Q2 2024 - Linde Plc - Full Analysis
Resilience and conservatism help investors sleep well at night
Following the Q1 update with no increase in the guidance, some portfolio pruning on the hard goods side (packaged gases), investors somewhat started to doubt Linde’s (LIN) excellence.
The Q2 report confirmed why its resilience and built-in conservatism should help investors sleep well at night, as outlined in our April deep dive.
Wealth creation doesn’t happen overnight: it requires flawless execution and LIN remains best-in-class.
Here at Linde, we have a culture to plan for the worst but hope for the best. - CFO Matt White Q2 2024 call
Let’s dive in the report, the conference call remarks, our take on the long-term trends, thoughts on valuation, and why LIN demonstrates that "slow" compounding wins the game (see the below graph).
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