- Linde Aktiengesellschaft (LIN:DEU) currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.7x Uniform P/B, suggesting fairly bullish expectations for the firm. However, management has concerns about margins, growth, and guidance - Specifically, management may lack confidence in the sustainability of their operating profit margin in the engineering division, and may have concerns about their ability to maintain growth in contributions from start-ups and ramp-ups in all operating segments. Furthermore, they may be concerned about the sustainability of growth in Asia, and may be exaggerating the progress they've made regarding the implementation of associated measures in the LIFT program. Finally, they may lack confidence in their midterm guidance for Q4 performance
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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