Sustainable Growth Advisers, LP - Global Growth Composite on Linde plc
Thesis
SGA reinitiated Linde after previously exiting because of valuation, noting that the share price had consolidated while fundamentals continued to progress. The industrial gas business benefits from long-term recurring contracts, essential customer applications, pricing power, and strong cash-flow visibility. The firm expects improving industrial activity, semiconductor manufacturing, refinery utilization, and an eventual European recovery to support medium-term growth. Additional optionality exists from elevated helium pricing and increased space-launch activity.
“Linde remains an attractive long-term investment, supported by a highly durable business model and meaningful structural advantages.”