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 23,185 23,278 23,100
Change - 9.61% 17.88% 14.03% 30.76% 5.71% 0.4% -0.76%
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 5,462 5,324 5,299
Change - 2.82% 19.35% 18.75% 16.99% 3.81% -2.52% -0.47%
Free Cash Flow (FCF) 1 6,639 5,691 5,518 4,926 5,089 5,643 6,789 7,418
Change - -14.28% -3.04% -10.73% 3.31% 10.88% 20.3% 9.27%
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% 39.12% 39.91% 40.36%
EBIT Margin (%) 23.3% 23.68% 27.61% 29.45% 29.83% 29.75% 30.61% 31.45%
EBT Margin (%) 16.56% 16.61% 24.31% 25.96% 26.18% 27.35% 28.22% 29.44%
Net margin (%) 12.42% 12.43% 18.87% 19.89% 20.3% 21.07% 21.8% 22.39%
FCF margin (%) 21.56% 17.06% 16.8% 14.93% 14.97% 15.53% 17.81% 18.41%
FCF / Net Income (%) 173.52% 137.23% 89.01% 75.03% 73.78% 73.69% 81.72% 82.2%

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 1.63x 1.53x 1.42x
Debt / Free cash flow 1.71x 2.19x 2.67x 3.4x 4.31x 4.11x 3.43x 3.11x

Capital Intensity

        
CAPEX / Current Assets (%) 10.02% 9.51% 11.53% 13.63% 15.48% 15.03% 13.97% 13.15%
CAPEX / EBITDA (%) 30.32% 29.18% 31.21% 35.08% 39.41% 38.43% 35.01% 32.59%
CAPEX / FCF (%) 46.48% 55.75% 68.63% 91.29% 103.38% 96.79% 78.43% 71.44%

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 6.437 6.917 7.416
Change - 10.38% 8.97% 9.02% 7.91% 7.29% 7.46% 7.21%
Book Value Per Share 1 86.57 80.1 80.68 79.01 80.99 85.18 88.57 93.21
Change - -7.47% 0.73% -2.07% 2.51% 5.17% 3.98% 5.24%
EPS 1 7.33 8.23 12.59 13.62 14.61 16.38 18.15 20.07
Change - 12.28% 52.98% 8.18% 7.27% 12.12% 10.82% 10.58%
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 28.4x 25.6x
PBR 5.46x 5.25x
EV / Sales 6.54x 6.23x
Yield 1.38% 1.49%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
28
Last Close Price
464.91USD
Average target price
542.60USD
Spread / Average Target
+16.71%

Quarterly revenue - Rate of surprise

-40%: Exceptional extension
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