Linde Plc (LIN) is overvalued and PPG Industries Inc (PPG) is slightly overvalued.
Both trade above our estimate of their intrinsic value. PPG is the closer of the two: -16%, against -106% for LIN.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $92.86; the price of $107.77 is 16% above that value, and 76% of that value comes from beyond year five.
Leak Score 53/100 on 9 of 12 signals
| Metric | LIN | PPG |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $464.91 | $107.77 |
| Intrinsic value | $225.91 | $92.86 |
| Margin of safety | -106% | -16% |
| Leak Score | 59/100 (3/12) | 53/100 (9/12) |
| Market cap | $214.3B | $24.0B |
| Revenue growth, 5 years | 4.5% | 2.8% |
| Operating margin | 27.1% | 13.2% |
| Net margin | 20.4% | 9.5% |
| Return on equity | 18.7% | 19.6% |
| Debt to equity | 0.72 | 0.88 |
| P/E | 30.0x | 15.5x |
| Forward P/E | 23.7x | 12.5x |
| P/B | 5.5x | 2.8x |
| Dividend yield | 1.4% | 2.7% |