We Slightly Lower Our FVE for 3M After Evaluating the Firm’s PFAS Exposure
After taking a closer look at 3M’s PFAS exposure, we slightly lower our fair value estimate to $187 from $190. The firm’s reserve for PFAS liability currently totals $235 million, which it took in the first quarter of 2019. Importantly, however, that reserve was solely for manufacturing liability that 3M faced directly in some of its facilities; specifically, three sites in the United States and two in Europe. The reserve does not include 3M’s product liability exposure, which we estimate will b...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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