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It may be true that they are valued much more favorably. The question that should always be asked is: why? One answer could be the high debts that weigh on the company. EBIT of about $900 million is offset by net debt of almost $6 billion. On top of that, it is the smallest player in the industrial gas oligopoly. The risks are simply greater than for the other three companies.
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Just wanted to say: 72% YtD performance 😜
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Valued much more favorably as they are de facto irrelevant. Even in the Far East, Linde and Air Liquide dominate. The company's only notable achievement was the acquisition of Praxair's production facilities in the merger. 😅
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.I prefer to think of local or regional big players in the energy sector rather than global ones.

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