3M's Lackluster 2018 3Q Does Not Alter Our Already Conservative Long-term Outlook
Wide moat-rated 3M reported disappointing results for the 2018 third quarter, but this does not alter our long-term fundamental outlook for the firm. As a result, we don’t expect a material change to our $193 fair value estimate. The firm improved third-quarter organic sales by 1.3% year over year (down 0.2% year over year on a reported basis) on a tough comp from last year's third quarter, which rose 7% year over year. Sales also had a tough sequential comp with last quarter’s enterprise resour...3M is a technology company. The company has four segments: Safety and Industrial, which consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules; Transportation and Electronics, which consists of electronics, automotive and aerospace, commercial solutions, advanced materials, and transportation safety; Health Care, which includes medical solutions, oral care, separation and purification sciences, health information systems, drug delivery systems, and food safety; and Consumer, which consists of home improvement, stationery and office supplies, home care, and consumer health care.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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