Linde plc (LIN): A Bull Case Theory

We came across a bullish thesis on Linde plc on SeaNVESTING’s YouTube channel. In this article, we will summarize the bulls’ thesis on LIN. Linde plc’s share was trading at $442.90 as of January 13th. LIN’s trailing and forward P/E were 29.65 and 24.75 respectively according to Yahoo Finance.

Linde plc is a leading global industrial gases and engineering company serving a wide range of end markets, including chemicals and energy, healthcare, food and beverage, electronics, manufacturing, and metals and mining. Its industrial gases and technologies are used across critical applications such as clean hydrogen production, carbon capture systems, life-saving medical oxygen, and high purity specialty gases for electronics, supported by advanced gas processing solutions.

The company’s revenue exposure is well diversified across end markets, with sales relatively evenly distributed, which supports earnings resilience. In its latest results reported at the end of October, Linde delivered diluted earnings per share of $4.21, representing a 7% year over year increase. Management guided for continued growth, forecasting a 3% to 6% increase next quarter and 5% to 6% growth for full year 2025.

While this growth rate appears modest, it is complemented by Linde’s strong dividend profile. The company has increased dividends for more than 30 years, currently offers a yield of roughly 1.5%, pays quarterly, and has delivered annual dividend growth of about 8% to 9% with a payout ratio near 40%.

Despite these fundamentals, Linde’s share price has declined roughly 18% since October. This drawdown appears driven by sector wide pressures rather than company specific issues, as peers such as Air Liquide and Air Products have experienced similar declines of around 15%. The weakness has been attributed to softer global industrial demand, lower volumes reported by competitors, and broader macroeconomic concerns following disappointing earnings and a strategic reset at Air Products.

Notably, Linde’s CEO, Sanjiv Lamba, made a significant insider purchase of approximately $1 million at current price levels, signaling strong confidence in the company’s long term outlook. Analysts remain constructive, with average price targets near $497 versus a current price around $404, and fair value estimates supporting meaningful upside.

Overall, Linde stands out as a diversified, blue chip industrial leader facing temporary industry headwinds, offering income stability, defensive characteristics, and attractive long term risk reward profile.

Previously, we covered a bullish thesis on Chart Industries, Inc. (GTLS) by LongTermValue Research in April 2025, which highlighted the company’s strong pricing power, robust backlog, impressive free cash flow generation, and projected ~20% EPS growth in 2026. GTLS’s stock price has appreciated by approximately 41.64% since our coverage. This is because the thesis played out as the company maintained solid fundamentals and continued order momentum. SeaNVESTING shares a similar bullish perspective but emphasizes Linde plc’s diversified end markets, long-standing dividend growth, and defensive characteristics amid sector-wide pressures.

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Disclosure: None.