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The Q1 22 results were very sound. All segments contributed to the performance. The Q2 and yearly targets were raised EPS-wise. We will increase our forecasts and target price.
Companies: Linde plc (0M2B:LON)Linde plc (LIN:NAS)
AlphaValue
The group’s numbers for FY21 came in slightly above consensus. All geographies performed well in the past year. The outlook released by the group is rather supportive. We will fine-tune our estimates (to the upside) after this release.
Linde’s Q3 21 numbers were solid. Margins were significantly up yoy, marginally down sequentially. All end-user segments currently benefit from a positive trend. The group revised upwards its EPS guidance for Q4/FY21. We will fine-tune our numbers after this release.
Linde released a rather solid set of numbers for H1 21 The improvement in the top line and margins is witnessed across the board The rebound of cyclical end-segments has further helped We will revise upwards our numbers on the release
The Q1 21 results came in above consensus All segments contributed to the performance The yearly target is raised We will increase our forecasts and target price
FY20 slightly above expectations The outlook for FY21 is rather supportive We will fine-tune our estimates upwards after this release
Companies: Linde plc
The discrepancy between H1 US-GAAP and IFRS accounts was not dramatic, but we continue to use European accounting standards as our universe is based on these and as Linde’s historic numbers are also based on these. Nevertheless, a glance at US-GAAP is worthwhile.
ITM Power produces polymer electrolyte membrane (PEM) electrolysers for the electro-chemical splitting of water into hydrogen and oxygen. However, up to now, it has delivered only small quantities, i.e. the company is still in a start-up phase.
The Q1 numbers are the first numbers to include the remains of both Praxair and Linde for the entire period, i.e. the forced disposals are excluded and the accounts do not include merger-related costs and PPA costs on a pro forma basis. The IFRS statements will be released later this month.
Linde plc had announced a $1.0bn share buy-back in mid-December and has now announced a $6.0bn buy-back. Based on the current share price, this represents almost 7% of Linde’s current outstanding number of shares. The transaction will start on 1 May 2019 (or earlier if the previous share buy-back has been finalised before this date) and last until 1 February 2021. Management has decided to pass a large chunk of the proceeds received from forced disposals to shareholders.
Linde’s Board of Directors has decided that the Q4 18 dividend of $0.825 (c. €0.72) will be paid on 27 December. Although Linde plc is not allowed to finalise the merger between Linde AG and Praxair before it has disposed of all activities that were requested by anti-trust authorities, all 551m shares are entitled to this dividend. In addition, the Board decided to authorise a share buy-back programme of up to $1.0bn (c. €880m). The limitations for this are a maximum amount of 5% of the group’s
‘Old’ Linde AG has released sales and operating profit numbers for 9M18 but nothing else. Revenue fell by 1.7% to just above €13bn (+4.8% organic) while operating profit increased by 4.2% to €3.30bn. Linde’s number is close to EBITDA, but it includes one-offs which we do not include in operating earnings. We had expected a sales number of €12.8bn and EBITDA of €3.15bn.
New ‘Linde plc’ has been listed since 29 October and the company is believed to have a total of 558m shares. However, the merger will be effective in early 2019 only, i.e. the group’s 2018 accounts will be Linde numbers and not include Praxair although the number of shares is higher. As a result, some of the valuation metrics change significantly.
Linde has to sell nearly all of its US bulk business as well as certain carbon monoxide, hydrogen and steam methane reforming businesses. Under the condition that these divestments are completed by 29 January 2019, the FTC approves the deal. The European approval has been received as Japanese Taiyo Nippon Sanso today approved its acquisition of the majority of Praxair’s European business. Consequently, the new Linde plc shares will be listed in Frankfurt and New York starting on 1 November 2018,
Linde and Praxair had agreed that they would sell activities around the world with turnover of up to €3.7bn and EBITDA of €1.1bn if cartel authorities forced them to. Up to now, the two have sold revenue of €2.7bn and EBITDA of €0.7bn in Europe and the Americas. Linde has now admitted that the US Federal Trade Commission and other anti-trust authorities require more disposals before they will accept the merger. In fact, these requirements are likely to surpass the threshold Linde and Praxair ha
Research Tree provides access to ongoing research coverage, media content and regulatory news on Linde plc. We currently have 6 research reports from 6 professional analysts.
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Cavendish
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SP Angel
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
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Hybridan
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Liberum
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
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VSA Capital
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
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Tamesis Partners
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
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Auctus Advisors
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh
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Edison
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Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
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Shore Capital
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FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively
Companies: Billington Holdings Plc
Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car
Companies: Plant Health Care PLC
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