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Linde's premium valuation still offers an asymmetric bet: boredom if volumes stay flat, a 15% IRR if they return. At 29.9x forward earnings versus a 26.5x ten-year median, it sits at the top of its range, but even if the multiple grinds back, the drag costs only a few points a year against roughly 10% compounding. Since 2019 EPS compounded 14% despite six years of macro headwinds, and over 33 years Linde beat competitors on sales, EPS and dividend growth by about four points a year. x.com x.comÂ
