Tuesday, February 19, 2008

3M - MMM

Today I’d like to take a look at this member of the “Broad Dividend Achievers”.

“3M Company is a diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. They are an integrated enterprise characterized by substantial intercompany cooperation in research, manufacturing and marketing of products.”

They trade under the symbol MMM on the New York Stock Exchange and are included in the following indexes Dow Jones Composite, Dow Jones Industrial, S&P 100, S&P 500 and S&P 1500 Super Comp.

-Current P/E – 14.5X
-2008 Estimated PE – 14.7X
-2009 Estimated PE – 13.3X
-ROE – 37.74%
-Current Yield – 2.36%
-5 Year Average Yield – 2%
-Current Payout Ratio – 33.5%
-5 Year Historical Payout Ratio – 39%
-3 year dividend growth rate – 10.02%
-5 year dividend growth rate – 10%

Other Facts:
-Dividend History: Paid quarterly since 1916
-60% of their revenues now come from outside the US
-Increased the quarterly every year for the last 50 years.
-Have a long history of innovation
-S&P Rating: 3 stars, Hold, $85 target price (5.4% upside)
-Argus Rating: Buy, $105 target price (30% upside)

Calculated Fair Value:
The fair price I calculated for this stock is $85.62. This is virtually identical to the target calculated by the analysts at S&P. This represents a 5.2% discount to the current price of $79.52.

(Disclaimer: I have a position in MMM but am not a financial advisor. Please do your own research and make your opinions on when to buy or sell. Nothing I say should be bastardized or construed in any way to be advice.)

73 comments:

MG said...

It is interesting that their 3 and 5 year dividend growth rates are strong but their 10 year rate is poor...

Middle Class Millionaire said...

I agree. Personally, I don't think that the strong dividend increases seen over the last 5 years are possible unless earnings growth also accelerates. Until earnings pick up I'd like to see increases in the 5% range.

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