Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 113,883 137,919 176,328 160,663 199,149 207,605 207,605 -
Change - 21.11% 27.85% -8.88% 23.95% 4.25% 0% -
Enterprise Value (EV) 1 125,139 150,319 187,712 173,141 213,858 224,133 224,858 225,219
Change - 20.12% 24.88% -7.76% 23.52% 4.8% 0.32% 0.16%
P/E ratio 50.8x 55.9x 47.3x 39.6x 32.6x 32.1x 27.9x 25.2x
PBR 2.32x 2.91x 4x 4.07x 5.09x 5.21x 5.09x 4.97x
PEG - 4.5x 0.9x 3.2x 0.6x 4.08x 1.9x 2.4x
Capitalization / Revenue 4.03x 5.06x 5.73x 4.82x 6.06x 6.25x 5.97x 5.64x
EV / Revenue 4.43x 5.52x 6.1x 5.19x 6.51x 6.74x 6.47x 6.12x
EV / EBITDA 15.3x 17.4x 18.4x 15.9x 17.6x 17.4x 16.5x 15.4x
EV / EBIT 23.7x 25.9x 26.2x 21.9x 23.6x 23.2x 21.7x 20.1x
EV / FCF 51.3x 37.3x 28.3x 30.4x 38.8x 41.7x 35.5x 33.8x
FCF Yield 1.95% 2.68% 3.54% 3.29% 2.58% 2.4% 2.81% 2.96%
Dividend per Share 2 3.5 3.85 4.24 4.68 5.1 5.539 5.971 6.477
Rate of return 1.64% 1.46% 1.22% 1.43% 1.24% 1.27% 1.37% 1.49%
EPS 2 4.19 4.71 7.33 8.23 12.59 13.58 15.61 17.28
Distribution rate 83.5% 81.7% 57.8% 56.9% 40.5% 40.8% 38.2% 37.5%
Net sales 1 28,228 27,243 30,793 33,364 32,854 33,242 34,750 36,826
EBITDA 1 8,178 8,645 10,179 10,873 12,133 12,864 13,643 14,591
EBIT 1 5,272 5,797 7,176 7,900 9,070 9,641 10,377 11,214
Net income 1 2,285 2,501 3,826 4,147 6,199 6,557 7,319 7,912
Net Debt 1 11,256 12,400 11,384 12,478 14,709 16,528 17,254 17,614
Reference price 2 212.90 263.51 346.43 326.18 410.71 436.00 436.00 436.00
Nbr of stocks (in thousands) 534,914 523,393 508,987 492,561 484,890 476,158 476,158 -
Announcement Date 2/13/20 2/5/21 2/10/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield Capi. ($)
32.1x6.74x17.42x+1.27%208B
24.85x6.82x15.76x+2.35%70.67B
16.91x1.96x8.57x+1.18%11.72B
105.72x16.59x60.9x+0.23%5.72B
22.61x2.44x9.56x+1.05%3.56B
76.26x - - +0.24%2.97B
19.97x1.67x9.75x+2.98%2.78B
8.5x0.73x6.24x+3.61%2.66B
42.75x - - - 2.02B
Average 38.85x 5.28x 18.32x +1.61% 34.41B
Weighted average by Cap. 31.30x 6.61x 17.25x +1.52%
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Year-on-year evolution of the PER

evolution-chart LINDE-PLC

Historical PBR trend

evolution-chart LINDE-PLC

Evolution Enterprise Value / Sales

evolution-chart LINDE-PLC

Change in Enterprise Value/EBITDA

evolution-chart LINDE-PLC

Year-on-year evolution of the Yield

evolution-chart LINDE-PLC