Projected Income Statement: Linde plc

Forecast Balance Sheet: Linde plc

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 11,384 12,478 14,709 16,773 21,933 22,989 23,262 22,991
Change - 9.61% 17.88% 14.03% 30.76% 4.81% 1.19% -1.16%
Announcement Date 2/10/22 2/7/23 2/6/24 2/6/25 2/5/26 - - -
1USD in Million
Estimates

Cash Flow Forecast: Linde plc

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 3,086 3,173 3,787 4,497 5,261 5,470 5,276 5,193
Change - 2.82% 19.35% 18.75% 16.99% 3.97% -3.55% -1.56%
Free Cash Flow (FCF) 1 6,639 5,691 5,518 4,926 5,089 5,643 6,812 7,567
Change - -14.28% -3.04% -10.73% 3.31% 10.88% 20.72% 11.09%
Announcement Date 2/10/22 2/7/23 2/6/24 2/6/25 2/5/26 - - -
1USD in Million
Estimates

Forecast Financial Ratios: Linde plc

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 33.06% 32.59% 36.93% 38.84% 39.28% 39.18% 40.01% 40.51%
EBIT Margin (%) 23.3% 23.68% 27.61% 29.45% 29.83% 29.75% 30.63% 31.48%
EBT Margin (%) 16.56% 16.61% 24.31% 25.96% 26.18% 27.35% 28.25% 29.57%
Net margin (%) 12.42% 12.43% 18.87% 19.89% 20.3% 21.08% 21.83% 22.49%
FCF margin (%) 21.56% 17.06% 16.8% 14.93% 14.97% 15.54% 17.91% 18.86%
FCF / Net Income (%) 173.52% 137.23% 89.01% 75.03% 73.78% 73.73% 82.04% 83.86%

Profitability

        
ROA 6.57% 7.68% 7.73% 9.29% 9.7% 9.37% 9.96% 10.46%
ROE 12.21% 14.74% 15.55% 19.21% 20.32% 20.92% 22.11% 23.24%

Financial Health

        
Leverage (Debt/EBITDA) 1.12x 1.15x 1.21x 1.31x 1.64x 1.62x 1.53x 1.41x
Debt / Free cash flow 1.71x 2.19x 2.67x 3.4x 4.31x 4.07x 3.41x 3.04x

Capital Intensity

        
CAPEX / Current Assets (%) 10.02% 9.51% 11.53% 13.63% 15.48% 15.07% 13.87% 12.94%
CAPEX / EBITDA (%) 30.32% 29.18% 31.21% 35.08% 39.41% 38.46% 34.67% 31.95%
CAPEX / FCF (%) 46.48% 55.75% 68.63% 91.29% 103.38% 96.94% 77.45% 68.63%

Items per share

        
Cash flow per share 1 18.63 17.59 18.9 19.55 21.92 23.87 26.64 29.03
Change - -5.63% 7.48% 3.41% 12.14% 8.89% 11.61% 8.96%
Dividend per Share 1 4.24 4.68 5.1 5.56 6 6.44 6.943 7.472
Change - 10.38% 8.97% 9.02% 7.91% 7.33% 7.82% 7.61%
Book Value Per Share 1 86.57 80.1 80.68 79.01 80.99 85.39 88.82 93.68
Change - -7.47% 0.73% -2.07% 2.51% 5.43% 4.02% 5.46%
EPS 1 7.33 8.23 12.59 13.62 14.61 16.49 18.25 20.08
Change - 12.28% 52.98% 8.18% 7.27% 12.84% 10.69% 10.02%
Nbr of stocks (in thousands) 508,987 492,561 484,890 476,158 466,949 460,980 460,980 460,980
Announcement Date 2/10/22 2/7/23 2/6/24 2/6/25 2/5/26 - - -
1USD
Estimates
2026 *2027 *
P/E 29x 26.2x
PBR 5.59x 5.38x
EV / Sales 6.7x 6.4x
Yield 1.35% 1.45%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
477.57USD
Average target price
544.54USD
Spread / Average Target
+14.02%

Quarterly revenue - Rate of surprise

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