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Linde

Linde is a major European industrial gas producer. The Gases Division provides industrial gases to a variety of industries, including steel, chemicals, oil & natural gas, semiconductor, food processing, and healthcare. The on-site business involves the construction of facilities adjacent to its customers. On-site typically benefits from long-term contracts that have take-or-pay clauses, which guarantee a minimum income. Linde also delivers liquefied and cylinder gases. The Engineering Division is involved in planning, developing, and constructing industrial plants. The plants are used across a range of sectors, including oil, gas, chemicals and petrochemicals, steel, engineering, and manufacturing. (18 Jul 2018)

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Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..
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LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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LIN/PX Merger: EU Grants Conditional Approval

Worth Watching: 20 Aug 2018, 11:28 PM ET - LIN/PX Merger Update: Linde and Praxair received a conditional approval from the EU for their proposed €45 bn merger. The European Commission's approval is conditional on the sale of Praxair's entire EU gas business, the transfer of Praxair's s ..
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Linde 2Q18: Good Results; Preparing for Merger

Earnings Note: 25 Jul 2018, 8:34 PM ET - Linde reported a strong 2Q18 on the back of an especially strong performance of the Engineering division and solid growth in the Americas segment of the Gases division. We maintain a M/P recommendation on the credit.
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Linde: NA Divestments, paves way for PX Approval

Worth Watching: 16 Jul 2018, 9:15 PM ET - Linde (A2/A+) announced on Monday that it has agreed to sell a large part of its North and South American business to the Messer Group for $3.3 bn as the company seeks to appease regulatory concerns regarding its pending merger with Praxair (A2 ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Praxair 1Q18: Project Startups + Organic Growth

Earnings Note: 03 May 2018, 12:33 AM ET - A combination of underlying business growth and new project startups led to a double digit revenue and EBITDA growth. Every major end-market grew, led by chemicals, electronics and metals. 

April 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 30 Apr 2018, 9:21 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of April.
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Linde 1Q18: Looking Past FX - Solid Fundamentals

Earnings Note: 30 Apr 2018, 2:30 PM ET - Linde benefited from some organic growth in the Gases division on the back of volume growth and slight tailwinds from natural gas price effects while battling increasingly strong headwinds in the form FX effects

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
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Linde 4Q17: FX Weighs on Results, Merger Updates

Earnings Note: 12 Mar 2018, 2:19 PM ET - The Praxair merger regulatory process looks set to be more ardious than expected, while FX will continue to weigh on results heading into 2018. Linde will look to increase Capex as it seeks to bolster its on-site business in the Gases unit.

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Praxair 4Q17: Good PMI Trends, Backlog Improving

Earnings Note: 25 Jan 2018, 11:46 PM ET - PX is benefiting from positive manufacturing trends around the world, however, it has not to kept pace with competitor Air Products' recent efficiency initiatives, leading the company to fall to second place in operational excellence.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 
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Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

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