reports
- Krzysztof Smalec
Morningstar | Linde Allowed to Integrate With Praxair, Reports Prelimi...
Linde announced that the Federal Trade Commission has lifted its hold separate order after the narrow-moat industrial gas producer completed required divestments, selling its U.S. hydrogen and carbon monoxide business to Matheson. Linde and Praxair will now be allowed to integrate their businesses, creating the largest industrial gas company in the world. Linde also provided adjusted pro forma results for 2018 for the two companies combined. The company delivered sales of $28.1 billion (a 5% ye...
- Krzysztof Smalec
Morningstar | LIN Updated Forecasts and Estimates from 08 Feb 2019
Linde is the largest industrial gas producer in the world and benefits from operating in an industry with a very favorable structure. Despite selling industrial gases, which are essentially commodities, public industrial gas companies have consistently delivered lucrative returns because of their economic moats. Industrial gases typically account for a relatively small fraction of customers’ costs but are a vital input to ensure uninterrupted production. As such, customers are often willing to...
- Krzysztof Smalec
Morningstar | LIN Updated Forecasts and Estimates from 07 Dec 2018
Linde is the largest industrial gas producer in the world and benefits from operating in an industry with a very favorable structure. Despite selling industrial gases, which are essentially commodities, public industrial gas companies have consistently delivered lucrative returns because of their economic moats. Industrial gases typically account for a relatively small fraction of customers’ costs but are a vital input to ensure uninterrupted production. As such, customers are often willing to...
- Krzysztof Smalec
Morningstar | We Initiate Coverage of Linde plc with $173 FVE, Narrow ...
After evaluating the impact of the Praxair-Linde merger, we are initiating coverage of the new combined firm, Linde plc, with narrow-moat and stable moat trend ratings and a fair value estimate of $173 per share. After the recent market pullback, shares are trading at a roughly 10% discount from our fair value estimate. Linde is the largest company in an industrial gas sector that we think has a favorable industry structure due to long-term customer contracts and high switching costs. Despite s...
- Krzysztof Smalec
Morningstar | We Initiate Coverage of Linde With $173 FVE, Narrow Moat...
Linde is the largest industrial gas producer in the world and benefits from operating in an industry with a very favorable structure. Despite selling industrial gases, which are essentially commodities, public industrial gas companies have consistently delivered lucrative returns because of their economic moats. Industrial gases typically account for a relatively small fraction of customers’ costs but are a vital input to ensure uninterrupted production. As such, customers are often willing to...
- Keith Schoonmaker
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