Linde PLC (LIN.O): Engineering the Right to Win in Space & Electronics; Investor Day Takeaways

We attended Linde's Investor Day in Phoenix, AZ and toured its site supporting the TSMC facilities. We continue to be deeply impressed by the depth and experience of the management bench. The unique capabilities and scale of the engineering organization continues to drive large complex projects, which should support continued growth in space & electronics. Combined, these markets are expected to reach 20-25% of sales by 2030. The heightened competitive advantages driven by its strong commercial & engineering teams make it abundantly clear why the company will continue to win more than its fair share. While all of the commercial space business to-date has been merchant sale-of-gas, the company announced a sale of 6 ASUs to a large commercial space customer. On electronics, LIN expressed confidence that the business will make up >$5bn in sales by 2030, enabled by above-market growth, increased gas intensity and purity/technical requirements. The increasing cadence of launches is likely t