Core Viewpoint - Linde plc (NASDAQ:LIN) is identified as a strong slow growth stock, with UBS maintaining a Buy rating and a price target of $500, anticipating adjusted earnings per share (EPS) growth rates exceeding 10% in the coming year [1][2]. Group 1: Earnings Growth Projections - UBS forecasts adjusted EPS growth to rise from 6% in 2025 to approximately 9-10% year-over-year in 2026, with additional growth potential from new project launches [2]. - The anticipated growth is expected as Linde plc addresses current challenges, including reduced base volumes year-over-year and declining prices for helium and rare gases [2]. Group 2: Stock Performance and Market Position - Analyst Joshua Spector noted a "2.5x up/downside skew" for Linde's shares, indicating that an acceleration in EPS growth in 2026 could serve as a significant catalyst for the company's stock performance [3]. - Linde plc operates as a global engineering and industrial gases company, providing process gases such as carbon dioxide and hydrogen, along with related equipment and technologies [3].

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 Points - Lisa A. Davis will not stand for re-election at Air Products' 2026 Annual Meeting of Shareholders and will retire from the board [1] - Ms. Davis has served on the board for nearly six years, bringing over 35 years of industry experience [2] - She will continue her role as Chair of the Management Development and Compensation Committee until the Annual Meeting [3] - Air Products' Board Chairman praised Ms. Davis for her strategic insights and global perspective [4] Company Overview - Air Products is a leading industrial gases company with over 85 years of operation, focusing on energy, environmental, and emerging markets [4] - The company generated $12 billion in sales for fiscal 2025, operating in approximately 50 countries [5] - Air Products is the leading global supplier of hydrogen and is involved in large clean hydrogen projects [4]

Geopolitical Developments - Overnight, Russian missile and drone attacks on Kyiv resulted in at least two fatalities, raising immediate geopolitical concerns [2][7] Economic Data - Japan's retail sector showed significant strength in October, with nationwide department store sales climbing 4.3% year-over-year, a substantial improvement from the prior month's 1.4% growth [3][7] - Tokyo department store sales increased by 3.7% year-over-year, up from 2.5% previously, indicating a healthy rebound in consumer spending [3][7] Corporate News - Berenberg has revised its price target for Air Products and Chemicals Inc. (APD) down to $275 from $320, signaling a more cautious outlook on the stock [4][7]

Core Viewpoint - Air Products and Chemicals, Inc. (NYSE:APD) is recognized as one of the top commodity stocks to consider for investment, despite a recent price target reduction by Evercore ISI from $375 to $325 while maintaining an "Outperform" rating [1][2]. Financial Performance - For Q4 FY25, Air Products reported an EPS of $3.39, slightly above the forecast of $3.38, with a full-year EPS of $12.03, reflecting a 3% year-over-year decline [3]. - The company implemented a cost-reset strategy, resulting in a 16% reduction in workforce and maintaining stable operating margins at 23.7% [3]. - Air Products returned $1.6 billion to shareholders, demonstrating a commitment to capital efficiency [3]. Future Outlook - Management indicated that the NEOM green hydrogen project is nearly 90% complete, with plans to achieve ammonia output by 2027 [4]. - For FY26, the company anticipates a 9% growth in EPS, modestly positive cash flow, and approximately $4 billion in capital spending [4]. Business Operations - Air Products operates a global network across North America, Europe, Asia, and the Middle East, focusing on industrial gases, hydrogen, and large-scale energy transition projects [5].

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 - 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]

Group 1 - Air Products and Chemicals Inc. (APD) is recognized as one of the 15 Best Dividend Growth Stocks to buy now [1] - RBC Capital has maintained an Outperform rating on APD while lowering its price target from $350 to $325, citing a rally in shares post-earnings and awaiting clarity on the LA Blue project [2] - The company is focused on addressing global energy and environmental challenges through advancements in gasification, carbon capture, and clean hydrogen [3] Group 2 - APD is advancing several major hydrogen projects, including the NEOM Green Hydrogen Project in Saudi Arabia, which is 80% complete and expected to begin production by 2027 [4] - Additional projects include an $8 billion blue hydrogen project in Louisiana, a $3.3 billion project in Canada, and a $360 million green hydrogen facility in Arizona, anticipated to start operations in 2026 [4] - The company continues to strengthen its position in the clean energy sector as a global leader in industrial gases and LNG processing technology [5]

Group 1: DoorDash Performance - DoorDash shares fell over 17% after missing third-quarter profit estimates and providing a lower-than-expected guidance for adjusted EBITDA in the current quarter [3][7] - The company warned of rising costs due to investments in business expansion and new initiatives, including autonomous delivery [3][7] Group 2: Broader Market Trends - Major U.S. equity indexes declined, with tech stocks leading the drop, as job cuts in October reached the highest level since 2003 [2] - The Dow dropped 0.8%, the S&P 500 fell 1.1%, and the Nasdaq decreased by 1.9% [2] Group 3: Other Company Performances - Robinhood Markets saw its stock fall nearly 11% despite exceeding sales and profit forecasts, primarily due to higher-than-expected operating expenses and disappointing cryptocurrency revenue [4] - Paycom Software reported lower-than-expected quarterly earnings, leading to a nearly 11% drop in its shares, citing increased spending on technology investments [5] - Tapestry shares fell 9.6% despite surpassing sales and profit forecasts, with disappointing guidance attributed to tariff-related headwinds [6][8] - Datadog's shares surged about 23% after posting better-than-expected quarterly earnings and benefiting from strong demand from AI customers [9] - Texas Pacific Land's shares increased by 10% after reporting record quarterly revenue, despite sales and profit falling short of expectations [10] - Air Products and Chemicals gained 8.9% after edging out earnings per share estimates while announcing a strategic revamp focused on cost-cutting and core industrial gases [11]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $12.03, which is above the midpoint of the full-year fiscal guidance range [5] - Operating income margin was 23.7%, and return on capital (ROC) was 10.1%, both in line with commitments [5] - The EPS decreased by $0.40 or 3% from the prior year, primarily due to a 4% headwind from LNG divestiture and a 2% headwind from project exits [16][19] Business Line Data and Key Metrics Changes - The Americas segment results were down 3%, impacted by a one-time asset sale and project exits, but offset by strong non-helium pricing and productivity improvements [17] - Asia's results were relatively flat, with lower helium demand offset by favorable pricing and productivity [18] - Europe's results improved by 4%, driven by non-helium merchant pricing and productivity, despite lower helium contributions [18] Market Data and Key Metrics Changes - The company faced a 2% headwind from reduced global helium demand, affecting overall volume [15] - The market for green ammonia is developing, with expectations for significant demand growth by 2030 [11][12] Company Strategy and Development Direction - The company aims for high single-digit annual EPS growth and plans to optimize its large projects portfolio, including the NEOM project [6][7] - Capital expenditures are expected to be reduced to approximately $2.5 billion per year after completing several large projects, allowing for ongoing maintenance and investments in traditional industrial gas projects [7][10] - The company is focusing on productivity improvements and has identified 3,600 headcount reductions, translating to approximately $250 million in annual cost savings [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from helium headwinds and a sluggish macroeconomic environment but remains optimistic about achieving growth through new asset contributions and pricing actions [19][21] - The company expects to be modestly cash flow positive in fiscal year 2026 and aims to stay cash flow neutral through 2028 [21] Other Important Information - The NEOM project is about 90% complete, with ammonia production expected to start in 2027 [11] - The company is evaluating proposals to divest the carbon sequestration piece of the Louisiana project, linking it to potential hydrogen supply agreements [24][25] Q&A Session Summary Question: Evaluation of Carbon Capture in Louisiana Project - The company is considering selling the carbon capture piece and potentially supplying hydrogen to the buyer [24][25] Question: Alberta Project Cost Overruns - The company has a long-term commitment to supply hydrogen to a major customer, necessitating the completion of the project despite cost overruns [26][27] Question: Headcount Reduction Target - The target of 20,000 headcount is expected to be the new base, with ongoing efforts to optimize workforce levels [31] Question: CapEx for Louisiana Project - The company will provide CapEx data when updating the project, emphasizing that no off-take deals mean no final investment decision [32] Question: Growth Drivers for Next Year - Expected growth will come from new assets and pricing actions, with a minimal volume growth forecast due to macroeconomic headwinds [37][39] Question: Helium Market Outlook - The company anticipates continued headwinds from helium but expects stabilization in 2027 [40][41] Question: NEOM Project Commercialization - The company plans to commercialize ammonia initially, with expectations for a growing market for green ammonia [44][45] Question: Equity Affiliates Income - The Mexican joint venture saw improvements, while contributions from the Jazan joint venture are expected to pick up in 2026 [46][47] Question: Decision Timeline for Louisiana Project - The company is working on advanced negotiations and aims to communicate updates before the end of the year [50][53] Question: CapEx Flexibility - The CapEx forecast for fiscal 2026 is between $3.5 billion and $4 billion, with no significant changes expected [91][92]