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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessLinde Beats On Sales And Op Profit, Guides For 18%-32% Increase In FY24 CapEx
- Q4 Sales of $8.3bn rose 5% YoY to beat consensus of $8.1bn while Op Profit of USD 2.3bn saw a more substantial 14% YoY increase to come in slightly ahead of consensus USD 2.2bn.
- Q4 OCF saw a 30% YoY increase to USD 2.7bn (short of the USD 2.9bn BBG consensus) with FY23 OCF +5% to $9.3bn. We calculate adj-EBITDA leverage slightly higher at 1.21x from 1.15x at FY22.
- FY24 guidance sees EPS of USD 15.25-15.65 from USD 14.20 this year (constant FX) with CapEx in the range of USD 4.5-5bn from USD 3.8bn this year.
- Linde spreads are pretty muted on the release – biggest move is in their EUR 28s which are 2bps wider. Equity +1.8%.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.