Linde: My 'Not Cheap' Thesis Has Been True Since 2023
Seeking Alpha reiterates a 'Hold' rating on Linde plc, citing excessive valuation (27x-30x P/E) as a concern despite the company's strong fundamentals, margins, cash generation, and backlog. The article questions capital allocation decisions, particularly share buybacks conducted at high multiples.
Why it matters — LIN investors should note the ongoing tension between the company's operational strength and its elevated valuation, which the article argues limits near-term upside potential.