Financials Linde plc

Equities

LIN

IE000S9YS762

Commodity Chemicals

Market Closed - Nasdaq 03:59:52 2024-02-22 pm EST 5-day change 1st Jan Change
447.2 USD +1.76% Intraday chart for Linde plc +6.89% +8.89%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 87,094 113,883 137,919 176,328 160,663 213,090 213,090 -
Enterprise Value (EV) 1 97,872 125,139 150,319 187,712 173,141 213,858 228,567 228,873
P/E ratio 11.9 x 50.8 x 55.9 x 47.3 x 39.6 x 32.6 x 31.5 x 29.1 x
Yield 2.11% 1.64% 1.46% 1.22% 1.43% 1.24% 1.24% 1.33%
Capitalization / Revenue 3.09 x 4.03 x 5.06 x 5.73 x 4.82 x 6.06 x 6.2 x 5.85 x
EV / Revenue 3.48 x 4.43 x 5.52 x 6.1 x 5.19 x 6.51 x 6.65 x 6.28 x
EV / EBITDA 22.2 x 15.3 x 17.4 x 18.4 x 15.9 x 17.6 x 17.8 x 16.6 x
EV / FCF 53.8 x 51.3 x 37.3 x 28.3 x 30.4 x 38.8 x 41 x 36.1 x
FCF Yield 1.86% 1.95% 2.68% 3.54% 3.29% 2.58% 2.44% 2.77%
Price to Book 1.66 x 2.32 x 2.91 x 4 x 4.07 x 5.09 x 5.35 x 5.19 x
Nbr of stocks (in thousands) 558,150 534,914 523,393 508,987 492,561 484,890 484,890 -
Reference price 2 156.0 212.9 263.5 346.4 326.2 447.0 447.0 447.0
Announcement Date 3/1/19 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 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 28,149 28,228 27,243 30,793 33,364 32,854 34,372 36,421
EBITDA 1 4,413 8,178 8,645 10,179 10,873 12,133 12,869 13,778
EBIT 1 4,797 5,272 5,797 7,176 7,900 9,070 9,679 10,416
Operating Margin 17.04% 18.68% 21.28% 23.3% 23.68% 27.61% 28.16% 28.6%
Earnings before Tax (EBT) 1 5,105 2,927 3,384 5,099 5,543 7,988 8,390 9,017
Net income 1 4,381 2,285 2,501 3,826 4,147 6,199 6,834 7,274
Net margin 15.56% 8.09% 9.18% 12.42% 12.43% 18.87% 19.88% 19.97%
EPS 2 13.11 4.190 4.710 7.330 8.230 12.59 14.18 15.36
Free Cash Flow 1 1,819 2,437 4,029 6,639 5,691 5,518 5,579 6,335
FCF margin 6.46% 8.63% 14.79% 21.56% 17.06% 16.8% 16.23% 17.39%
FCF Conversion (EBITDA) 41.22% 29.8% 46.6% 65.22% 52.34% 45.48% 43.36% 45.98%
FCF Conversion (Net income) 41.52% 106.65% 161.1% 173.52% 137.23% 89.01% 81.64% 87.08%
Dividend per Share 2 3.300 3.500 3.850 4.240 4.680 5.100 5.522 5.948
Announcement Date 3/1/19 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 Q2 2021 Q3 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
Net sales 1 7,584 7,668 8,298 8,211 8,457 8,797 7,899 8,193 8,204 8,155 8,302 8,402 8,539 8,634 8,726
EBITDA 1 2,585 2,559 2,597 2,663 2,746 2,739 2,725 2,963 3,059 3,074 3,037 3,106 3,230 3,278 3,273
EBIT 1 1,837 1,810 1,841 1,905 2,000 2,010 2,000 2,206 2,286 2,306 2,272 2,335 2,461 2,508 2,488
Operating Margin 24.22% 23.6% 22.19% 23.2% 23.65% 22.85% 25.32% 26.93% 27.86% 28.28% 27.37% 27.8% 28.82% 29.05% 28.51%
Earnings before Tax (EBT) 1 - - 1,355 1,535 646 1,648 1,714 1,941 2,004 2,047 1,996 2,114 2,229 2,247 2,219
Net income 1 841 979 1,026 1,174 372 1,273 1,328 1,516 1,575 1,565 1,543 1,647 1,738 1,776 1,758
Net margin 11.09% 12.77% 12.36% 14.3% 4.4% 14.47% 16.81% 18.5% 19.2% 19.19% 18.59% 19.6% 20.35% 20.56% 20.15%
EPS 2 1.600 1.880 1.980 2.300 0.7400 2.540 2.670 3.060 3.190 3.190 3.160 3.239 3.474 3.554 3.546
Dividend per Share 2 1.060 1.060 1.060 1.170 1.170 1.170 1.170 - - 1.275 1.275 1.355 1.349 1.347 1.318
Announcement Date 7/30/21 10/28/21 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 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 10,778 11,256 12,400 11,384 12,478 14,709 15,477 15,783
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.442 x 1.376 x 1.434 x 1.118 x 1.148 x 1.212 x 1.203 x 1.146 x
Free Cash Flow 1 1,819 2,437 4,029 6,639 5,691 5,518 5,579 6,335
ROE (net income / shareholders' equity) 13.5% 7.95% 9.07% 12.2% 14.7% 15.5% 18.8% 19.8%
ROA (Net income/ Total Assets) 2.84% 4.45% 5% 6.57% 7.68% 7.73% 9.26% 9.8%
Assets 1 154,261 51,373 50,020 58,235 53,976 80,235 73,813 74,199
Book Value Per Share 2 94.30 91.80 90.40 86.60 80.10 80.70 83.60 86.20
Cash Flow per Share 2 5.510 11.20 14.00 18.60 17.60 18.90 21.80 23.60
Capex 1 1,883 3,682 3,400 3,086 3,173 3,787 4,589 4,555
Capex / Sales 6.69% 13.04% 12.48% 10.02% 9.51% 11.53% 13.35% 12.51%
Announcement Date 3/1/19 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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
447 USD
Average target price
450.6 USD
Spread / Average Target
+0.81%
Consensus
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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