Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,328 160,663 199,149 199,353 199,102 214,918 - -
Change - -8.88% 23.95% 0.1% -0.13% 7.94% - -
Enterprise Value (EV) 1 187,712 173,141 213,858 216,126 221,035 238,103 238,196 238,018
Change - -7.76% 23.52% 1.06% 2.27% 7.72% 0.04% -0.07%
P/E 47.3x 39.6x 32.6x 30.7x 29.2x 28.5x 25.7x 23.2x
PBR 4x 4.07x 5.09x 5.3x 5.26x 5.46x 5.25x 4.98x
PEG - 3.2x 0.6x 3.75x 4.02x 2.4x 2.4x 2.2x
Capitalization / Revenue 5.73x 4.82x 6.06x 6.04x 5.86x 5.92x 5.64x 5.33x
EV / Revenue 6.1x 5.19x 6.51x 6.55x 6.5x 6.55x 6.25x 5.91x
EV / EBITDA 18.4x 15.9x 17.6x 16.9x 16.6x 16.8x 15.7x 14.6x
EV / EBIT 26.2x 21.9x 23.6x 22.2x 21.8x 22x 20.4x 18.8x
EV / FCF 28.3x 30.4x 38.8x 43.9x 43.4x 42.7x 35.2x 31.9x
FCF Yield 3.54% 3.29% 2.58% 2.28% 2.3% 2.34% 2.84% 3.13%
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% 1.38% 1.48% 1.59%
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 2 346.43 326.18 410.71 418.67 426.39 466.22 466.22 466.22
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.($)
28.48x6.55x16.76x1.38% 215B
86.01x6.42x14.93x2.48% 64.9B
158.29x - - - 17.86B
16.56x2.08x8.37x1.24% 15.16B
26.68x2.83x10.88x0.91% 5.73B
88.15x17.93x52.69x0.23% 5.56B
74.08x12.66x36.83x0.4% 5.47B
77.27x - - - 5.25B
13.97x0.91x7.32x2.36% 4.46B
Average 63.28x 7.05x 21.11x 1.29% 37.7B
Weighted average by Cap. 48.03x 6.47x 16.72x 1.57%

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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