[EUROPE // RESEARCH]
EQUITY RESEARCH[EU]
Linde sustains defensive multiples through long-term cryogenic supply contracts
Linde's 224.70 billion euro market capitalization reflects cash conversion protected by contractual barriers, where a 28.1% EBIT margin shields valuation against industrial cost fluctuations.
KEY TAKEAWAYS
- Linde maintains a 224.70 billion euro market cap anchored by long-term take-or-pay cryogenic contracts.
- The 28.1% EBIT margin demonstrates strong pricing power in navigating industrial cost pressures.
- Free cash flow generation reaches 4.16 billion euros, supporting a trailing P/E multiple of 31.45x.
- An EV/EBITDA of 18.04x alongside a 48.3% gross margin highlights the premium paid for operational stability.
