Linde PLC

LIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$239.00	Hxq	Hqhpngyh

We Are Encouraged by Linde’s Continued Margin Expansion in Q4 and 2023 Outlook; Increasing FVE

Krzysztof Smalec

Feb 7, 2023

Narrow-moat-rated Linde ended 2022 with a strong fourth quarter, as its full-year 2022 adjusted EPS of $12.29 beat our estimate by $0.26. After rolling our model forward one year, we’ve increased our fair value estimate for the industrial gas firm to $359 from $347, which reflects our more optimistic operating margin assumptions as well as time value of money.

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