Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,328 160,663 199,149 199,353 199,102 213,415 - -
Change - -8.88% 23.95% 0.1% -0.13% 7.19% - -
Enterprise Value (EV) 1 187,712 173,141 213,858 216,126 221,035 236,600 236,693 236,515
Change - -7.76% 23.52% 1.06% 2.27% 7.04% 0.04% -0.08%
P/E 47.3x 39.6x 32.6x 30.7x 29.2x 28.3x 25.5x 23.1x
PBR 4x 4.07x 5.09x 5.3x 5.26x 5.44x 5.23x 4.97x
PEG - 3.2x 0.6x 3.75x 4.02x 2.3x 2.4x 2.2x
Capitalization / Revenue 5.73x 4.82x 6.06x 6.04x 5.86x 5.88x 5.6x 5.3x
EV / Revenue 6.1x 5.19x 6.51x 6.55x 6.5x 6.51x 6.21x 5.87x
EV / EBITDA 18.4x 15.9x 17.6x 16.9x 16.6x 16.6x 15.6x 14.5x
EV / EBIT 26.2x 21.9x 23.6x 22.2x 21.8x 21.9x 20.3x 18.7x
EV / FCF 28.3x 30.4x 38.8x 43.9x 43.4x 41.9x 34.9x 31.9x
FCF Yield 3.54% 3.29% 2.58% 2.28% 2.3% 2.38% 2.87% 3.14%
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% 1.39% 1.49% 1.6%
EPS 2 7.33 8.23 12.59 13.62 14.61 16.37 18.15 20.08
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 36,326 38,100 40,296
EBITDA 1 10,179 10,873 12,133 12,819 13,351 14,210 15,204 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 7,654 8,304 9,024
Net Debt 1 11,384 12,478 14,709 16,773 21,933 23,185 23,278 23,100
Reference price 2 346.43 326.18 410.71 418.67 426.39 462.96 462.96 462.96
Nbr of stocks (in thousands) 508,987 492,561 484,890 476,158 466,949 460,980 - -
Announcement Date 2/10/22 2/7/23 2/6/24 2/6/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.37x6.53x16.7x1.39% 214B
84.74x6.35x14.76x2.52% 63.94B
152.55x - - - 17.2B
16.8x2.1x8.46x1.22% 15.28B
26.19x2.78x10.68x0.93% 5.59B
88.15x17.93x52.69x0.23% 5.54B
74.51x12.73x37.04x0.39% 5.49B
78.15x - - - 5.31B
13.88x0.91x7.29x2.38% 4.41B
Average 62.59x 7.05x 21.09x 1.29% 37.43B
Weighted average by Cap. 47.18x 6.44x 16.65x 1.58%

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

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