Discounted Cash Flow

Linde Plc.

LIN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $10.5b $1.5b $-1.5b 14.2% $5.25
2017 $11.4b (8.6%) $1.2b (-16.9%) $-1.3b (10.5%) 10.9% (-23.4%) $4.36 (-17.0%)
2018 $14.9b (30.3%) $4.4b (251.3%) $-1.8b (-40.0%) 29.4% (169.7%) $13.26 (204.1%)
2019 $28.2b (89.4%) $2.3b (-47.8%) $-3.6b (-96.9%) 8.1% (-72.5%) $4.22 (-68.2%)
2020 $27.2b (-3.5%) $2.5b (9.5%) $-3.4b (5.9%) 9.2% (13.4%) $4.75 (12.6%)
2021 $30.8b (13.0%) $3.8b (53.0%) $-3.1b (9.2%) 12.4% (35.3%) $7.40 (55.8%)
2022 $33.4b (8.3%) $4.1b (8.4%) $5.7b (284.4%) 12.4% (0.0%) $8.30 (12.2%)
2023 $32.9b (-1.5%) $6.2b (49.5%) $5.5b (-3.0%) 18.9% (51.8%) $12.70 (53.0%)
2024 $33.0b (0.5%) $6.6b (5.9%) $4.9b (-10.7%) 19.9% (5.4%) $13.71 (8.0%)
2025 $34.0b (3.0%) $6.9b (5.1%) $5.1b (3.3%) 20.3% (2.0%) $14.69 (7.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model