Dalmia Securities' research report on Linde India
Linde India Ltd (Linde India), Q3 CY18 result were subdue compare to our estimate. Operational performance and the margins were down by 2.1% q-o-q and 40 bps q-o-q basis, while PAT was up by 98.9% q-o-q due to higher other income, lower depreciation & finance cost.
Outlook
Linde is currently trading at an EV/EBITDA of 18.2x in CY18E and 16.7x CY19E. With the anticipated improvement in financial performance, we assign an EV/EBITDA multiple of 12x (5 years average EV/EBITDA of 16.7) in CY19E and arrive at a target price of INR 546, indicating a downside of 15%.
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