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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 0 research reports from 5 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
Companies: Yu Group PLC
Liberum
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: Luceco PLC
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
Companies: FOG TND BVXP ACC HDD
Companies: Flowtech Fluidpower plc
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Companies: BILN IGP RBN SBTX
Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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