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Linde Delivers Solid Q3 Results and Raises Full-Year 2021 Guidance; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

We are raising our fair value estimate for narrow-moat Linde to $316 from $312 after the industrial gas firm reported solid third-quarter results and raised its outlook for full-year 2021 for the third time this year. Our fair value increase reflects Linde’s outperformance, our more optimistic near-term projections, and time value of money. We see shares as fairly valued at current levels.

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Company Profile

Business Description

Linde 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 steelmaking. 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 Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 72,159