DDM Analysis: LIN

Valuation Snapshot

Stable Growth	$1,278.24 - $2,969.38	$2,782.75
Multi-Stage	$439.96 - $481.53	$460.37
Blended Fair Value	$1,621.56
Current Price	$475.00
Upside	241.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.02%	13.34%	5.59	5.22	4.93	4.61	4.27	3.98	2.45	1.90	1.80	1.72
YoY Growth	-	-	6.97%	5.89%	7.08%	7.94%	7.24%	62.18%	29.41%	5.26%	4.52%	7.91%
Dividend Yield	-	-	1.20%	1.13%	1.39%	1.44%	1.52%	2.30%	1.39%	1.33%	1.52%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,093.00
(-) Cash Dividends Paid (M)	2,772.00
(=) Cash Retained (M)	4,321.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,418.60	886.63	531.98
Cash Retained (M)	4,321.00	4,321.00	4,321.00
(-) Cash Required (M)	-1,418.60	-886.63	-531.98
(=) Excess Retained (M)	2,902.40	3,434.38	3,789.03
(/) Shares Outstanding (M)	475.06	475.06	475.06
(=) Excess Retained per Share	6.11	7.23	7.98
LTM Dividend per Share	5.84	5.84	5.84
(+) Excess Retained per Share	6.11	7.23	7.98
(=) Adjusted Dividend	11.94	13.06	13.81
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,278.24	$2,782.75	$2,969.38
Upside / Downside	169.10%	485.84%	525.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,093.00	7,554.05	8,045.06	8,567.99	9,124.91	9,718.02	10,009.57
Payout Ratio	39.08%	49.26%	59.45%	69.63%	79.82%	90.00%	92.50%
Projected Dividends (M)	2,772.00	3,721.47	4,782.66	5,966.09	7,283.15	8,746.22	9,258.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,461.99	3,494.80	3,527.62
Year 2 PV (M)	4,138.96	4,217.80	4,297.38
Year 3 PV (M)	4,803.11	4,940.99	5,081.48
Year 4 PV (M)	5,454.60	5,664.37	5,880.13
Year 5 PV (M)	6,093.61	6,387.94	6,693.53
PV of Terminal Value (M)	185,055.06	193,993.29	203,273.60
Equity Value (M)	209,007.33	218,699.18	228,753.74
Shares Outstanding (M)	475.06	475.06	475.06
Fair Value	$439.96	$460.37	$481.53
Upside / Downside	-7.38%	-3.08%	1.37%

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Linde plc (LIN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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