| Intrinsic Valuation of: LIN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 14 | Market Cap | $224B | |||||
| 2021 | - | - (-) | P/E Ratio | 34 | Total Asset | $80B | |||||
| 2022 | $7B | - (-) | Net Income | $7B | Total Debt | $15B | |||||
| 2023 | $6B | -14.3% (-20.9%) | EBITDA | $13B | Total Liab | $41B | |||||
| 2024 | $6B | -3.0% (-1.5%) | Opr Margin | 0.26 | Debt/Equity | 0.39 | |||||
| 2025 | $5B | -10.7% (-11.1%) | PreTax Margin | 24.57 | BV/Share | 2 | |||||
| 5Y Average FCF | $6B | -9.3% (-11.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | $5B | MBG Intrinsic Value | $125 | ||||||||
| 2027 | $5B | ||||||||||
| 2028 | $6B | ||||||||||
| 2029 | $6B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $130B | Net Worth/Share | $84 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $111B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $5B | $213 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $15B | WACC | 7.3% | 185 | 200 | 218 | 240 | 268 | |||
| Equity Value | $100B | 7.4% | 183 | 198 | 215 | 237 | 264 | ||||
| Shares Outstanding | 470,724,000 | 7.4% | 181 | 196 | 213 | 234 | 261 | ||||
| 7.9% | 165 | 177 | 191 | 208 | 229 | ||||||
| DCF Intrinsic Value | $213 | 8.4% | 151 | 161 | 173 | 187 | 203 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||