Linde's 1Q Results Largely as Expected, While Potential Merger With Praxair Looms; We Raise Our FVE
We expect to raise our fair value estimate to roughly EUR 167 from EUR 160 for narrow-moat global industrial gas supplier Linde following unexceptional first-quarter results and consistent management guidance for modest 2017 growth. Our increase reflects our greater optimism regarding the potential for a Linde-Praxair merger, which is likely to be the largest driver for Linde’s stock price for the next several months.At Linde’s annual shareholders meeting on May 9, Linde Chairman Wolfgang Reitz...
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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