Linde's 1Q Results Largely as Expected, While Potential Merger With Praxair Looms; We Raise Our FVE
We expect to raise our fair value estimate to roughly EUR 167 from EUR 160 for narrow-moat global industrial gas supplier Linde following unexceptional first-quarter results and consistent management guidance for modest 2017 growth. Our increase reflects our greater optimism regarding the potential for a Linde-Praxair merger, which is likely to be the largest driver for Linde’s stock price for the next several months.At Linde’s annual shareholders meeting on May 9, Linde Chairman Wolfgang Reitz...
Praxair is an industrial gas company in North and South America. The company's operations consist of two main product lines: industrial gases and surface technologies. The industrial gases product line centers on the manufacturing and distribution of atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, acetylene). The company's surface technologies segment supplies wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders. The company's subsidiary, Praxair Surface Technologies, supplies wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders.
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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