Linde's 12% 3Q EPS Rise Reflects Efficiency, Industrial Upturn; Merger Remains On Track; Raising FVE
We plan to raise our EUR 169 per share fair value estimate for narrow-moat Industrial Gas supplier Linde by roughly 2%-3% following moderately stronger third-quarter results, growing signs of a broader industrial upturn, and steady progress on the proposed Praxair-Linde merger, likely to be the largest driver for Linde’s stock price for the next several months.We maintain our view the merger will be approved by shareholders of both companies, and that a full merger of Linde and Praxair can pass...
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