Screened 2026-09-08 · the tape above runs as of 22:12 UTC · 11 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markdown label.
Linde plc holds its Markdown at $468.38. Consolidating, no directional conviction, held for 262 days.
As held on the ledger · 2026-09-08
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 262 days
Price at the screen
$468.38
Valuation
30.18 trailing · 23.95 forward price to earnings
Values screen
PASS· score 82.4
Beta
0.73
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
32.33%
Below 33%
Interest-bearing debt is just 32.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
2.45%
Below 33%
Cash held in interest-bearing accounts and securities is 2.4% of assets, under the one-third limit.
Pass
Receivables
11.54%
Below 49%
Money owed to the company is 11.5% of assets, under the 49% limit.
Pass
Revenue purity
0.61%
Below 5%
Only 0.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OVERVALUED: it trades above our $357.62 fair value estimate, moderate competitive moat, 9.30% revenue growth.
Fair value range in USD, drawn from the 2026-09-08 screen. The gold marker is the market price at the same screen. The price runs 23.6% above the base estimate.
Third-party analyst targets: 24 covering, consensus Buy. The average target sits +17% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-08 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Linde's High Fly, But Watch the Cyclical Skies
Imagine every industrial process that depends on a reliable supply of gases, from steelmaking to semiconductor manufacturing - Linde is the lifeblood for these operations. This company is a powerhouse in the industrial gas sector, providing essential gases across a range of industries globally. But with a forward P/E of 24.6x and our fair value estimate at $357.70, which is a 26% discount to the current price, Linde stands out as overvalued, particularly in a cyclical sector like specialty chemicals.
While Linde boasts a healthy 9% revenue growth and a solid 20% profit margin, investors should be wary of the cyclical nature of this industry. The low multiple could be a warning of peak earnings, a common pitfall in cyclical sectors. The market is valuing Linde at a premium, with a consensus buy rating and a median target price of $550, which seems optimistic given our fair value estimate and the sector's cyclical risks.
Linde passes our ethical screen, indicating that it aligns with our values. However, with a moderate competitive moat and the risks inherent in a cyclical industry, investors should proceed with caution. The numbers suggest that the market might be overly optimistic about Linde's potential, especially considering the cyclical value-trap scenario. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to United Kingdom and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LIN trades on a US exchange (the company is based in United Kingdom). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542.
2026-07-31Markup$512.28+0.0%Entry 10
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-30Markup$512.28+0.0%Entry 9
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-28Markup$512.28+0.0%Entry 8
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-27Markup$512.28+0.0%Entry 7
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-26Markup$512.28+0.0%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-25Markup$512.28-0.2%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.2% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-24Markup$513.22+1.0%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 1.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-18Markup$507.90+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 8%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (25 analysts) rates it buy, with a mean price target of $542.
2026-07-03Markup$507.90+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.