3M's PFAS Exposure, While Considerable, Doesn't Frighten Us Away from its Long-Term Prospects
On May 2, wide-moat rated 3M announced by far its largest deal ever for advanced wound care provider Acelity. After reviewing the deal, the initial impact of 3M’s re-segmentation, and incorporating first-quarter results and management’s significantly lowered full-year 2019 guidance, we lower our fair value estimate to $190 per share from $197 previously. The primary driver of the lower valuation is management’s most recent outlook on organic growth throughout the rest of the 2019 year, which mar...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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