Stock Analysis on Net

Linde plc (NYSE:LIN)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Linde plc, FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income, Linde plc 3,826  2,501  2,285  4,381  1,247 
Noncontrolling interests 135  125  96  24  61 
Net noncash charges 4,616  4,439  3,898  (953) 1,891 
Working capital 1,148  364  (160) 202  (158)
Net cash provided by operating activities 9,725  7,429  6,119  3,654  3,041 
Capital expenditures (3,086) (3,400) (3,682) (1,883) (1,311)
Short-term debt borrowings (repayments), net (1,329) 1,198  224  208  (199)
Long-term debt borrowings 2,283  2,796  99  11 
Long-term debt repayments (1,468) (2,681) (1,583) (3,124) (583)
Free cash flow to equity (FCFE) 6,125  5,342  1,177  (1,137) 959 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Linde plc equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Linde plc FCFE increased from 2019 to 2020 and from 2020 to 2021.

Price to FCFE Ratio, Current

Linde plc, current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 503,281,693
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 6,125 
FCFE per share 12.17
Current share price (P) 293.40
Valuation Ratio
P/FCFE 24.11
Benchmarks
P/FCFE, Competitors1
Mosaic Co. 25.96
Sherwin-Williams Co. 18.17
P/FCFE, Sector
Chemicals 22.34

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Linde plc, historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 507,744,577 522,836,425 532,959,736 544,910,125 287,136,596
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 6,125  5,342  1,177  (1,137) 959 
FCFE per share3 12.06 10.22 2.21 -2.09 3.34
Share price1, 4 293.24 251.49 198.15 174.55 149.75
Valuation Ratio
P/FCFE5 24.31 24.61 89.72 44.84
Benchmarks
P/FCFE, Competitors6
Mosaic Co. 24.23 53.72 6.93
Sherwin-Williams Co. 21.76 23.93 40.27 76.38 4.46
P/FCFE, Sector
Chemicals 23.49 25.13 67.58 8.37

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,125,000,000 ÷ 507,744,577 = 12.06

4 Closing price as at the filing date of Linde plc Annual Report.

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 293.24 ÷ 12.06 = 24.31

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Linde plc P/FCFE ratio decreased from 2019 to 2020 and from 2020 to 2021.