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EFTA Document EFTA01385526
Title Matchefta-efta01385526
Case Filesd-10-EFTA01385526Dept. of JusticeEFTA Document EFTA01385526
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Case File
sd-10-EFTA01385526Dept. of JusticeEFTA Document EFTA01385526
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> Energy, Materials & Industrials ED Linde - Tim Jones, BUY, close €186.1, €227 tgt, 22% upside. ■ Key driver #1: improving gas industry fundamentals from cost efficiencies, investment discipline, consolidation and end-market stabilisation. Capex to sales has fallen from c14% in 2012/13 to c12% in 2016, and consolidation should drive price discipline and margin expansion. ■ Key driver #2: macro tailwinds. Improvements in Europe and Asia (c60% of Linde Gas), and continued strength in the U
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Dept. of Justice
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sd-10-EFTA01385526
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