Praxair: Improved 1Q Results Overshadowed by Merger Prospects with Linde AG. Raise our FVE to $123.
We raise our fair value estimate to $123 per share from $118 for wide-moat Praxair, following in line first-quarter results and initial 2017 financial guidance. We came away with greater optimism regarding the potential for a Praxair-Linde merger, likely to be the largest driver for Praxair’s stock price in 2017.Linde Chairman Wolfgang Reitzle noted at Linde’s annual shareholders meeting on May 9 he expects the companies to reach a definitive merger agreement in “weeks, not months.†Notwithstan...
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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