Linde PLC

LIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$291.00	Chv	Hwclxsq

Linde Earnings: Volumes Flat but Price Attainment and Productivity Drive Continued Margin Expansion

Krzysztof Smalec

Apr 27, 2023

Narrow-moat-rated Linde started 2023 with a strong first quarter, delivering a 17% year-over-year increase in adjusted EPS, from $2.93 to $3.42. We’ve increased our fair value estimate to $365 from $359, driven by our slightly more optimistic revenue growth projections as well as time value of money.

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