Financials Linde plc Mexican S.E.

Equities

LIN1 N

IE000S9YS762

Commodity Chemicals

End-of-day quote Mexican S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
7,139 ^MXN	-5.44%		0.00%	+2.27%

May. 20	Deutsche Bank to Assess Impact of Gazprom Claim on Russian Operations	MT
May. 17	Russian court seizes $462.7 mln euros of UniCredit assets	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	113,883	137,919	176,328	160,663	199,149	207,963	-	-
Enterprise Value (EV) ¹	125,139	150,319	187,712	173,141	213,858	223,626	224,284	224,442
P/E ratio	50.8 x	55.9 x	47.3 x	39.6 x	32.6 x	30.7 x	27.6 x	24.5 x
Yield	1.64%	1.46%	1.22%	1.43%	1.24%	1.27%	1.38%	1.49%
Capitalization / Revenue	4.03 x	5.06 x	5.73 x	4.82 x	6.06 x	6.16 x	5.79 x	5.47 x
EV / Revenue	4.43 x	5.52 x	6.1 x	5.19 x	6.51 x	6.62 x	6.24 x	5.9 x
EV / EBITDA	15.3 x	17.4 x	18.4 x	15.9 x	17.6 x	17.4 x	16.4 x	15.3 x
EV / FCF	51.3 x	37.3 x	28.3 x	30.4 x	38.8 x	38.9 x	34.8 x	32.3 x
FCF Yield	1.95%	2.68%	3.54%	3.29%	2.58%	2.57%	2.87%	3.09%
Price to Book	2.32 x	2.91 x	4 x	4.07 x	5.09 x	5.2 x	5.11 x	4.95 x
Nbr of stocks (in thousands)	534,914	523,393	508,987	492,561	484,890	480,716	-	-
Reference price ²	212.9	263.5	346.4	326.2	410.7	432.6	432.6	432.6
Announcement Date	2/13/20	2/5/21	2/10/22	2/7/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,228	27,243	30,793	33,364	32,854	33,779	35,938	38,019
EBITDA ¹	8,178	8,645	10,179	10,873	12,133	12,850	13,709	14,653
EBIT ¹	5,272	5,797	7,176	7,900	9,070	9,635	10,363	11,222
Operating Margin	18.68%	21.28%	23.3%	23.68%	27.61%	28.52%	28.84%	29.52%
Earnings before Tax (EBT) ¹	2,927	3,384	5,099	5,543	7,988	8,387	9,066	10,316
Net income ¹	2,285	2,501	3,826	4,147	6,199	6,772	7,371	8,140
Net margin	8.09%	9.18%	12.42%	12.43%	18.87%	20.05%	20.51%	21.41%
EPS ²	4.190	4.710	7.330	8.230	12.59	14.10	15.69	17.68
Free Cash Flow ¹	2,437	4,029	6,639	5,691	5,518	5,753	6,436	6,939
FCF margin	8.63%	14.79%	21.56%	17.06%	16.8%	17.03%	17.91%	18.25%
FCF Conversion (EBITDA)	29.8%	46.6%	65.22%	52.34%	45.48%	44.77%	46.95%	47.36%
FCF Conversion (Net income)	106.65%	161.1%	173.52%	137.23%	89.01%	84.96%	87.32%	85.25%
Dividend per Share ²	3.500	3.850	4.240	4.680	5.100	5.515	5.980	6.438
Announcement Date	2/13/20	2/5/21	2/10/22	2/7/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,298	8,211	8,457	8,797	7,899	8,193	8,204	8,155	8,302	8,100	8,323	8,517	8,665	8,664	8,923
EBITDA ¹	2,597	2,663	2,746	2,739	2,725	2,963	3,059	3,074	3,037	3,116	3,179	3,270	3,294	3,323	3,423
EBIT ¹	1,841	1,905	2,000	2,010	2,000	2,206	2,286	2,306	2,272	2,341	2,390	2,479	2,485	2,517	2,606
Operating Margin	22.19%	23.2%	23.65%	22.85%	25.32%	26.93%	27.86%	28.28%	27.37%	28.9%	28.72%	29.11%	28.68%	29.05%	29.2%
Earnings before Tax (EBT)	1,355	1,535	646	1,648	1,714	1,941	2,004	2,047	1,996	2,080	-	-	-	-	-
Net income ¹	1,026	1,174	372	1,273	1,328	1,516	1,575	1,565	1,543	1,627	1,713	1,741	1,759	1,704	1,792
Net margin	12.36%	14.3%	4.4%	14.47%	16.81%	18.5%	19.2%	19.19%	18.59%	20.09%	20.58%	20.44%	20.3%	19.67%	20.08%
EPS ²	1.980	2.300	0.7400	2.540	2.670	3.060	3.190	3.190	3.160	3.350	3.510	3.535	3.625	3.576	3.777
Dividend per Share ²	1.060	1.170	1.170	1.170	1.170	-	-	1.275	1.275	1.390	1.394	1.394	1.394	1.515	1.515
Announcement Date	2/10/22	4/28/22	7/28/22	10/27/22	2/7/23	4/27/23	7/27/23	10/26/23	2/6/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,256	12,400	11,384	12,478	14,709	15,663	16,321	16,479
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.376 x	1.434 x	1.118 x	1.148 x	1.212 x	1.219 x	1.191 x	1.125 x
Free Cash Flow ¹	2,437	4,029	6,639	5,691	5,518	5,753	6,436	6,939
ROE (net income / shareholders' equity)	7.95%	9.07%	12.2%	14.7%	15.5%	18.6%	20%	23%
ROA (Net income/ Total Assets)	4.45%	5%	6.57%	7.68%	7.73%	9.11%	9.74%	13.7%
Assets ¹	51,373	50,020	58,235	53,976	80,235	74,305	75,687	59,505
Book Value Per Share ²	91.80	90.40	86.60	80.10	80.70	83.20	84.70	87.40
Cash Flow per Share ²	11.20	14.00	18.60	17.60	18.90	21.70	23.30	25.50
Capex ¹	3,682	3,400	3,086	3,173	3,787	4,374	4,524	4,767
Capex / Sales	13.04%	12.48%	10.02%	9.51%	11.53%	12.95%	12.59%	12.54%
Announcement Date	2/13/20	2/5/21	2/10/22	2/7/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Linde plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

432.6 USD

Average target price

471.3 USD

Spread / Average Target

+8.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Gas

	1st Jan change	Capi.
AIR PRODUCTS & CHEMICALS, INC.	-2.77%	58.4B
NIPPON SANSO HOLDINGS CORPORATION	+21.29%	12.81B
LINDE INDIA LIMITED	+68.03%	9.7B
HANGZHOU OXYGEN PLANT GROUP CO.,LTD.	-7.67%	3.62B
AIR WATER INC.	+16.79%	3.29B
SOL S.P.A.	+14.57%	3.17B
PERIC SPECIAL GASES CO., LTD.	-14.53%	2.12B
JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	-10.11%	1.84B
SICHUAN QIAOYUAN GAS CO.,LTD.	+5.71%	1.72B

Industrial Gas