Morningstar

Morningstar, Inc.

Equity Bottom-Up

We raise our fair value estimate for narrow-moat Linde to $175 from $173 after the industrial gas producer reported its first quarterly earnings following the integration of Linde’s and Praxair’s businesses on March 1. Our fair value estimate bump is largely due to time value of money since our previous update. Nothing in Linde’s first-quarter earnings release materially alters our long-term outlook for the firm, and we believe our thesis remains intact as management announced that the company…

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…

United States

Linde Inc supplies gas to industries primarily located in North and South America. The Company produces, sells, and distributes atmospheric gases including oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronics gases, and acetylene. Linde also supplies metallic and ceramic coatings and powders.

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