The Linde Group : equity valuation

Abstract

This analysis provides a stock valuation of The Linde Group, a Germany based Industrial Gases company and one of the main players within this industry worldwide. After reviewing the most recent literature in terms of valuation, two different methods, namely the DCF Valuation and the Multiple Approach, are applied to determine the enterprise- and equity value of the company. Further insights are provided through a sensitivity analysis, giving more information about the main drivers for the obtained valuation of Linde. Finally, the results are compared to the estimations of Morgan Stanley, summarizing and explaining the main differences and their origins.