External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>Linde is the largest global producer of industrial gases, crucial for manufacturing but representing a small cost percentage.</li><li>The industry relies on local supply due to the inefficiency of transporting heavy gases over long distances.</li><li>Linde's business model includes on-site supply (25%), merchant deliveries (32%), and packaged customers (38%), achieving a 33% market share.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Linde is the largest global producer of industrial gases, crucial for manufacturing but representing a small cost percentage.The industry relies on local supply due to the inefficiency of transporting heavy gases over long distances.Linde's business model includes on-site supply (25%), merchant deliveries (32%), and packaged customers (38%), achieving a 33% market share.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Linde's second-quarter performance in 2025 showcases robust financial achievements amidst a challenging macroeconomic landscape.</li><li>The company reported a record-breaking EPS of $4.09 and an operating margin of 30.1%.</li><li>Operating cash flows increased by 15%, while the return on capital (ROC) remained strong at 25.1%, highlighting Linde's leading position in the industrial gases sector.</li></ul>

Linde's second-quarter performance in 2025 showcases robust financial achievements amidst a challenging macroeconomic landscape.The company reported a record-breaking EPS of $4.09 and an operating margin of 30.1%.Operating cash flows increased by 15%, while the return on capital (ROC) remained strong at 25.1%, highlighting Linde's leading position in the industrial gases sector.

Linde plc Targets the Stars – How Space Industry Expansion Could Boost Its Stock!

<ul><li>Linde, a leading global industrial gases and engineering company, recently reported its first quarter financial results for 2025.</li><li>Despite navigating economic headwinds, the company demonstrated resilience, reflecting the robustness of its operating model.</li><li>Linde employees managed to deliver an 8% growth in Earnings Per Share (EPS) excluding foreign exchange impacts, while expanding operating margins by 120 basis points to 30.1%.</li></ul>

Linde, a leading global industrial gases and engineering company, recently reported its first quarter financial results for 2025.Despite navigating economic headwinds, the company demonstrated resilience, reflecting the robustness of its operating model.Linde employees managed to deliver an 8% growth in Earnings Per Share (EPS) excluding foreign exchange impacts, while expanding operating margins by 120 basis points to 30.1%.

Linde plc: Initiation of Coverage- Positioned to Dominate High-Growth Markets with Disruptive Tech Edge!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Company: Founded in 2000 through the merger of Hoxan, Daido Sanso, and Kyodo Oxygen, Air Water is a diversified conglomerate spanning industrial gases, healthcare, food logistics, and energy.</li>
<li>Future Plans: Driving growth through semiconductor gases, UPS systems for AI/data centers, and hydrogen infrastructure, while scaling healthcare and logistics.</li>
<li>Valuation: Trades at ~7x EV/EBITDA and 11x forward P/E, a deep discount to global peers (Linde, Air Liquide at 14–17x EV/EBITDA).</li>
</ul>


Company: Founded in 2000 through the merger of Hoxan, Daido Sanso, and Kyodo Oxygen, Air Water is a diversified conglomerate spanning industrial gases, healthcare, food logistics, and energy.
Future Plans: Driving growth through semiconductor gases, UPS systems for AI/data centers, and hydrogen infrastructure, while scaling healthcare and logistics.
Valuation: Trades at ~7x EV/EBITDA and 11x forward P/E, a deep discount to global peers (Linde, Air Liquide at 14–17x EV/EBITDA).


Air Water Inc. (TSE: 4088) – Diversified Japanese Industrial Gas & Healthcare Player

United States

Linde PLC operates as an industrial gas and engineering company. The company offers industrial gases, technologies, and gas processing solutions that are used in production of clean hydrogen and carbon capture systems for energy transition, medical oxygen, and specialty gases for electronics. Linde serves customers worldwide.

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Linde (LIN US)

Linde Plc (LIN) - Thursday, Jul 3, 2025

Linde, the largest industrial gas producer with a 33% market share, relies on local supply and diverse delivery methods to ensure reliability in a...

Value Investors Club (VIC)

Linde plc Targets the Stars – How Space Industry Expansion Could Boost Its Stock!

Linde's second-quarter performance in 2025 showcases robust financial achievements amidst a challenging macroeconomic landscape. The company...

Baptista Research

Linde plc: Initiation of Coverage- Positioned to Dominate High-Growth Markets with Disruptive Tech Edge!

Linde, a leading global industrial gases and engineering company, recently reported its first quarter financial results for 2025. Despite...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

Air Water Inc. (TSE: 4088) – Diversified Japanese Industrial Gas & Healthcare Player

Air Water, a diversified conglomerate, plans to drive growth in semiconductor gases, UPS systems, and hydrogen infrastructure etc. and trading at...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Linde Plc (LIN) - Thursday, Jul 3, 2025

Linde, the largest industrial gas producer with a 33% market share, relies on local supply and diverse delivery methods to ensure reliability in a...

Value Investors Club (VIC)

Linde plc Targets the Stars – How Space Industry Expansion Could Boost Its Stock!

Linde's second-quarter performance in 2025 showcases robust financial achievements amidst a challenging macroeconomic landscape. The company...

Baptista Research

Linde plc: Initiation of Coverage- Positioned to Dominate High-Growth Markets with Disruptive Tech Edge!

Linde, a leading global industrial gases and engineering company, recently reported its first quarter financial results for 2025. Despite...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

Air Water Inc. (TSE: 4088) – Diversified Japanese Industrial Gas & Healthcare Player

​Air Water, a diversified conglomerate, plans to drive growth in semiconductor gases, UPS systems, and hydrogen infrastructure etc. and trading at...

Rahul Jain

Air Water, a diversified conglomerate, plans to drive growth in semiconductor gases, UPS systems, and hydrogen infrastructure etc. and trading at...