Definitive Analysis
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Definitive Analysis

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Linde plc (LIN)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$2,520.34 - $2,969.38$2,782.75
Multi-Stage$623.98 - $683.63$653.25
Blended Fair Value$1,718.00
Current Price$475.00
Upside261.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.02%13.34%5.595.224.934.614.273.982.451.901.801.72
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,418.60886.63531.98
Cash Retained (M)4,321.004,321.004,321.00
(-) Cash Required (M)-1,418.60-886.63-531.98
(=) Excess Retained (M)2,902.403,434.383,789.03
(/) Shares Outstanding (M)475.06475.06475.06
(=) Excess Retained per Share6.117.237.98
LTM Dividend per Share5.845.845.84
(+) Excess Retained per Share6.117.237.98
(=) Adjusted Dividend11.9413.0613.81
WACC / Discount Rate5.49%5.49%5.49%
Growth Rate5.50%6.50%7.50%
Fair Value$2,520.34$2,782.75$2,969.38
Upside / Downside430.60%485.84%525.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,093.007,554.058,045.068,567.999,124.919,718.0210,009.57
Payout Ratio39.08%49.26%59.45%69.63%79.82%90.00%92.50%
Projected Dividends (M)2,772.003,721.474,782.665,966.097,283.158,746.229,258.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.49%5.49%5.49%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,494.723,527.853,560.97
Year 2 PV (M)4,217.614,297.944,379.03
Year 3 PV (M)4,940.655,082.475,226.99
Year 4 PV (M)5,663.855,881.666,105.70
Year 5 PV (M)6,387.206,695.717,016.02
PV of Terminal Value (M)271,721.22284,845.45298,471.99
Equity Value (M)296,425.25310,331.09324,760.70
Shares Outstanding (M)475.06475.06475.06
Fair Value$623.98$653.25$683.63
Upside / Downside31.36%37.53%43.92%

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