DDM Analysis: LIN

Valuation Snapshot

Stable Growth	$1,919.89 - $2,969.38	$2,782.75
Multi-Stage	$487.86 - $534.13	$510.57
Blended Fair Value	$1,646.66
Current Price	$475.00
Upside	246.66%
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	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,919.89	$2,782.75	$2,969.38
Upside / Downside	304.19%	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	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,472.73	3,505.65	3,538.57
Year 2 PV (M)	4,164.70	4,244.02	4,324.10
Year 3 PV (M)	4,847.97	4,987.14	5,128.94
Year 4 PV (M)	5,522.63	5,735.02	5,953.47
Year 5 PV (M)	6,188.77	6,487.69	6,798.05
PV of Terminal Value (M)	207,564.00	217,589.42	227,998.54
Equity Value (M)	231,760.81	242,548.94	253,741.67
Shares Outstanding (M)	475.06	475.06	475.06
Fair Value	$487.86	$510.57	$534.13
Upside / Downside	2.71%	7.49%	12.45%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Linde plc (LIN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener