Novoray vs Linde plc Ordinary Shares: Fair Value & Quality
Both stocks run through our valuation models. Here is how Novoray (688300) and Linde plc Ordinary Shares (LIN) compare, as of Aug 28, 2026.
As of Aug 28, 2026, Fair Value Calculator sees Linde plc Ordinary Shares as the less overvalued of the two: Novoray trades at ¥186 versus a fair value of ¥19.41 (-90%), while Linde plc Ordinary Shares trades at $485 versus $222 (-54%).
Novoray
688300.SHG · CNY · Materials
-90%
upside to fair value
overvalued
Price¥186
Fair Value¥19.41
Quality70/100
Linde plc Ordinary Shares
LIN · USD · Materials
-54%
upside to fair value
overvalued
Price$485
Fair Value$222
Quality70/100
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Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
NovorayLinde plc Ordinary Shares
Valuation
116.8×P/E (TTM)32.6×
30.11×P/S (TTM)6.95×
21.59×P/B6.30×
91.1×EV/EBITDA18.9×
—PEG2.18×
0.3%Dividend yield1.3%
¥0.50Dividend per share$6.10
Profitability
26%Net margin20%
29%Operating margin28%
18%Return on equity18%
8%Return on assets7%
Growth
23%Revenue growth (YoY)8%
19.0%Avg. growth/yr (3Y)0.6%
22.5%Avg. growth/yr (5Y)4.5%
Balance & size
0.01×Debt / equity0.54×
$5BMarket cap$241B
mixedGrowth qualityhealthy
Novoray leads: 7 to 5 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Novorayof which business quality 67 · market factors 66Linde plc Ordinary Sharesof which business quality 66 · market factors 56
ProfitabilityMargins and returns on capital today
73
51
Quality GrowthAre margins and returns improving?
63
51
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
48
70
Low VolatilityCalm price path (market factor)
22
87
MomentumPrice trend over the last 3–12 months (market factor)
88
41
52W MomentumDistance to the 52-week high (market factor)
78
49
Net IssuanceBuybacks instead of dilution
82
100
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Novoray
DCF Models¥23.45
Earnings-Based¥24.55
Dividend Discount¥6.78
Multiples¥18.45
Asset-Based¥4.53
Growth DCF¥16.21
Economic Profit¥16.32
Growth Earnings¥30.73
26 of 26 models see the stock below the current price.
Linde plc Ordinary Shares
DCF Models$211
Earnings-Based$132
Dividend Discount$116
Multiples$239
Asset-Based$55.42
Growth DCF$155
Economic Profit$156
Growth Earnings$204
26 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Novoray
Bear ¥10.67Fair Value ¥19.41Bull ¥27.43
¥186 = current price (white tick)
Linde plc Ordinary Shares
Bear $121Fair Value $222Bull $291
$485 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Novoray · Materials
Quality score70 · Top 25%
Fair value upside-90% · bottom 25%
Linde plc Ordinary Shares · Materials
Quality score70 · Top 25%
Fair value upside-54% · below median
Bottom line
As of Aug 28, 2026, Fair Value Calculator sees Linde plc Ordinary Shares as the less overvalued of the two: Novoray trades at ¥186 versus a fair value of ¥19.41 (-90%), while Linde plc Ordinary Shares trades at $485 versus $222 (-54%).
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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.
