TGM's two-stage DCF values Linde plc (LIN) between $124.04 and $260.03 depending on assumptions, with a base case of $171.47. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth), fading to 2.5% long-run; the discount rate (7.8%) reflects its beta.
What would today's price require?
$468.29 is justified only if free cash flow grows about +23.1% a year (fading to 2.5% long-run) at a 7.8% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 0.5%/yr | 8.8% | $124.04 |
| Base case | 2.2%/yr | 7.8% | $171.47 |
| Optimistic | 5.2%/yr | 6.8% | $260.03 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 8, 2026 · assumptions not provided | $510.49 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$468.29
Market-Implied Growth
+23.1%/yr
vs +0.2% 5Y actual
Model Scenario Range
$124.04 – $260.03
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for LIN (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $5.3B · 0.46B shares · net debt $21.9B
Estimated Fair Value
$171.47
-63.4% vs $468.29
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 2.2%/yr FCF growth and 10-year horizon fixed. Green = above today's $468.29; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 5.8% | $232 | $263 | $304 | $359 | $439 |
| 6.8% | $179 | $198 | $222 | $253 | $292 |
| 7.8% | $143 | $156 | $171 | $190 | $213 |
| 8.8% | $117 | $126 | $137 | $149 | $164 |
| 9.8% | $96.82 | $104 | $112 | $121 | $131 |
