Core Insights - Linde plc is a global leader in industrial gases and engineering solutions with a market cap of $190.4 billion, serving various industries including healthcare, chemicals, and energy [1] - The company is recognized for its operational efficiency and innovation-driven engineering, consistently generating strong financial results and robust free cash flow [2] Financial Performance - Linde's stock has decreased 16.2% from its 52-week high of $486.38, with a 14.7% decline over the past three months, underperforming the Materials Select Sector SPDR Fund's (XLB) 4.2% decrease [3] - Year-to-date, Linde's stock is down 2.6%, lagging behind XLB's 4.4% gain, and has dropped 10.5% over the past 52 weeks compared to XLB's 7.6% drop [4] Market Sentiment - On November 11, Linde's stock closed more than 1% higher after UBS upgraded it from "Neutral" to "Buy," raising the price target to $500, indicating increased confidence in the company's growth trajectory [5] - UBS highlighted Linde as a strong defensive growth opportunity, noting that the stock was trading below its historical valuation with expectations for accelerated earnings growth [5] Competitive Landscape - Rival The Sherwin-Williams Company has underperformed compared to Linde, with shares down 14.3% over the past 52 weeks and marginally down year-to-date [6]

Core Viewpoint - Linde plc is recognized as one of the top commodity stocks to invest in currently, with a bullish outlook supported by strong EPS growth projections and strategic business developments [1][2]. Financial Performance - Linde plc reported Q3 2025 adjusted EPS of $4.21, reflecting a 7% year-over-year increase [2]. - The company achieved 3% year-over-year revenue growth, totaling $8.6 billion for the quarter [2]. - Free cash flow generated was $1.7 billion, attributed to 2% price increases and efficient capital deployment [2]. - Operating cash flow increased by 8%, demonstrating resilience in base volumes despite softness in European markets [2]. Analyst Insights - UBS analyst Joshua Spector upgraded Linde plc from "Neutral" to "Buy," setting a price target of $500, down from $507, indicating an attractive risk/reward profile [2]. - Adjusted EPS growth is anticipated to accelerate from 6% to approximately 9%-10% in 2026, driven by new project startups and a robust $7 billion backlog [2]. - The stock is viewed as having an "attractive 2.5x up/downside skew," suggesting significant potential for price movement [2]. Market Dynamics - Recovery in helium and rare gas pricing, along with the easing of weaker European volumes, is expected to contribute to future growth [2]. - Linde plc has invested $4.2 billion in its business while returning $5.3 billion to shareholders, indicating a strong commitment to shareholder value [2].

Core Insights - Linde plc is recognized as one of the best European dividend stocks to buy now [1] - UBS has upgraded Linde to a Buy rating, citing expected earnings growth acceleration in 2026 as a potential catalyst for share price increase [2] - The stock is currently trading at a 10% discount to its historical average multiple, indicating lower investor confidence in growth trends [2] Financial Performance - In Q3 2025, Linde reported revenue of $8.6 billion, reflecting a 3% year-over-year increase [3] - Operating profit for the same quarter was $2.4 billion, with adjusted operating profit also at $2.6 billion, both up 3% [3] - Operating cash flow increased by 8% year-over-year to $2.9 billion [3] Strategic Developments - In June 2025, Linde entered a long-term agreement to supply industrial gases for a $4 billion low-carbon ammonia project in Louisiana [4] - The company plans to invest $400 million in a new on-site facility to complement its existing hydrogen and syngas infrastructure in the region [4] Company Overview - Linde plc is a global industrial gases and engineering firm that provides high-quality gases, specialized mixtures, and related technologies across various industries [5]

Core Insights - Saudi Arabia's Public Investment Fund (PIF) has liquidated nearly 12 stocks listed in the U.S. during Q3, including Pinterest and Linde, reducing its U.S. equity holdings to the lowest level in a year [1] - The fund's U.S. stock portfolio value has decreased to $19.4 billion, representing an approximate 18% quarter-over-quarter decline, marking the lowest level since 2025 [1][2] - PIF continues to hold shares in Uber and Electronic Arts but has slightly reduced its stake in Lucid Group [1][3] Exits and Position Changes - Significant exits include: - Cummins: -1,095,578 shares, value change of -$358.80 million, with a price change of +29% [2] - Linde: -436,350 shares, value change of -$204.73 million, with a price change of +1.2% [2] - Air Products: -268,165 shares, value change of -$75.64 million, with a price change of -3.3% [2] - Avery Dennison: -231,662 shares, value change of -$40.65 million, with a price change of -7.6% [2] Top Holdings - PIF's major holdings in the U.S. include: - Uber: 72,840,541 shares valued at $7.14 billion, accounting for 3.5% of the portfolio [3] - Electronic Arts: 24,807,932 shares valued at $5.00 billion, accounting for 9.9% of the portfolio [3] - Lucid Group: 177,088,867 shares valued at $4.21 billion, accounting for 22% of the portfolio [3] - Take-Two Interactive: 11,414,680 shares valued at $2.95 billion, accounting for 6.2% of the portfolio [3] Strategic Focus - The recent divestments align with PIF's strategy to focus on domestic investments to support Saudi Arabia's economic diversification plan [2][4] - PIF aims to invest $70 billion post-2025, primarily within Saudi Arabia, with $57 billion already allocated for 2024 [5] - Further details on PIF's investment strategy for 2026-2030 are expected to be released early next year [5]

Summary of Key Points Core Viewpoint The Public Investment Fund (PIF) has significantly reduced its holdings in US equities, indicating a strategic shift in investment focus. Group 1: PIF Holdings Overview - PIF's US equity holdings decreased to $19.4 billion in Q3 2025 from $23.8 billion in Q2 2025, marking a reduction of $4.4 billion [2] - The fund exited nine companies and all options contracts of 42 companies, while maintaining its investments in six firms [2] Group 2: Specific Company Holdings - Lucid Group's holdings remained at 177.1 million shares, with a value increase from $3.736 billion to $4.213 billion, a change of $476.3 million [4] - Electronic Arts maintained its holdings at 24.8 million shares, with a value increase from $3.962 billion to $5.004 billion, a change of $1.042 billion [4] - Uber's holdings remained at 72.8 million shares, with a value increase from $6.796 billion to $7.136 billion, a change of $340.2 million [4] - Take-Two Interactive's holdings remained at 11.4 million shares, with a value increase from $2.772 billion to $2.949 billion, a change of $177 million [4] - Clarivate's holdings remained at 1.3 million shares, with a value increase from $57.8 million to $68 million, a change of $10.2 million [6] Group 3: Notable Changes in Holdings - PIF exited its positions in several companies, including Air Products & Chemicals, Cummins Inc., Visa Inc., and Walmart, among others, indicating a strategic divestment [4][6] - Lucid Group executed a 1-for-10 reverse stock split in September 2025, reducing its authorized share capital from 15 billion shares to 1.5 billion shares [3][4]

Core Insights - Linde plc (NASDAQ:LIN) is highlighted as a significant player in the industrial raw materials sector, particularly in industrial gases, and is recognized for its broad presence across various industries [2][4] - UBS has upgraded Linde's shares from Neutral to Buy, anticipating accelerated earnings growth by 2026 [2] - Jim Cramer emphasizes Linde's involvement in diverse sectors, including wine, data centers, and oil drilling, positioning it as a "real company" in the economy [4] Company Overview - Linde plc is one of the largest suppliers of industrial raw materials globally, focusing on industrial gases [2] - The company operates in multiple industries, showcasing its versatility and relevance in the current economic landscape [4] Market Position - The stock was previously discussed by Jim Cramer in January, indicating ongoing interest and analysis regarding its market performance [2] - Cramer suggests that while Linde is a solid investment, there are AI stocks that may offer higher returns with lower risk [4]

Market Overview - The S&P 500 and Nasdaq experienced declines due to pressure on Big Tech following CoreWeave's disappointing quarterly results, which included a lowered revenue outlook, leading to a 14% drop in CoreWeave's shares [1] - Wall Street is also reacting to soft labor market data, with ADP's payroll tracker indicating an average decline of 11,250 jobs over the four weeks ending October 25 [1] Company-Specific Updates - Linde's shares rose over 1% after UBS upgraded the company from a hold-equivalent rating to a buy, despite a price target reduction from $507 to $500, citing expected earnings-per-share growth in 2026 as a positive catalyst [1] - Nvidia's stock fell approximately 3% after SoftBank announced the sale of its entire stake in the company, which is part of a strategy to fund a $22.5 billion investment in OpenAI; this development does not raise concerns for Nvidia, maintaining the "own, don't trade" thesis [1] Additional Insights - The rapid-fire segment at the end of the video covered stocks including CoreWeave, Paramount Skydance, Amgen, Dutch Bros, and Coterra Energy [1] - Jim Cramer will be signing copies of his new book on market strategies, indicating ongoing engagement with investors [1]

Core Viewpoint - Linde plc has underperformed the broader market despite reporting better-than-expected earnings, leading to a reduction in its full-year earnings guidance, which has negatively impacted investor sentiment [2][4][5]. Company Overview - Linde plc, based in Woking, UK, operates as a specialty chemical company, offering various atmospheric gases and processing oxygen, nitrogen, argon, carbon dioxide, and acetylene, with a market cap of $196.4 billion [1]. Stock Performance - Linde's stock has seen a marginal increase of 44 basis points year-to-date but has declined by 9.7% over the past 52 weeks, contrasting with the S&P 500 Index's gains of 14.4% in 2025 and 12.7% over the past year [2]. - The stock has also underperformed the Materials Select Sector SPDR Fund's (XLB) 2% uptick in 2025, although it marginally outperformed XLB's 10% decline over the past 52 weeks [3]. Q3 Results - Following the release of Q3 results on October 31, Linde's stock dropped by 2.7%. The company's sales in the Americas grew by 6%, while EMEA sales increased by 3%, leading to a 3.1% year-over-year increase in topline revenue to $8.6 billion, surpassing expectations by 17 basis points [4]. - Adjusted EPS rose by 6.9% year-over-year to $4.21, exceeding consensus estimates by 72 basis points [4]. Earnings Guidance - Despite the positive earnings report, Linde reduced the high-end of its full-year earnings guidance, which was not well-received by investors. Analysts expect an adjusted EPS of $16.43 for the full fiscal 2025, reflecting a 5.9% year-over-year increase [5]. Analyst Ratings - Among 27 analysts covering Linde, the consensus rating is a "Strong Buy," consisting of 19 "Strong Buys," two "Moderate Buys," and six "Holds" [6]. - This rating configuration shows a slight improvement from a month ago, when only 18 analysts recommended "Strong Buy" [6]. - RBC Capital analyst Arun Viswanathan reiterated an "Outperform" rating on November 6 but lowered the price target from $576 to $540 [7].

Core Insights - Chevron Corp is a major player in the energy sector, involved in oil and natural gas extraction, refining, and renewable energy initiatives [1] - The article highlights three Dividend Aristocrats, emphasizing their potential for stable income and capital appreciation [4][5] Company Summaries Chevron Corp (CVX) - CVX stock has appreciated nearly 85% over the last five years, indicating strong capital growth alongside increasing dividends [7] - The company offers a forward annual dividend of $6.84, yielding approximately 4.4%, with a 37% increase in dividends over the past five years [8] - Analysts rate CVX as a Moderate Buy with a score of 4.07 out of 5, with a price target of $197 per share, suggesting a ~29% upside potential [9] AbbVie Inc (ABBV) - ABBV stock has risen 119% over the past five years, showcasing significant capital appreciation [11] - The company pays an annual dividend of $6.56, yielding 3%, with a 45% increase in dividends over the last five years and a payout ratio of 68.07% [12] - Analysts also rate ABBV as a Moderate Buy with a score of 4.07 out of 5, with a price target of $284 per share, indicating ~31% upside potential [13] Linde Plc (LIN) - LIN stock has increased by 63% in the last five years, reflecting solid capital growth [15] - The company pays a dividend of $6.00 per share, yielding about 1.5%, with a 59% increase in dividends over the past five years and a low payout ratio of 36% [16] - Analysts rate LIN as a Strong Buy with a score of 4.48 out of 5, with a price target of $576 per share, representing around 38% upside potential [17] Investment Strategy - The three highlighted companies are considered compelling options for investors seeking stable income and potential capital growth, supported by their strong market positions and commitment to shareholder value [18]

Financial Performance - In Q3 2025, Linde's sales reached $8,615 million, a 3% increase from the previous year, driven by a 2% rise in pricing and a 1% contribution from acquisitions [109]. - Reported operating profit for Q3 2025 was $2,367 million, representing a 13% year-over-year increase, with an operating margin of 27.5% [110]. - Adjusted operating profit for Q3 2025 was $2,558 million, up 3% from 2024, with an adjusted operating margin of 29.7% [111]. - Reported net income for Linde plc increased by $379 million, or 24%, in Q3 2025 compared to Q3 2024, and by $528 million, or 11%, for the nine months ended September 30, 2025 [130]. - Adjusted diluted earnings per share (EPS) increased by $0.27, or 7%, for Q3 2025, and by $0.72, or 6%, for the nine months ended September 30, 2025, driven by higher net income and lower diluted shares outstanding [133]. - Reported net income for Q3 2025 was $1,929 million, up from $1,550 million in Q3 2024, reflecting a 24% increase [177]. Tax and Earnings - The effective tax rate decreased to 18.0% in Q3 2025 from 24.1% in Q3 2024, contributing to a diluted EPS of $4.09, a 27% increase year-over-year [110]. - The effective tax rate (ETR) for Q3 2025 was 18.0%, down from 24.1% in Q3 2024, primarily due to a tax rate decrease in EMEA, resulting in a benefit of $156 million [125]. Sales and Segments - Total sales for the company increased by 3% to $8,615 million in Q3 2025, and by 2% to $25,222 million for the nine months ended September 30, 2025, compared to the respective 2024 periods [140]. - The Americas segment reported a sales increase of $228 million, or 6%, in Q3 2025, with higher pricing contributing 3% to sales [142]. - EMEA segment sales increased by $67 million, or 3%, in Q3 2025, with currency translation contributing a 5% increase due to the strengthening of the Euro and British pound [147]. - APAC segment sales increased by $25 million, or 1%, in Q3 2025, but decreased by $29 million, or 1%, for the nine months ended September 30, 2025, compared to 2024 [150]. - Engineering segment sales decreased by $92 million, or 15%, in Q3 2025, and by $59 million, or 3%, for the nine months ended September 30, 2025, driven by project timing [153]. - Other segment sales increased by $31 million, or 10%, in Q3 2025, and by $18 million, or 2%, for the nine months ended September 30, 2025, primarily due to higher volumes in Linde Advanced Material Technologies [158]. Expenses and Costs - Cost of sales, excluding depreciation and amortization, was 50.8% of sales in Q3 2025, down from 52.1% in Q3 2024, reflecting higher pricing and productivity gains [115]. - Selling, general and administrative expenses rose by 9% in Q3 2025, accounting for 10.4% of sales, compared to 9.8% in the same quarter of 2024 [116]. - Net pension and OPEB cost benefit was $57 million for Q3 2025, up from $45 million in Q3 2024, primarily due to lower interest costs [124]. Cash Flow and Investments - Cash provided by operations was $7,320 million for the nine months ended September 30, 2025, an increase of $706 million, or 11%, compared to 2024 [163]. - Net cash used for investing activities was $4,260 million for the nine months ended September 30, 2025, an increase of $992 million, or 30%, versus 2024, due to higher capital expenditures and acquisition spend [164]. - Capital expenditures for the nine months ended September 30, 2025, were $3,803 million, $556 million higher than the prior year, primarily for new plant and production equipment [164]. - Cash used for financing activities was $3,536 million for the nine months ended September 30, 2025, compared to $2,749 million for the same period in 2024 [169]. - Cash dividends increased by $117 million to $2,113 million, driven by an 8% increase in quarterly dividends per share from $1.39 to $1.50 [171]. Employee and Operational Metrics - The number of employees decreased by 107 to 65,489 as of September 30, 2025, primarily due to ongoing cost reduction programs [134]. - Other comprehensive loss for Q3 2025 was $165 million, primarily due to currency translation adjustments of $167 million [138]. - Noncontrolling interests income was reported at $43 million for Q3 2025, down from $53 million in Q3 2024, reflecting the impact of a divestiture in the APAC segment [129]. Balance Sheet and Assets - Current assets as of September 30, 2025, were $5,442 million, a decrease from $7,827 million at the end of December 31, 2024 [193]. - Long-term assets increased to $16,355 million as of September 30, 2025, compared to $14,481 million at the end of December 31, 2024 [193]. - Current liabilities rose to $12,190 million as of September 30, 2025, compared to $10,309 million at the end of December 31, 2024 [193]. - Long-term liabilities increased to $70,688 million as of September 30, 2025, from $64,848 million at the end of December 31, 2024 [193].