Linde's Stable 3Q Results Are a Sharp Contrast to Major Management Changes; Maintain FVE of EUR 160
We maintain our EUR 160 fair value estimate and narrow moat for global industrial gas supplier Linde following unexceptional third-quarter results and the rollout of a new cost reduction program. The stock offers good long-term value, though earnings momentum is likely to remain elusive through 2017 amid a sluggish global economy and company-specific factors.The LIFT efficiency program comes in response to persistently sluggish operating performance and a widening gap in Linde’s lagging margin...
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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