Company Valuation: Linde plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,328 160,663 199,149 199,353 199,102 212,235 - -
Change - -8.88% 23.95% 0.1% -0.13% 6.6% - -
Enterprise Value (EV) 1 187,712 173,141 213,858 216,126 221,035 235,420 235,513 235,335
Change - -7.76% 23.52% 1.06% 2.27% 6.51% 0.04% -0.08%
P/E 47.3x 39.6x 32.6x 30.7x 29.2x 28.1x 25.4x 22.9x
PBR 4x 4.07x 5.09x 5.3x 5.26x 5.41x 5.2x 4.94x
PEG - 3.2x 0.6x 3.75x 4.02x 2.3x 2.3x 2.2x
Capitalization / Revenue 5.73x 4.82x 6.06x 6.04x 5.86x 5.84x 5.57x 5.27x
EV / Revenue 6.1x 5.19x 6.51x 6.55x 6.5x 6.48x 6.18x 5.84x
EV / EBITDA 18.4x 15.9x 17.6x 16.9x 16.6x 16.6x 15.5x 14.5x
EV / EBIT 26.2x 21.9x 23.6x 22.2x 21.8x 21.8x 20.2x 18.6x
EV / FCF 28.3x 30.4x 38.8x 43.9x 43.4x 41.7x 34.7x 31.7x
FCF Yield 3.54% 3.29% 2.58% 2.28% 2.3% 2.4% 2.88% 3.15%
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% 1.4% 1.5% 1.61%
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 2 346.43 326.18 410.71 418.67 426.39 460.40 460.40 460.40
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.($)
28.12x6.48x16.57x1.4% 212B
83.87x6.3x14.64x2.54% 63.28B
167.27x - - - 18.9B
16.91x2.11x8.5x1.21% 15.14B
87.67x14.89x43.32x0.33% 6.48B
84.85x - - - 5.78B
27.37x2.86x10.97x0.89% 5.71B
88.43x17.99x52.86x0.22% 5.55B
13.79x0.9x7.26x2.39% 4.31B
21.8x1.76x9.8x1.56% 3.79B
Average 62.01x 6.66x 20.49x 1.32% 34.12B
Weighted average by Cap. 48.48x 6.41x 16.67x 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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