Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,328 160,663 199,149 199,353 199,102 225,654 - -
Change - -8.88% 23.95% 0.1% -0.13% 13.34% - -
Enterprise Value (EV) 1 187,712 173,141 213,858 216,126 221,035 248,737 249,016 248,944
Change - -7.76% 23.52% 1.06% 2.27% 12.53% 0.11% -0.03%
P/E 47.3x 39.6x 32.6x 30.7x 29.2x 29.7x 26.8x 24.4x
PBR 4x 4.07x 5.09x 5.3x 5.26x 5.74x 5.54x 5.32x
PEG - 3.2x 0.6x 3.75x 4.02x 2.3x 2.5x 2.47x
Capitalization / Revenue 5.73x 4.82x 6.06x 6.04x 5.86x 6.22x 5.93x 5.62x
EV / Revenue 6.1x 5.19x 6.51x 6.55x 6.5x 6.85x 6.54x 6.2x
EV / EBITDA 18.4x 15.9x 17.6x 16.9x 16.6x 17.5x 16.4x 15.3x
EV / EBIT 26.2x 21.9x 23.6x 22.2x 21.8x 23x 21.4x 19.7x
EV / FCF 28.3x 30.4x 38.8x 43.9x 43.4x 44x 36.6x 33x
FCF Yield 3.54% 3.29% 2.58% 2.28% 2.3% 2.27% 2.73% 3.03%
Dividend per Share 2 4.24 4.68 5.1 5.56 6 6.436 6.949 7.493
Rate of return 1.22% 1.43% 1.24% 1.33% 1.41% 1.31% 1.42% 1.53%
EPS 2 7.33 8.23 12.59 13.62 14.61 16.48 18.26 20.06
Distribution rate 57.8% 56.9% 40.5% 40.8% 41.1% 39% 38.1% 37.3%
Net sales 1 30,793 33,364 32,854 33,005 33,986 36,304 38,051 40,172
EBITDA 1 10,179 10,873 12,133 12,819 13,351 14,221 15,229 16,283
EBIT 1 7,176 7,900 9,070 9,720 10,137 10,800 11,663 12,653
Net income 1 3,826 4,147 6,199 6,565 6,898 7,650 8,318 9,060
Net Debt 1 11,384 12,478 14,709 16,773 21,933 23,083 23,362 23,290
Reference price 2 346.43 326.18 410.71 418.67 426.39 489.51 489.51 489.51
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.($)
29.7x6.85x17.49x1.31% 226B
90.93x6.7x15.59x2.35% 68.61B
174.2x - - - 19.6B
17.25x2.16x8.64x1.19% 15.16B
91.49x15.38x44.68x0.35% 6.73B
92.13x18.75x55.1x0.22% 5.8B
84.33x - - - 5.72B
26.53x2.78x10.81x0.92% 5.67B
22.03x1.8x9.89x1.61% 3.8B
Average 69.84x 7.78x 23.17x 1.14% 39.64B
Weighted average by Cap. 51.81x 6.86x 17.70x 1.48%

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