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Linde Raises Full-Year 2021 Outlook After Solid Second Quarter; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat rated Linde reported solid second-quarter results, as the industrial gas firm’s sales of $7.6 billion and adjusted EPS of $2.70 both surpassed FactSet consensus estimates of $7.4 billion and $2.55, respectively. We are increasing our fair value estimate for Linde to $312 from $297, which reflects the firm’s outperformance, increased guidance for full-year 2021, and time value of money, partially offset by the implementation of a probability-weighted change in the U.S. statutory tax rate in our model.

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Company Profile

Business Description

Linde PLC is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steel making. Linde generated approximately $27.2 billion in revenue and $3.3 billion in GAAP operating profit in 2020.

10 Priestley Road, The Priestley Centre
Guildford, Surrey, GU2 7XY, United Kingdom
T +44 1483242200
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 71,736