Tenbagger Linde plc: In-Depth Analysis

Linde plc's most important equity story revolves around its strategic positioning as a global leader in industrial gases and engineering solutions, capitalizing on key growth trends such as sustainability and technological innovation. The merger between Linde AG (Opens in a new window) and Praxair Inc. in 2018 created the world’s largest industrial gases company, leveraging combined expertise and economies of scale to enhance operational efficiency and expand market reach.

A central element of Linde's equity story is its focus on sustainable energy solutions, particularly hydrogen. As a pioneer in hydrogen technology, Linde is at the forefront of the global transition towards clean energy, catering to industries like transportation, power generation, and manufacturing. The company's robust portfolio in hydrogen production, storage, and distribution positions it as a key player in the emerging hydrogen economy.

Additionally, Linde's commitment to innovation and digitalization drives productivity and customer value. Investments in advanced technologies, such as remote monitoring and automation, streamline operations and enhance safety and reliability.

Financially, Linde boasts strong revenue growth, profitability, and cash flow generation (Opens in a new window), underpinned by a resilient business model and diverse customer base across various sectors. This financial stability supports ongoing investments in growth initiatives and shareholder returns, solidifying Linde plc’s attractiveness to investors.

Table of Contents

1. History

2. Management and Shareholder Structure

3. Business Model

   1. Basics of the Business Model

   2. Detailed Business Model

4. Industry

   1. Industry Overview

   2. Industry Trends

   3. Competitive Comparison

5. Key Figures

   1. Sales Development

   2. EBIT Development

   3. Distributions

   4. Balance Sheet Analysis

6. Opportunities and Risks

   1. Strengths

   2. Weaknesses

   3. Opportunities

   4. Risks

7. Assessment

   1. Historical Multiple Rating

   2. FCF-Valuation

8. Conclusion