Linde's Modest 2Q Growth Overshadowed by Linde-Praxair Merger Prospects; We Maintain EUR 169 FVE
We anticipate little change to our EUR 169 per share fair value estimate for narrow- moat global industrial gas supplier Linde following unexceptional second-quarter results and unchanged company financial guidance for 2017. We came away modestly more optimistic regarding the operating outlook, though near-term trends will likely be overshadowed by the proposed Linde-Praxair merger, likely to be the largest driver for Linde’s stock price for the next several months.Following the June 2 signing ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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