3M
is currently trading near its 52-week high; however, forecasts of slower
organic growth and increasing pressure on margins do not warrant a P/E multiple
of 18.7x
Company
Introduction
The
3M Company (MMM), originally known as the Minnesota Mining & Manufacturing
Company, is an industrial conglomerate with products and businesses as diverse
as the markets it operates in. The company prides itself on being a “Global
Innovation Company”, claiming that it introduces new technologies and products
to millions of consumers worldwide.
3M
generated 65% of its income from outside the US in 2012, with the Asian market
contributing the largest share. However, Latin America and Canada have been its
fastest-growing markets over the last five years, with a CAGR* of 8.6%. Read more
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