| Intrinsic Valuation of: LIN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 15 | Market Cap | $234B | |||||
| 2021 | - | - (-) | P/E Ratio | 34 | Total Asset | $87B | |||||
| 2022 | $6B | - (-) | Net Income | $7B | Total Debt | $21B | |||||
| 2023 | $6B | -3.0% (-1.5%) | EBITDA | $13B | Total Liab | $47B | |||||
| 2024 | $5B | -10.7% (-11.1%) | Opr Margin | 27.23 | Debt/Equity | 0.52 | |||||
| 2025 | $5B | 3.3% (0.3%) | PreTax Margin | 25.86 | BV/Share | -3 | |||||
| 5Y Average FCF | $5B | 2.5% (-4.1%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.13% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (2.5%) | ||||||||||
| 2026 | $5B | MBG Intrinsic Value | $135 | ||||||||
| 2027 | $5B | ||||||||||
| 2028 | $6B | ||||||||||
| 2029 | $6B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $132B | Net Worth/Share | $86 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $114B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $5B | $212 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $21B | WACC | 6.5% | 204 | 224 | 250 | 284 | 328 | |||
| Equity Value | $98B | 7.2% | 176 | 191 | 210 | 234 | 263 | ||||
| Shares Outstanding | 462,347,310 | 7.8% | 154 | 166 | 181 | 198 | 219 | ||||
| 8.5% | 136 | 146 | 157 | 170 | 186 | ||||||
| DCF Intrinsic Value | $212 | 9.1% | 122 | 129 | 138 | 148 | 160 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||