International Flavors & Fragrances Inc (IFF) is overvalued and Linde Plc (LIN) is overvalued.
Both trade above our estimate of their intrinsic value. LIN is the closer of the two: -106%, against -717% for IFF.
Values as of the 22 Sept 2026 close.
Its through-the-cycle earnings (8.9% median margin), capitalised at 8.8% with no growth, values the shares at $10.51; the price of $85.79 is 717% above that value.
Leak Score 24/100 on 9 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $225.91; the price of $464.91 is 106% above that value, and 77% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | IFF | LIN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $85.79 | $464.91 |
| Intrinsic value | $10.51 | $225.91 |
| Margin of safety | -717% | -106% |
| Leak Score | 24/100 (9/12) | 59/100 (3/12) |
| Market cap | $21.9B | $214.3B |
| Revenue growth, 5 years | 16.5% | 4.5% |
| Operating margin | 10.5% | 27.1% |
| Net margin | 2.8% | 20.4% |
| Return on equity | 1.8% | 18.7% |
| Debt to equity | 0.45 | 0.72 |
| P/E | 79.6x | 30.0x |
| Forward P/E | 21.5x | 23.7x |
| P/B | 1.6x | 5.5x |
| Dividend yield | 1.9% | 1.4% |