Linde: My 'Not Cheap' Thesis Has Been True Since 2023

Linde plc remains a 'Hold' due to excessive valuation, despite its world-class fundamentals and robust profitability. LIN trades at a 27x-30x P/E, requiring unrealistic growth or sector re-rating to justify current levels and deliver meaningful upside. Recent results show strong margins, cash generation, and backlog, but capital allocation—especially buybacks at high multiples—raises concerns. My fair value is $340/share, with a 15% annualized hurdle; current risk/reward is unattractive until a significant valuation correction.