LINDE: CON EL PODER EN SUS MANOS (ANÃLISIS BANCO SABADELL)
Unas palancas de crecimiento visible y la fuerte caÃda reciente, nos hacen pasar a COMPRARSus palancas de crecimiento son evidentes y poco ligadas al ciclo: Start-ups (por inversiones ya realizadas), mejora de precios (por concentración del sector) y sinergias (~450 M BS(e); +160 pbs de margen). Tras un 2019 mejor de lo previsto, revisamos el EBIT 2020/22e en un +4%, recalcando que sus contratos take-or-pay (>25% ventas) y diversificación de negocio, hacen que sólo ~30% de sus ventas dependan de la actividad industrial spot, limitando el impacto del CV-19. Su DN/EBITDA ~1,4x, permitirá además una remuneración al accionista >6,5% (dividendo + recompra acciones). Con todo, revisamos al alza el P.O. a 180 euros/acc. (+12,5%). El castigo desde máximos del 17 febrero (-29%; –4% vs ES50) y el potencial (+21%), hacen que volvamos a recomendar COMPRAR.
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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