Linde: My 'Not Cheap' Thesis Has Been True Since 2023

Impact · against what's priced in

Linde is a neutral hold as its strong operational fundamentals are offset by a stretched valuation. The primary risk is a potential correction if growth fails to justify a 27x-30x P/E multiple.

LIN−0.20: No priced-in read yet
In context: While the company maintains world-class margins and cash generation, a valuation of 27x-30x P/E and inefficient buybacks at these levels limit further upside.
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Linde: My 'Not Cheap' Thesis Has Been True Since 2023

earnings▲16%
valuation
LIN
buybacks
capital allocation
industrial gases
profitability

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Linde: My 'Not Cheap' Thesis Has Been True Since 2023

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Linde: My 'Not Cheap' Thesis Has Been True Since 2023

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