Financials Linde plc London S.E.

Equities

0M2B

IE000S9YS762

Commodity Chemicals

Market Closed - London S.E. Other stock markets 13:16:09 04/06/2024 BST			After market 21:00:03
396.2 ^EUR	+1.74%		401.5	+1.34%

06:13pm	Russian court orders $56 mln Landesbank Baden-Wuerttemberg asset seizure	RE
05-30	ESAB to Acquire Linde Industries Private in Bangladesh for Undisclosed Sum	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	208,559	-	-
Enterprise Value (EV) ¹	125,139	150,319	187,712	173,141	213,858	224,234	224,896	225,015
P/E ratio	50.8 x	55.9 x	47.3 x	39.6 x	32.6 x	31.1 x	27.6 x	24.4 x
Yield	1.64%	1.46%	1.22%	1.43%	1.24%	1.28%	1.38%	1.48%
Capitalization / Revenue	4.03 x	5.06 x	5.73 x	4.82 x	6.06 x	6.19 x	5.82 x	5.5 x
EV / Revenue	4.43 x	5.52 x	6.1 x	5.19 x	6.51 x	6.65 x	6.27 x	5.93 x
EV / EBITDA	15.3 x	17.4 x	18.4 x	15.9 x	17.6 x	17.5 x	16.4 x	15.4 x
EV / FCF	51.3 x	37.3 x	28.3 x	30.4 x	38.8 x	38.7 x	35 x	32.6 x
FCF Yield	1.95%	2.68%	3.54%	3.29%	2.58%	2.59%	2.86%	3.07%
Price to Book	2.32 x	2.91 x	4 x	4.07 x	5.09 x	5.22 x	5.12 x	4.97 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	433.8	433.8	433.8
Announcement Date	13/02/20	05/02/21	10/02/22	07/02/23	06/02/24	-	-	-

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	33,714	35,850	37,923
EBITDA ¹	8,178	8,645	10,179	10,873	12,133	12,839	13,697	14,644
EBIT ¹	5,272	5,797	7,176	7,900	9,070	9,629	10,362	11,232
Operating Margin	18.68%	21.28%	23.3%	23.68%	27.61%	28.56%	28.9%	29.62%
Earnings before Tax (EBT) ¹	2,927	3,384	5,099	5,543	7,988	8,378	9,073	10,212
Net income ¹	2,285	2,501	3,826	4,147	6,199	6,704	7,376	8,127
Net margin	8.09%	9.18%	12.42%	12.43%	18.87%	19.89%	20.58%	21.43%
EPS ²	4.190	4.710	7.330	8.230	12.59	13.96	15.75	17.75
Free Cash Flow ¹	2,437	4,029	6,639	5,691	5,518	5,800	6,432	6,911
FCF margin	8.63%	14.79%	21.56%	17.06%	16.8%	17.2%	17.94%	18.22%
FCF Conversion (EBITDA)	29.8%	46.6%	65.22%	52.34%	45.48%	45.18%	46.96%	47.19%
FCF Conversion (Net income)	106.65%	161.1%	173.52%	137.23%	89.01%	86.51%	87.2%	85.03%
Dividend per Share ²	3.500	3.850	4.240	4.680	5.100	5.537	5.977	6.438
Announcement Date	13/02/20	05/02/21	10/02/22	07/02/23	06/02/24	-	-	-

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	8,311	8,501	8,660	8,658	8,936
EBITDA ¹	2,597	2,663	2,746	2,739	2,725	2,963	3,059	3,074	3,037	3,116	3,178	3,269	3,293	3,323	3,425
EBIT ¹	1,841	1,905	2,000	2,010	2,000	2,206	2,286	2,306	2,272	2,341	2,386	2,471	2,488	2,513	2,609
Operating Margin	22.19%	23.2%	23.65%	22.85%	25.32%	26.93%	27.86%	28.28%	27.37%	28.9%	28.71%	29.07%	28.73%	29.03%	29.2%
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	1,712	1,740	1,757	1,704	1,798
Net margin	12.36%	14.3%	4.4%	14.47%	16.81%	18.5%	19.2%	19.19%	18.59%	20.09%	20.6%	20.47%	20.29%	19.68%	20.12%
EPS ²	1.980	2.300	0.7400	2.540	2.670	3.060	3.190	3.190	3.160	3.350	3.511	3.536	3.621	3.576	3.789
Dividend per Share ²	1.060	1.170	1.170	1.170	1.170	-	-	1.275	1.275	1.390	1.394	1.394	1.394	1.515	1.515
Announcement Date	10/02/22	28/04/22	28/07/22	27/10/22	07/02/23	27/04/23	27/07/23	26/10/23	06/02/24	02/05/24	-	-	-	-	-

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	15,675	16,337	16,456
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.376 x	1.434 x	1.118 x	1.148 x	1.212 x	1.221 x	1.193 x	1.124 x
Free Cash Flow ¹	2,437	4,029	6,639	5,691	5,518	5,800	6,432	6,911
ROE (net income / shareholders' equity)	7.95%	9.07%	12.2%	14.7%	15.5%	18.6%	20%	23%
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	73,564	75,746	59,415
Book Value Per Share ²	91.80	90.40	86.60	80.10	80.70	83.20	84.70	87.40
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	4,355	4,522	4,760
Capex / Sales	13.04%	12.48%	10.02%	9.51%	11.53%	12.92%	12.61%	12.55%
Announcement Date	13/02/20	05/02/21	10/02/22	07/02/23	06/02/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

433.8 USD

Average target price

470.1 USD

Spread / Average Target

+8.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Gas

	1st Jan change	Capi.
AIR PRODUCTS & CHEMICALS, INC.	+2.09%	59.96B
LINDE INDIA LIMITED	+51.04%	8.88B
HANGZHOU OXYGEN PLANT GROUP CO.,LTD.	-16.06%	3.34B
AIR WATER INC.	+14.04%	3.21B
SOL S.P.A.	+18.35%	3.21B
PERIC SPECIAL GASES CO., LTD.	-13.64%	2.13B
JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	+4.27%	2.04B
SICHUAN QIAOYUAN GAS CO.,LTD.	+2.58%	1.63B
JINHONG GAS CO.,LTD.	-26.07%	1.18B

Industrial Gas