Discounted Cash Flow
Linde Plc.
—
Sales growth has weakened: 8.3% (2022) → -1.5% (2023) → 0.5% (2024) → 3.0% (2025). Revenue growth has been decelerating or declining in recent years and is now 3.0% — a slowing company may not sustain the growth the DCF projects, so the valuation could be overstated.
Average annual growth rates
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
| Dividends | — | — | — |
Endpoint CAGR (better for long term trend)
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
Projected growth rate
—
Historical inputs (10 fiscal years)
| YEAR | Sales | Net Income | Free Cash Flow | Net Margin | EPS (diluted) |
|---|---|---|---|---|---|
| 2016 | $12.2b | $1.8b | $-1.7b | 14.6% | $5.25 |
| 2017 | $13.3b (8.6%) | $1.5b (-15.0%) | $-1.5b (10.5%) | 11.4% (-21.7%) | $4.36 (-17.0%) |
| 2018 | $17.3b (30.3%) | $5.1b (236.8%) | $-2.1b (-40.0%) | 29.6% (158.5%) | $13.26 (204.1%) |
| 2019 | $32.8b (89.4%) | $2.8b (-45.9%) | $-4.2b (-96.9%) | 8.4% (-71.5%) | $4.22 (-68.2%) |
| 2020 | $31.6b (-3.5%) | $3.1b (10.3%) | $-3.9b (5.9%) | 9.6% (14.3%) | $4.75 (12.6%) |
| 2021 | $35.8b (13.0%) | $4.6b (50.8%) | $-3.6b (9.2%) | 12.9% (33.4%) | $7.40 (55.8%) |
| 2022 | $38.8b (8.3%) | $5.0b (8.1%) | $6.6b (284.4%) | 12.8% (-0.2%) | $8.30 (12.2%) |
| 2023 | $38.2b (-1.5%) | $7.4b (48.1%) | $6.4b (-3.0%) | 19.3% (50.4%) | $12.70 (53.0%) |
| 2024 | $38.3b (0.5%) | $7.8b (6.2%) | $5.7b (-10.7%) | 20.4% (5.8%) | $13.71 (8.0%) |
| 2025 | $39.5b (3.0%) | $8.2b (4.8%) | $5.9b (3.3%) | 20.8% (1.7%) | $14.69 (7.1%) |
Base FCF: — (latest fiscal year)
Discount rate: % —
Terminal growth: —
Projection period: — years
Alt A decline yrs:
Alt B total yrs:
SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.
Values abbreviated: b = billions, m = millions, k = thousands.
Projected cash flows
| Year | Projected cash flow | Discount Factor | Present Value |
|---|
PV of projected FCF: —
Terminal FCF: —
Terminal value: —
PV of terminal value: —
Enterprise value (DCF): —
Net debt deduction: —
Current price: —
—Alternative DCF Models
| Model | Fair Value | Upside | PV(FCFs) | PV(Terminal) | Total Years |
|---|---|---|---|---|---|
| Standard (10yr→TV) | — | — | — | — | 10 + TV |
| Alt A (Gradual Decline) | — | — | — | — | — |
| Alt B (30yr Hard Stop) | — | — | — | N/A | — |
This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.