Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,76,328 1,60,663 1,99,149 1,99,353 1,99,102 2,16,532 - -
Change - -8.88% 23.95% 0.1% -0.13% 8.75% - -
Enterprise Value (EV) 1 1,87,712 1,73,141 2,13,858 2,16,126 2,21,035 2,39,716 2,39,810 2,39,631
Change - -7.76% 23.52% 1.06% 2.27% 8.45% 0.04% -0.07%
P/E 47.3x 39.6x 32.6x 30.7x 29.2x 28.7x 25.9x 23.4x
PBR 4x 4.07x 5.09x 5.3x 5.26x 5.51x 5.3x 5.04x
PEG - 3.2x 0.6x 3.75x 4.02x 2.4x 2.4x 2.2x
Capitalization / Revenue 5.73x 4.82x 6.06x 6.04x 5.86x 5.96x 5.68x 5.37x
EV / Revenue 6.1x 5.19x 6.51x 6.55x 6.5x 6.6x 6.29x 5.95x
EV / EBITDA 18.4x 15.9x 17.6x 16.9x 16.6x 16.9x 15.8x 14.7x
EV / EBIT 26.2x 21.9x 23.6x 22.2x 21.8x 22.2x 20.6x 18.9x
EV / FCF 28.3x 30.4x 38.8x 43.9x 43.4x 42.5x 35.3x 32.3x
FCF Yield 3.54% 3.29% 2.58% 2.28% 2.3% 2.35% 2.83% 3.1%
Dividend per Share 2 4.24 4.68 5.1 5.56 6 6.437 6.917 7.416
Rate of return 1.22% 1.43% 1.24% 1.33% 1.41% 1.37% 1.47% 1.58%
EPS 2 7.33 8.23 12.59 13.62 14.61 16.38 18.15 20.07
Distribution rate 57.8% 56.9% 40.5% 40.8% 41.1% 39.3% 38.1% 36.9%
Net sales 1 30,793 33,364 32,854 33,005 33,986 36,333 38,107 40,296
EBITDA 1 10,179 10,873 12,133 12,819 13,351 14,213 15,207 16,262
EBIT 1 7,176 7,900 9,070 9,720 10,137 10,811 11,665 12,674
Net income 1 3,826 4,147 6,199 6,565 6,898 7,657 8,307 9,024
Net Debt 1 11,384 12,478 14,709 16,773 21,933 23,185 23,278 23,100
Reference price 2 346.43 326.18 410.71 418.67 426.39 469.72 469.72 469.72
Nbr of stocks (in thousands) 5,08,987 4,92,561 4,84,890 4,76,158 4,66,949 4,60,980 - -
Announcement Date 10/02/22 07/02/23 06/02/24 06/02/25 05/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.67x6.6x16.87x1.37% 22TCr
84.7x6.35x14.75x2.52% 6.39TCr
152.03x - - - 1.71TCr
16.91x2.11x8.5x1.21% 1.5TCr
89.38x15.17x44.14x0.33% 659.19Cr
27.77x2.9x11.12x0.88% 575.59Cr
84.36x - - - 573.42Cr
89.07x18.12x53.24x0.22% 559.84Cr
13.79x0.9x7.26x2.39% 427.49Cr
Average 65.19x 7.45x 22.27x 1.27% 3.78TCr
Weighted average by Cap. 47.78x 6.57x 17.02x 1.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield