Praxair-Linde Merger Approved; We're Raising Our FVE to $167
We expect to raise our $150 per share fair value for wide-moat Praxair by about 5% after above-guidance second-quarter results. We're looking ahead to the Linde merger and note that the German company delivered a sharp increase in second quarter profits yesterday. Although approval is still required from six out of the nine regulators, we think the Linde merger will close in the third quarter. Despite some divestments (Praxair and Linde have already agreed to sell some assets) the combination of...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.
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