Financials Linde plc London S.E.

Equities

0M2B

IE000S9YS762

Commodity Chemicals

Market Closed - London S.E. 09:41:23 02/05/2024 pm IST 5-day change 1st Jan Change
389.4 EUR -7.19% Intraday chart for Linde plc -3.18% +5.20%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,13,883 1,37,919 1,76,328 1,60,663 1,99,149 2,09,362 - -
Enterprise Value (EV) 1 1,25,139 1,50,319 1,87,712 1,73,141 2,13,858 2,25,034 2,25,713 2,25,873
P/E ratio 50.8 x 55.9 x 47.3 x 39.6 x 32.6 x 30.9 x 27.7 x 24.5 x
Yield 1.64% 1.46% 1.22% 1.43% 1.24% 1.27% 1.37% 1.48%
Capitalization / Revenue 4.03 x 5.06 x 5.73 x 4.82 x 6.06 x 6.21 x 5.83 x 5.51 x
EV / Revenue 4.43 x 5.52 x 6.1 x 5.19 x 6.51 x 6.67 x 6.29 x 5.95 x
EV / EBITDA 15.3 x 17.4 x 18.4 x 15.9 x 17.6 x 17.5 x 16.5 x 15.4 x
EV / FCF 51.3 x 37.3 x 28.3 x 30.4 x 38.8 x 38.8 x 35.1 x 32.7 x
FCF Yield 1.95% 2.68% 3.54% 3.29% 2.58% 2.58% 2.85% 3.06%
Price to Book 2.32 x 2.91 x 4 x 4.07 x 5.09 x 5.24 x 5.14 x 4.99 x
Nbr of stocks (in thousands) 5,34,914 5,23,393 5,08,987 4,92,561 4,84,890 4,80,716 - -
Reference price 2 212.9 263.5 346.4 326.2 410.7 435.5 435.5 435.5
Announcement Date 13/02/20 05/02/21 10/02/22 07/02/23 06/02/24 - - -
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 33,728 35,890 37,987
EBITDA 1 8,178 8,645 10,179 10,873 12,133 12,843 13,700 14,640
EBIT 1 5,272 5,797 7,176 7,900 9,070 9,632 10,361 11,222
Operating Margin 18.68% 21.28% 23.3% 23.68% 27.61% 28.56% 28.87% 29.54%
Earnings before Tax (EBT) 1 2,927 3,384 5,099 5,543 7,988 8,378 9,073 10,212
Net income 1 2,285 2,501 3,826 4,147 6,199 6,772 7,376 8,127
Net margin 8.09% 9.18% 12.42% 12.43% 18.87% 20.08% 20.55% 21.4%
EPS 2 4.190 4.710 7.330 8.230 12.59 14.11 15.75 17.75
Free Cash Flow 1 2,437 4,029 6,639 5,691 5,518 5,800 6,432 6,911
FCF margin 8.63% 14.79% 21.56% 17.06% 16.8% 17.2% 17.92% 18.19%
FCF Conversion (EBITDA) 29.8% 46.6% 65.22% 52.34% 45.48% 45.16% 46.95% 47.21%
FCF Conversion (Net income) 106.65% 161.1% 173.52% 137.23% 89.01% 85.65% 87.2% 85.03%
Dividend per Share 2 3.500 3.850 4.240 4.680 5.100 5.537 5.977 6.438
Announcement Date 13/02/20 05/02/21 10/02/22 07/02/23 06/02/24 - - -
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 8,324 8,515 8,663 8,664 8,936
EBITDA 1 2,597 2,663 2,746 2,739 2,725 2,963 3,059 3,074 3,037 3,116 3,178 3,269 3,293 3,323 3,425
EBIT 1 1,841 1,905 2,000 2,010 2,000 2,206 2,286 2,306 2,272 2,341 2,390 2,478 2,484 2,517 2,609
Operating Margin 22.19% 23.2% 23.65% 22.85% 25.32% 26.93% 27.86% 28.28% 27.37% 28.9% 28.71% 29.1% 28.67% 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 1,712 1,740 1,757 1,704 1,798
Net margin 12.36% 14.3% 4.4% 14.47% 16.81% 18.5% 19.2% 19.19% 18.59% 20.09% 20.57% 20.43% 20.28% 19.67% 20.12%
EPS 2 1.980 2.300 0.7400 2.540 2.670 3.060 3.190 3.190 3.160 3.350 3.511 3.536 3.621 3.576 3.789
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 10/02/22 28/04/22 28/07/22 27/10/22 07/02/23 27/04/23 27/07/23 26/10/23 06/02/24 02/05/24 - - - - -
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 15,672 16,351 16,511
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.376 x 1.434 x 1.118 x 1.148 x 1.212 x 1.22 x 1.194 x 1.128 x
Free Cash Flow 1 2,437 4,029 6,639 5,691 5,518 5,800 6,432 6,911
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 74,310 75,746 59,415
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 4,355 4,522 4,760
Capex / Sales 13.04% 12.48% 10.02% 9.51% 11.53% 12.91% 12.6% 12.53%
Announcement Date 13/02/20 05/02/21 10/02/22 07/02/23 06/02/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
28
Last Close Price
435.5 USD
Average target price
470.1 USD
Spread / Average Target
+7.94%
Consensus