Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,328 160,663 199,149 199,353 199,102 220,150 - -
Change - -8.88% 23.95% 0.1% -0.13% 10.57% - -
Enterprise Value (EV) 1 187,712 173,141 213,858 216,126 221,035 243,140 243,412 243,142
Change - -7.76% 23.52% 1.06% 2.27% 10% 0.11% -0.11%
P/E 47.3x 39.6x 32.6x 30.7x 29.2x 29x 26.2x 23.8x
PBR 4x 4.07x 5.09x 5.3x 5.26x 5.59x 5.38x 5.1x
PEG - 3.2x 0.6x 3.75x 4.02x 2.3x 2.5x 2.4x
Capitalization / Revenue 5.73x 4.82x 6.06x 6.04x 5.86x 6.06x 5.79x 5.49x
EV / Revenue 6.1x 5.19x 6.51x 6.55x 6.5x 6.7x 6.4x 6.06x
EV / EBITDA 18.4x 15.9x 17.6x 16.9x 16.6x 17.1x 16x 15x
EV / EBIT 26.2x 21.9x 23.6x 22.2x 21.8x 22.5x 20.9x 19.2x
EV / FCF 28.3x 30.4x 38.8x 43.9x 43.4x 43.1x 35.7x 32.1x
FCF Yield 3.54% 3.29% 2.58% 2.28% 2.3% 2.32% 2.8% 3.11%
Dividend per Share 2 4.24 4.68 5.1 5.56 6 6.44 6.943 7.472
Rate of return 1.22% 1.43% 1.24% 1.33% 1.41% 1.35% 1.45% 1.56%
EPS 2 7.33 8.23 12.59 13.62 14.61 16.49 18.25 20.08
Distribution rate 57.8% 56.9% 40.5% 40.8% 41.1% 39.1% 38.1% 37.2%
Net sales 1 30,793 33,364 32,854 33,005 33,986 36,302 38,037 40,126
EBITDA 1 10,179 10,873 12,133 12,819 13,351 14,223 15,217 16,256
EBIT 1 7,176 7,900 9,070 9,720 10,137 10,798 11,651 12,633
Net income 1 3,826 4,147 6,199 6,565 6,898 7,654 8,304 9,024
Net Debt 1 11,384 12,478 14,709 16,773 21,933 22,989 23,262 22,991
Reference price 2 346.43 326.18 410.71 418.67 426.39 477.57 477.57 477.57
Nbr of stocks (in thousands) 508,987 492,561 484,890 476,158 466,949 460,980 - -
Announcement Date 10/02/22 07/02/23 06/02/24 06/02/25 05/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.97x6.7x17.1x1.35% 220B
88.92x6.59x15.31x2.4% 67.09B
158.77x - - - 17.9B
16.84x2.11x8.48x1.22% 15.17B
28.16x2.94x11.42x0.87% 6.03B
89.96x18.3x53.78x0.22% 5.74B
76.67x13.08x38.07x0.38% 5.65B
76.65x - - - 5.21B
14.06x0.91x7.35x2.35% 4.42B
Average 64.33x 7.23x 21.64x 1.25% 38.6B
Weighted average by Cap. 49.00x 6.63x 17.10x 1.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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