Linde 1Q Features Record Margins and Renewed Organic Growth. Merger with Praxair Remains on Track.
We expect to raise our fair value estimate of EUR 169 by roughly 3%-5% for narrow moat global industrial gas supplier Linde following surprisingly profitable first-quarter results and management confidence regarding the planned merger with Praxair. Our increase mainly reflects higher margin expectations plus rising confidence in a relatively straightforward path forward to merger completion. Investor optimism regarding the potential for a Linde-Praxair merger is likely to be the largest driver f...Linde is a gases and engineering company based in Germany. Co. operates through two divisions. The Gases division provides a range of compressed and liquefied gases as well as chemicals. Co.'s gases are used in the energy sector, in steel production, chemical processing, environmental protection, and welding, as well as in food processing, glass production and electronics. The Engineering division is engaged in industrial plants construction globally, focusing on market segments such as plants for the production of hydrogen and synthesis gas, air separation and olefins as well as plants for natural gas treatment.
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