224,423	225,013	225,298
P/E ratio	50.8 x	55.9 x	47.3 x	39.6 x	32.6 x	30.7 x	27.6 x	24.4 x
Yield	1.64%	1.46%	1.22%	1.43%	1.24%	1.27%	1.37%	1.48%
Capitalization / Revenue	4.03 x	5.06 x	5.73 x	4.82 x	6.06 x	6.17 x	5.81 x	5.48 x
EV / Revenue	4.43 x	5.52 x	6.1 x	5.19 x	6.51 x	6.64 x	6.26 x	5.91 x
EV / EBITDA	15.3 x	17.4 x	18.4 x	15.9 x	17.6 x	17.4 x	16.4 x	15.3 x
EV / FCF	51.3 x	37.3 x	28.3 x	30.4 x	38.8 x	38.2 x	35 x	32.8 x
FCF Yield	1.95%	2.68%	3.54%	3.29%	2.58%	2.62%	2.86%	3.05%
Price to Book	2.32 x	2.91 x	4 x	4.07 x	5.09 x	5.19 x	5.11 x	4.96 x
Nbr of stocks (in thousands)	534,914	523,393	508,987	492,561	484,890	480,716	-	-
Reference price ²	212.9	263.5	346.4	326.2	410.7	434.4	434.4	434.4
Announcement Date	2/13/20	2/5/21	2/10/22	2/7/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,228	27,243	30,793	33,364	32,854	33,817	35,964	38,120
EBITDA ¹	8,178	8,645	10,179	10,873	12,133	12,868	13,708	14,680
EBIT ¹	5,272	5,797	7,176	7,900	9,070	9,588	10,321	11,226
Operating Margin	18.68%	21.28%	23.3%	23.68%	27.61%	28.35%	28.7%	29.45%
Earnings before Tax (EBT) ¹	2,927	3,384	5,099	5,543	7,988	8,393	9,099	10,288
Net income ¹	2,285	2,501	3,826	4,147	6,199	6,782	7,355	8,133
Net margin	8.09%	9.18%	12.42%	12.43%	18.87%	20.06%	20.45%	21.34%
EPS ²	4.190	4.710	7.330	8.230	12.59	14.13	15.74	17.81
Free Cash Flow ¹	2,437	4,029	6,639	5,691	5,518	5,870	6,438	6,873
FCF margin	8.63%	14.79%	21.56%	17.06%	16.8%	17.36%	17.9%	18.03%
FCF Conversion (EBITDA)	29.8%	46.6%	65.22%	52.34%	45.48%	45.62%	46.96%	46.82%
FCF Conversion (Net income)	106.65%	161.1%	173.52%	137.23%	89.01%	86.55%	87.53%	84.51%
Dividend per Share ²	3.500	3.850	4.240	4.680	5.100	5.497	5.968	6.438
Announcement Date	2/13/20	2/5/21	2/10/22	2/7/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,298	8,211	8,457	8,797	7,899	8,193	8,204	8,155	8,302	8,100	8,322	8,513	8,670	8,622	8,870
EBITDA ¹	2,597	2,663	2,746	2,739	2,725	2,963	3,059	3,074	3,037	3,116	3,178	3,267	3,296	3,308	3,411
EBIT ¹	1,841	1,905	2,000	2,010	2,000	2,206	2,286	2,306	2,272	2,341	2,390	2,477	2,485	2,517	2,606
Operating Margin	22.19%	23.2%	23.65%	22.85%	25.32%	26.93%	27.86%	28.28%	27.37%	28.9%	28.72%	29.1%	28.66%	29.19%	29.38%
Earnings before Tax (EBT)	1,355	1,535	646	1,648	1,714	1,941	2,004	2,047	1,996	2,080	-	-	-	-	-
Net income ¹	1,026	1,174	372	1,273	1,328	1,516	1,575	1,565	1,543	1,627	1,713	1,741	1,759	1,704	1,792
Net margin	12.36%	14.3%	4.4%	14.47%	16.81%	18.5%	19.2%	19.19%	18.59%	20.09%	20.59%	20.45%	20.29%	19.77%	20.2%
EPS ²	1.980	2.300	0.7400	2.540	2.670	3.060	3.190	3.190	3.160	3.350	3.510	3.535	3.625	3.576	3.777
Dividend per Share ²	1.060	1.170	1.170	1.170	1.170	-	-	1.275	1.275	1.390	1.389	1.389	1.389	1.515	1.515
Announcement Date	2/10/22	4/28/22	7/28/22	10/27/22	2/7/23	4/27/23	7/27/23	10/26/23	2/6/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,256	12,400	11,384	12,478	14,709	15,605	16,195	16,480
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.376 x	1.434 x	1.118 x	1.148 x	1.212 x	1.213 x	1.181 x	1.123 x
Free Cash Flow ¹	2,437	4,029	6,639	5,691	5,518	5,870	6,438	6,873
ROE (net income / shareholders' equity)	7.95%	9.07%	12.2%	14.7%	15.5%	18.5%	20%	23.2%
ROA (Net income/ Total Assets)	4.45%	5%	6.57%	7.68%	7.73%	9.11%	9.74%	13.7%
Assets ¹	51,373	50,020	58,235	53,976	80,235	74,423	75,523	59,458
Book Value Per Share ²	91.80	90.40	86.60	80.10	80.70	83.70	85.00	87.50
Cash Flow per Share ²	11.20	14.00	18.60	17.60	18.90	21.70	23.30	25.50
Capex ¹	3,682	3,400	3,086	3,173	3,787	4,306	4,505	4,773
Capex / Sales	13.04%	12.48%	10.02%	9.51%	11.53%	12.73%	12.53%	12.52%
Announcement Date	2/13/20	2/5/21	2/10/22	2/7/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Linde plc

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

434.4 USD

Average target price

469.7 USD

Spread / Average Target

+8.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Gas

	1st Jan change	Capi.
LINDE PLC	+5.77%	209B
NIPPON SANSO HOLDINGS CORPORATION	+24.47%	13.05B
LINDE INDIA LIMITED	+38.55%	7.97B
HANGZHOU OXYGEN PLANT GROUP CO.,LTD.	-6.37%	3.72B
AIR WATER INC.	+22.06%	3.44B
SOL S.P.A.	+23.74%	3.36B
JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	-10.14%	1.87B
SICHUAN QIAOYUAN GAS CO.,LTD.	+10.01%	1.77B
JINHONG GAS CO.,LTD.	-21.17%	1.26B
GUANGDONG HUATE GAS CO., LTD	-22.94%	861M

Industrial Gas