DCF Tool

LIN

Linde Plc. –
Linde plc is a global multinational chemical company founded in Germany and, since 2018, domiciled in Ireland and headquartered in the United Kingdom. Linde is the worlds largest industrial gas company by market share and revenue.
Analysis Results
Intrinsic Value $801.54
Latest Price $376.57
Relative Value 53% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 26.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 26.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 7.62 7.18
2024 9.6 8.53
2025 12.1 10.1
2026 15.2 12.0
2027 19.2 14.3
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 482 billion. This corresponds to a present value of 339 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 52.2 billion. Adding in the terminal value gives a total present value of 391 billion.

There are presently 488.0 million outstanding shares, so the intrinsic value per share is 801.54.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 13,047,000,000
Current Cash 5,436,000,000
Current Liabilities 16,479,000,000
Current Debt 5,716,000,000
Non-Cash Working Capital (NCWC) -3,152,000,000
Change in NCWC 283,000,000
EBIT 6,632,000,000
Tax Provision 1,434,000,000
Depreciation and Amortization 4,204,000,000
Capital Expenditure -3,173,000,000
Unlevered Free Cash Flow 6,281,907,611
Current Assets 10,159,000,000
Current Cash 2,823,000,000
Current Liabilities 13,643,000,000
Current Debt 2,872,000,000
Non-Cash Working Capital (NCWC) -3,435,000,000
Change in NCWC -905,000,000
EBIT 5,402,000,000
Tax Provision 1,262,000,000
Depreciation and Amortization 4,635,000,000
Capital Expenditure -3,086,000,000
Unlevered Free Cash Flow 4,739,498,658
Current Assets 10,924,000,000
Current Cash 3,754,000,000
Current Liabilities 13,740,000,000
Current Debt 4,040,000,000
Non-Cash Working Capital (NCWC) -2,530,000,000
Change in NCWC -1,285,000,000
EBIT 3,974,000,000
Tax Provision 847,000,000
Depreciation and Amortization 4,626,000,000
Capital Expenditure -3,400,000,000
Unlevered Free Cash Flow 2,944,697,895
Current Assets 10,352,000,000
Current Cash 2,700,000,000
Current Liabilities 12,160,000,000
Current Debt 3,263,000,000
Non-Cash Working Capital (NCWC) -1,245,000,000
Change in NCWC -4,103,000,000
EBIT 3,390,000,000
Tax Provision 769,000,000
Depreciation and Amortization 4,675,000,000
Capital Expenditure -3,682,000,000
Unlevered Free Cash Flow -577,254,192
Current Assets 17,272,000,000
Current Cash 4,466,000,000
Current Liabilities 12,956,000,000
Current Debt 3,008,000,000
Non-Cash Working Capital (NCWC) 2,858,000,000
Change in NCWC 2,280,000,000
EBIT 2,308,000,000
Tax Provision 817,000,000
Depreciation and Amortization 1,830,000,000
Capital Expenditure -1,883,000,000
Unlevered Free Cash Flow 4,165,629,578
Current Assets 3,285,000,000
Current Cash 617,000,000
Current Liabilities 3,307,000,000
Current Debt 1,217,000,000
Non-Cash Working Capital (NCWC) 578,000,000
Change in NCWC 102,000,000
EBIT 2,551,000,000
Tax Provision 1,026,000,000
Depreciation and Amortization 1,184,000,000
Capital Expenditure -1,311,000,000
Unlevered Free Cash Flow 1,404,609,254
Current Assets 2,880,000,000
Current Cash 524,000,000
Current Liabilities 2,478,000,000
Current Debt 598,000,000
Non-Cash Working Capital (NCWC) 476,000,000
Change in NCWC -366,000,000
EBIT 2,361,000,000
Tax Provision 551,000,000
Depreciation and Amortization 1,122,000,000
Capital Expenditure -1,465,000,000
Unlevered Free Cash Flow 1,029,256,582
Current Assets 2,626,000,000
Current Cash 147,000,000
Current Liabilities 1,893,000,000
Current Debt 256,000,000
Non-Cash Working Capital (NCWC) 842,000,000
Change in NCWC 30,000,000
EBIT 2,512,000,000
Tax Provision 612,000,000
Depreciation and Amortization 1,106,000,000
Capital Expenditure -1,541,000,000
Unlevered Free Cash Flow 1,409,158,874
Current Assets 2,839,000,000
Current Cash 126,000,000
Current Liabilities 2,490,000,000
Current Debt 589,000,000
Non-Cash Working Capital (NCWC) 812,000,000
Change in NCWC -87,000,000
EBIT 2,795,000,000
Tax Provision 691,000,000
Depreciation and Amortization 1,170,000,000
Capital Expenditure -1,689,000,000
Unlevered Free Cash Flow 1,396,490,767
Current Assets 2,916,000,000
Current Cash 138,000,000
Current Liabilities 2,664,000,000
Current Debt 785,000,000
Non-Cash Working Capital (NCWC) 899,000,000
Change in NCWC 66,000,000
EBIT 2,670,000,000
Tax Provision 649,000,000
Depreciation and Amortization 1,109,000,000
Capital Expenditure -2,020,000,000
Unlevered Free Cash Flow 1,127,684,104
Current Assets 2,792,000,000
Current Cash 157,000,000
Current Liabilities 2,479,000,000
Current Debt 677,000,000
Non-Cash Working Capital (NCWC) 833,000,000
Change in NCWC 127,000,000
EBIT 2,503,000,000
Tax Provision 586,000,000
Depreciation and Amortization 1,001,000,000
Capital Expenditure -2,180,000,000
Unlevered Free Cash Flow 821,490,128

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