Linde PLC

LIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$131.00	Zvl	Swdpntt

Linde Earnings: Continued Margin Expansion Despite Slowdown in Some End Markets

Krzysztof Smalec

Feb 6, 2024

Narrow-moat Linde finished 2023 on a strong note, as its full-year revenue of $32.9 billion and adjusted EPS of $14.20 both beat our estimates of $32.8 billion and $14.09, respectively. After rolling our model forward one year, we've raised our fair value estimate to $398 from $393, which reflects our slightly more optimistic operating margin projections as well as time value of money.

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