Linde PLC

LIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Linde Earnings: Near-Term Macroeconomic Headwinds Don’t Dampen Our Long-Term Outlook

Krzysztof Smalec

Feb 6, 2025

Wide-moat-rated Linde ended 2024 with a solid fourth quarter, as the industrial gas firm’s full-year adjusted EPS of $15.51 came in a nickel above our expectations. After rolling our model forward one year, we’ve increased our fair value estimate to $437 per share from $419, which reflects our slightly more optimistic midcycle operating margin projections and time value of money.

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Linde PLC

Linde Earnings: Near-Term Macroeconomic Headwinds Don’t Dampen Our Long-Term Outlook

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