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Linde PLC LIN

Morningstar Rating
$435.98 +0.46 (0.11%)
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Company Report

Linde Has Continued to Deliver Strong Margin Expansion

Linde is the largest industrial gas producer in the world and benefits from operating in an industry with a very favorable structure. Despite selling industrial gases, which are essentially commodities, industrial gas companies have consistently delivered lucrative returns thanks to their economic moats. Industrial gases typically account for a relative fraction of customers’ costs but are a vital input to ensure uninterrupted production. As such, customers are often willing to pay a premium and sign long-term contracts to ensure that their businesses are running smoothly. Long-term contracts and high switching costs contribute to industrial gas producers' moats, helping them generate a relatively predictable cash flow stream and lucrative returns.

Price vs Fair Value

LIN is trading at a 58% premium.
Price
$435.48
Fair Value
$595.00
Uncertainty
Low
1-Star Price
$554.00
5-Star Price
$113.00
Economic Moat
Dkhk
Capital Allocation
Brdsyhyhw

Bulls Say, Bears Say

Bulls

The merger with Praxair has positioned Linde as the largest industrial gas company in the world, strengthening its competitive positioning.

Bears

Cost inflation and energy price volatility could pressure short-term margins.

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News

Trading Information

Previous Close Price
$435.52
Day Range
$435.46440.52
52-Week Range
$358.59477.73
Bid/Ask
$434.93 / $436.36
Market Cap
$209.58 Bil
Volume/Avg
594,836 / 2.3 Mil

Key Statistics

Price/Earnings (Normalized)
29.83
Price/Sales
6.48
Dividend Yield (Trailing)
1.22%
Dividend Yield (Forward)
1.28%
Total Yield
3.18%

Company Profile

Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steelmaking. Linde generated approximately $33 billion in revenue in 2023.
Sector
Basic Materials
Industry
Specialty Chemicals
Stock Style Box
Large Core
Total Number of Employees
66,195

Competitors

Valuation

Metric
LIN
APD
AI
Price/Earnings (Normalized)
29.8324.0326.84
Price/Book Value
5.374.193.98
Price/Sales
6.485.153.51
Price/Cash Flow
21.0217.3916.87
Price/Earnings
LIN
APD
AI

Financial Strength

Metric
LIN
APD
AI
Quick Ratio
0.621.250.51
Current Ratio
0.801.490.87
Interest Coverage
19.8315.6556.89
Quick Ratio
LIN
APD
AI

Profitability

Metric
LIN
APD
AI
Return on Assets (Normalized)
8.94%8.09%6.80%
Return on Equity (Normalized)
18.03%18.18%13.97%
Return on Invested Capital (Normalized)
12.19%10.29%8.86%
Return on Assets
LIN
APD
AI
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