Linde's estimated EPS upgraded by Citigroup

12 May 2008 11:14  [Source: ICIS news]

LONDON (ICIS news)--Citigroup has upgraded Linde’s earnings per share (EPS) figure following the company’s first-quarter results, the analysts said in a report released to the media on Monday.

 

“We see the growth as good and sustainable in the mid-term, helped by strong tonnage demand, restructuring and exposure to emerging markets,” the analyst report added.

 

The bank has revised the German company’s EPS to €5.58 ($8.58) up from €5.49.

 

Citigroup said it expected near double-digit EPS growth in the medium term which it did not believe was discounted in the share price.

 

“With robust EPS growth potential, good long-term drivers and a 15% price earnings (PE) discount to its peers, on our estimates, the shares look undervalued,” it added.

 

Linde posted an 11% year-on-year rise in its first quarter operating profit to €602m ($926.1m) on Friday and attributed this to synergies arising from the acquisition of BOC.

 

Linde shares were down slightly to €92.33 on Germany’s Dax in early morning trading.

 

($1=€0.65)

 

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By: Lucy Craymer
+44 20 8652 3214

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