Intrinsic value of 3M Company - MMM

Previous Close

$161.50

  Intrinsic Value

$135.24

stock screener

  Rating & Target

hold

-16%

Previous close

$161.50

 
Intrinsic value

$135.24

 
Up/down potential

-16%

 
Rating

hold

We calculate the intrinsic value of MMM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 93.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  33,420
  34,189
  35,068
  36,054
  37,147
  38,346
  39,652
  41,066
  42,589
  44,223
  45,972
  47,838
  49,824
  51,936
  54,176
  56,550
  59,063
  61,721
  64,529
  67,494
  70,623
  73,922
  77,400
  81,064
  84,923
  88,986
  93,263
  97,764
  102,498
  107,478
Variable operating expenses, $m
  25,274
  25,826
  26,457
  27,165
  27,950
  28,812
  29,750
  30,765
  31,859
  33,033
  33,018
  34,358
  35,785
  37,301
  38,910
  40,615
  42,420
  44,329
  46,346
  48,475
  50,722
  53,092
  55,590
  58,221
  60,993
  63,911
  66,983
  70,215
  73,616
  77,193
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  25,274
  25,826
  26,457
  27,165
  27,950
  28,812
  29,750
  30,765
  31,859
  33,033
  33,018
  34,358
  35,785
  37,301
  38,910
  40,615
  42,420
  44,329
  46,346
  48,475
  50,722
  53,092
  55,590
  58,221
  60,993
  63,911
  66,983
  70,215
  73,616
  77,193
Operating income, $m
  8,147
  8,363
  8,611
  8,889
  9,197
  9,535
  9,903
  10,301
  10,730
  11,191
  12,954
  13,480
  14,040
  14,635
  15,266
  15,935
  16,643
  17,392
  18,183
  19,019
  19,900
  20,830
  21,810
  22,843
  23,930
  25,075
  26,280
  27,548
  28,883
  30,286
EBITDA, $m
  10,481
  10,722
  10,998
  11,307
  11,650
  12,026
  12,436
  12,879
  13,357
  13,869
  14,418
  15,003
  15,626
  16,288
  16,991
  17,735
  18,524
  19,357
  20,238
  21,168
  22,149
  23,184
  24,274
  25,423
  26,634
  27,908
  29,249
  30,661
  32,146
  33,708
Interest expense (income), $m
  194
  790
  819
  852
  891
  935
  983
  1,035
  1,093
  1,155
  1,222
  1,294
  1,371
  1,453
  1,541
  1,634
  1,732
  1,837
  1,947
  2,064
  2,188
  2,319
  2,456
  2,601
  2,755
  2,916
  3,086
  3,265
  3,453
  3,651
  3,859
Earnings before tax, $m
  7,357
  7,544
  7,758
  7,998
  8,262
  8,552
  8,867
  9,208
  9,575
  9,968
  11,660
  12,109
  12,586
  13,094
  13,632
  14,203
  14,806
  15,445
  16,119
  16,831
  17,582
  18,374
  19,209
  20,088
  21,014
  21,989
  23,016
  24,096
  25,232
  26,427
Tax expense, $m
  1,986
  2,037
  2,095
  2,159
  2,231
  2,309
  2,394
  2,486
  2,585
  2,691
  3,148
  3,269
  3,398
  3,535
  3,681
  3,835
  3,998
  4,170
  4,352
  4,544
  4,747
  4,961
  5,186
  5,424
  5,674
  5,937
  6,214
  6,506
  6,813
  7,135
Net income, $m
  5,371
  5,507
  5,664
  5,838
  6,031
  6,243
  6,473
  6,722
  6,990
  7,277
  8,512
  8,839
  9,188
  9,559
  9,952
  10,368
  10,809
  11,275
  11,767
  12,287
  12,835
  13,413
  14,022
  14,664
  15,340
  16,052
  16,801
  17,590
  18,419
  19,291

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  37,216
  38,072
  39,051
  40,149
  41,367
  42,702
  44,156
  45,731
  47,427
  49,247
  51,194
  53,272
  55,484
  57,835
  60,330
  62,974
  65,772
  68,732
  71,859
  75,160
  78,644
  82,318
  86,191
  90,272
  94,569
  99,094
  103,857
  108,868
  114,141
  119,686
Adjusted assets (=assets-cash), $m
  37,216
  38,072
  39,051
  40,149
  41,367
  42,702
  44,156
  45,731
  47,427
  49,247
  51,194
  53,272
  55,484
  57,835
  60,330
  62,974
  65,772
  68,732
  71,859
  75,160
  78,644
  82,318
  86,191
  90,272
  94,569
  99,094
  103,857
  108,868
  114,141
  119,686
Revenue / Adjusted assets
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
Average production assets, $m
  15,641
  16,000
  16,412
  16,873
  17,385
  17,946
  18,557
  19,219
  19,932
  20,697
  21,515
  22,388
  23,318
  24,306
  25,354
  26,466
  27,642
  28,885
  30,200
  31,587
  33,051
  34,595
  36,223
  37,938
  39,744
  41,646
  43,647
  45,753
  47,969
  50,300
Working capital, $m
  4,545
  4,650
  4,769
  4,903
  5,052
  5,215
  5,393
  5,585
  5,792
  6,014
  6,252
  6,506
  6,776
  7,063
  7,368
  7,691
  8,033
  8,394
  8,776
  9,179
  9,605
  10,053
  10,526
  11,025
  11,550
  12,102
  12,684
  13,296
  13,940
  14,617
Total debt, $m
  15,160
  15,787
  16,503
  17,307
  18,198
  19,176
  20,240
  21,393
  22,634
  23,967
  25,392
  26,913
  28,532
  30,253
  32,079
  34,015
  36,063
  38,230
  40,519
  42,935
  45,486
  48,175
  51,010
  53,997
  57,143
  60,455
  63,941
  67,609
  71,469
  75,528
Total liabilities, $m
  27,242
  27,869
  28,585
  29,389
  30,280
  31,258
  32,322
  33,475
  34,716
  36,049
  37,474
  38,995
  40,614
  42,335
  44,161
  46,097
  48,145
  50,312
  52,601
  55,017
  57,568
  60,257
  63,092
  66,079
  69,225
  72,537
  76,023
  79,691
  83,551
  87,610
Total equity, $m
  9,974
  10,203
  10,466
  10,760
  11,086
  11,444
  11,834
  12,256
  12,710
  13,198
  13,720
  14,277
  14,870
  15,500
  16,168
  16,877
  17,627
  18,420
  19,258
  20,143
  21,077
  22,061
  23,099
  24,193
  25,345
  26,557
  27,834
  29,177
  30,590
  32,076
Total liabilities and equity, $m
  37,216
  38,072
  39,051
  40,149
  41,366
  42,702
  44,156
  45,731
  47,426
  49,247
  51,194
  53,272
  55,484
  57,835
  60,329
  62,974
  65,772
  68,732
  71,859
  75,160
  78,645
  82,318
  86,191
  90,272
  94,570
  99,094
  103,857
  108,868
  114,141
  119,686
Debt-to-equity ratio
  1.520
  1.550
  1.580
  1.610
  1.640
  1.680
  1.710
  1.750
  1.780
  1.820
  1.850
  1.890
  1.920
  1.950
  1.980
  2.020
  2.050
  2.080
  2.100
  2.130
  2.160
  2.180
  2.210
  2.230
  2.250
  2.280
  2.300
  2.320
  2.340
  2.350
Adjusted equity ratio
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5,371
  5,507
  5,664
  5,838
  6,031
  6,243
  6,473
  6,722
  6,990
  7,277
  8,512
  8,839
  9,188
  9,559
  9,952
  10,368
  10,809
  11,275
  11,767
  12,287
  12,835
  13,413
  14,022
  14,664
  15,340
  16,052
  16,801
  17,590
  18,419
  19,291
Depreciation, amort., depletion, $m
  2,335
  2,359
  2,387
  2,419
  2,453
  2,492
  2,533
  2,578
  2,627
  2,679
  1,464
  1,523
  1,586
  1,653
  1,725
  1,800
  1,880
  1,965
  2,054
  2,149
  2,248
  2,353
  2,464
  2,581
  2,704
  2,833
  2,969
  3,112
  3,263
  3,422
Funds from operations, $m
  7,705
  7,867
  8,051
  8,257
  8,485
  8,735
  9,006
  9,300
  9,616
  9,956
  9,975
  10,362
  10,774
  11,212
  11,676
  12,168
  12,689
  13,240
  13,821
  14,435
  15,083
  15,766
  16,486
  17,245
  18,044
  18,885
  19,771
  20,702
  21,682
  22,713
Change in working capital, $m
  89
  105
  119
  134
  149
  163
  178
  192
  207
  222
  238
  254
  270
  287
  305
  323
  342
  361
  382
  403
  425
  449
  473
  498
  525
  553
  582
  612
  644
  677
Cash from operations, $m
  7,616
  7,762
  7,931
  8,123
  8,336
  8,571
  8,829
  9,108
  9,409
  9,733
  9,738
  10,109
  10,504
  10,925
  11,372
  11,845
  12,347
  12,878
  13,439
  14,032
  14,658
  15,318
  16,013
  16,747
  17,519
  18,333
  19,189
  20,090
  21,038
  22,036
Maintenance CAPEX, $m
  -1,044
  -1,064
  -1,088
  -1,116
  -1,148
  -1,183
  -1,221
  -1,262
  -1,307
  -1,356
  -1,408
  -1,464
  -1,523
  -1,586
  -1,653
  -1,725
  -1,800
  -1,880
  -1,965
  -2,054
  -2,149
  -2,248
  -2,353
  -2,464
  -2,581
  -2,704
  -2,833
  -2,969
  -3,112
  -3,263
New CAPEX, $m
  -299
  -360
  -411
  -462
  -512
  -561
  -611
  -662
  -713
  -765
  -818
  -873
  -930
  -988
  -1,048
  -1,111
  -1,176
  -1,244
  -1,314
  -1,388
  -1,464
  -1,544
  -1,628
  -1,715
  -1,806
  -1,902
  -2,002
  -2,106
  -2,216
  -2,331
Cash from investing activities, $m
  -1,343
  -1,424
  -1,499
  -1,578
  -1,660
  -1,744
  -1,832
  -1,924
  -2,020
  -2,121
  -2,226
  -2,337
  -2,453
  -2,574
  -2,701
  -2,836
  -2,976
  -3,124
  -3,279
  -3,442
  -3,613
  -3,792
  -3,981
  -4,179
  -4,387
  -4,606
  -4,835
  -5,075
  -5,328
  -5,594
Free cash flow, $m
  6,273
  6,338
  6,432
  6,545
  6,677
  6,828
  6,997
  7,184
  7,389
  7,613
  7,511
  7,772
  8,052
  8,351
  8,670
  9,010
  9,371
  9,754
  10,160
  10,590
  11,045
  11,525
  12,032
  12,568
  13,132
  13,727
  14,354
  15,015
  15,710
  16,442
Issuance/(repayment) of debt, $m
  538
  627
  716
  804
  891
  978
  1,065
  1,152
  1,241
  1,332
  1,425
  1,521
  1,619
  1,721
  1,826
  1,935
  2,049
  2,166
  2,289
  2,417
  2,550
  2,689
  2,835
  2,987
  3,146
  3,312
  3,486
  3,669
  3,859
  4,059
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  538
  627
  716
  804
  891
  978
  1,065
  1,152
  1,241
  1,332
  1,425
  1,521
  1,619
  1,721
  1,826
  1,935
  2,049
  2,166
  2,289
  2,417
  2,550
  2,689
  2,835
  2,987
  3,146
  3,312
  3,486
  3,669
  3,859
  4,059
Total cash flow (excl. dividends), $m
  6,812
  6,965
  7,148
  7,349
  7,568
  7,805
  8,061
  8,336
  8,631
  8,945
  8,937
  9,293
  9,671
  10,072
  10,496
  10,945
  11,419
  11,920
  12,449
  13,007
  13,595
  14,215
  14,867
  15,555
  16,278
  17,040
  17,841
  18,683
  19,570
  20,501
Retained Cash Flow (-), $m
  -178
  -229
  -262
  -294
  -326
  -358
  -390
  -422
  -455
  -488
  -522
  -557
  -593
  -630
  -669
  -709
  -750
  -793
  -838
  -885
  -934
  -985
  -1,038
  -1,094
  -1,152
  -1,213
  -1,276
  -1,343
  -1,413
  -1,486
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  6,634
  6,736
  6,886
  7,054
  7,242
  7,447
  7,671
  7,914
  8,176
  8,457
  8,415
  8,736
  9,078
  9,442
  9,827
  10,236
  10,669
  11,127
  11,611
  12,122
  12,661
  13,230
  13,829
  14,461
  15,126
  15,827
  16,564
  17,340
  18,156
  19,015
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  6,312
  6,068
  5,843
  5,608
  5,361
  5,101
  4,829
  4,546
  4,252
  3,949
  3,498
  3,202
  2,906
  2,611
  2,321
  2,041
  1,773
  1,521
  1,287
  1,073
  881
  712
  565
  440
  336
  251
  184
  132
  92
  63
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems. The Health Care segment serves markets that include medical clinics and hospitals, pharmaceuticals, health information systems, and food manufacturing and testing. The Consumer segment serves markets that include consumer retail, office business to business, home improvement, drug and pharmacy retail, and other markets.

FINANCIAL RATIOS  of  3M Company (MMM)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 3.2
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.8%
Cap. Spend. - 3 Yr. Gr. Rate -3.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 104.1%
Total Debt to Equity 113.6%
Interest Coverage 37
Management Effectiveness
Return On Assets 15.8%
Ret/ On Assets - 3 Yr. Avg. 15.6%
Return On Total Capital 22.8%
Ret/ On T. Cap. - 3 Yr. Avg. 22.8%
Return On Equity 46.5%
Return On Equity - 3 Yr. Avg. 39.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.1%
Gross Margin - 3 Yr. Avg. 49.3%
EBITDA Margin 29%
EBITDA Margin - 3 Yr. Avg. 27.9%
Operating Margin 24%
Oper. Margin - 3 Yr. Avg. 23.1%
Pre-Tax Margin 23.4%
Pre-Tax Margin - 3 Yr. Avg. 22.7%
Net Profit Margin 16.8%
Net Profit Margin - 3 Yr. Avg. 16.1%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.7%
Payout Ratio 53%

MMM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMM stock intrinsic value calculation we used $32765 million for the last fiscal year's total revenue generated by 3M Company. The default revenue input number comes from 0001 income statement of 3M Company. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MMM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for MMM is calculated based on our internal credit rating of 3M Company, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of 3M Company.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MMM stock the variable cost ratio is equal to 75.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MMM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for 3M Company.

Corporate tax rate of 27% is the nominal tax rate for 3M Company. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MMM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MMM are equal to 46.8%.

Life of production assets of 14.7 years is the average useful life of capital assets used in 3M Company operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MMM is equal to 13.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9796 million for 3M Company - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 575.788 million for 3M Company is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of 3M Company at the current share price and the inputted number of shares is $93.0 billion.

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