Strong Start to the Year for 3M as Electronics and Energy Sales Soar; Raising Our FVE
After wide-moat 3M’s strong first-quarter results, we’re raising our fair value estimate to $180 per share from $167. We added $3 due to time value of money and better-than-expected organic revenue growth in the industrial and electronics and energy segments. The remainder came from lowering our U.S. federal statutory tax rate assumption to 25%, consistent with Morningstar’s belief that U.S corporate tax reform is likely in 2018.3M’s revenue rose 3.7% year over year, to $7.7 billion, 4.6% when ...
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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