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3M Co MMM Stock Quote

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Morningstar‘s Stock Analysis MMM

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Is it the right time to buy or sell?

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We're Increasing 3M’s Uncertainty Rating to High Following its Recent Loss in Bankruptcy Court

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

We've now reviewed the impact of a United States bankruptcy court denying 3M's request for a preliminary injunction seeking a temporary halt of its Combat Arms Earplugs litigation. Consequently, we are removing any probability 3M will be ultimately successful from using Chapter 11 of the code, and its Aearo Technologies subsidiary, to quickly settle these cases via a settlement trust. That said, there is no impact to our $183 fair value estimate. The lower stock price, which is baked into our share repurchase assumption, more than offset eliminating the incremental $800 million or so benefit from a probability-adjusted, successful ruling in 3M's favor. We point out that from our understanding, Chapter 11 proceedings generally have a low probability of success anyhow, and since 3M lost the injunction, we no longer think it's worth awarding 3M any incremental benefit from what we now believe has become a highly unlikely appeal in 3M's favor.

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Key Statistics MMM

Company Profile MMM

Business Description

3M is a multinational conglomerate that has operated since 1902, when it was known as Minnesota Mining and Manufacturing. The company is well known for its research and development laboratory and it leverages its science and technology across multiple product categories. As of 2020, 3M is organized into four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. Nearly 50% of the company’s revenue comes from outside the Americas, with the safety and industrial segment constituting a plurality of net sales. Many of the company’s 60,000-plus products touch and concern a variety of consumers and end markets.

Contact
3M Center
St. Paul, MN, 55144
T +1 651 733-1110
Industry Conglomerates
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 95,000

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