We Initiate Coverage of Linde plc with $173 FVE, Narrow Moat, and Stable Moat Trend Rating
After evaluating the impact of the Praxair-Linde merger, we are initiating coverage of the new combined firm, Linde plc, with narrow-moat and stable moat trend ratings and a fair value estimate of $173 per share. After the recent market pullback, shares are trading at a roughly 10% discount from our fair value estimate.Linde is the largest company in an industrial gas sector that we think has a favorable industry structure due to long-term customer contracts and high switching costs. Despite si...
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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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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