Strategic portfolio management will help wide-moat 3M navigate a challenging industrial environment.
Following a strong close to 2017 and the passage of U.S. tax reform, we are raising our fair value estimate for wide-moat 3M to $197 from $184 per share. Four dollars came from time value of money since our last update, $6 from lowering the U.S. statutory tax rate to 21%, and the remainder from adjusting our 2018 estimates for revenue, profitability, and capital allocation. Nevertheless, with a forward P/E multiple of about 24 times our 2018 EPS estimate, we still believe shares look rich.Reve...
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.
We have operations in 27 countries.
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