Linde plc (1LINUS)
Summary
Linde: My 'Not Cheap' Thesis Has Been True Since 2023
Linde plc remains a 'Hold' due to excessive valuation, despite its world-class fundamentals and robust profitability. LIN trades at a 27x-30x P/E, requiring unrealistic growth or sector re-rating to justify current levels and deliver meaningful upside. Recent results show strong margins, cash generation, and backlog, but capital allocation—especially buybacks at high multiples—raises concerns.
Linde plc (LIN) Q2 2026 Earnings Call Transcript
Linde plc (LIN) Q2 2026 Earnings Call Transcript
Linde Q2 Earnings Call Highlights
Linde NASDAQ: LIN reported record second-quarter sales and earnings per share, while expanding its sale-of-gas project backlog to a record $8.1 billion following a new U.S. electronics contract. The industrial-gases company also said it expects to start more than 20 projects during the remainder of 2026, representing approximately $1.3 billion of investment.
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Linde plc Profile
| Specialty Retail Industry | Consumer Discretionary Sector | Sanjiv Lamba CEO | XMIL Exchange | IE000S9YS762 ISIN |
| GB Country | 64,649 Employees | 3 Sep 2026 Last Dividend | 16 Dec 2003 Last Split | 11 Jan 2002 IPO Date |
Overview
Linde plc is a prominent entity in the industrial gas sector, serving a wide geographic area that encompasses the Americas, Europe, the Middle East, Africa, Asia, and the South Pacific. With its roots tracing back to 1879, the company has established itself as a key provider in the market, offering a broad spectrum of gases for various applications. Headquartered in Woking, the United Kingdom, Linde plc caters to a diverse range of industries, including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. The company is not only involved in the production and distribution of industrial gases but also engages in the design and construction of turnkey process plants, showcasing its extensive capabilities and technical expertise.
Products and Services
- Atmospheric Gases:
- Process Gases:
- Design and Construction of Turnkey Process Plants:
These include oxygen, nitrogen, argon, and rare gases, which are essential for various industrial, medical, and scientific applications. Linde's provision of these gases underpins sectors such as healthcare, where oxygen is critical, and manufacturing, where nitrogen and argon are indispensable.
Comprising carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene, these gases serve specific roles in processes like carbonation of beverages, cooling and magnetics in electronics, welding, and as reactants in chemical manufacturing.
Linde plc extends its expertise beyond gas production to the design and construction of process plants for air separation, hydrogen production, synthesis gas, olefin, and natural gas processing. This service is available to third-party customers as well as for the company's own gas operations, highlighting Linde's comprehensive approach to serving the needs of industries worldwide.
