investment thesis - college of...
TRANSCRIPT
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Colin WarnerPerformance Analyst
Emily ReesSpecial Events Coordinator
MMM
February 13, 2018
Kate LinnPrivate Equity Analyst
Jack ThompsonLatin American Economist
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Table of Contents
Fundamental Analysis
Competitors
SWOT Analysis
Investment Thesis
Company Strategy
Technical Analysis
Company History
Company Overview
Key Executives
Summary
Recommendation
Recent News
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Investment Thesis
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Investment Thesis
In a global market plagued with uncertainty, 3M is a company that focuses on the fundamentals in order to return value to its shareholders. The company has managed to increase its dividend for the
past 60 years as a result of its competitive strategy that integrates diversification and innovation. Many of their products perform as staples, which will carry them through times of economic
contraction, while investment in the automated car industry provides a significant growth opportunity.
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Company Overview & History
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Company Overview
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Company History
Minnesota Mining and Manufacturing, or 3M, was founded in 1902 in St. Paul, Minnesota. The global industrial conglomerate markets over 60,000 products used in homes, businesses, schools, and hospitals in over 200 countries around the world. The company has five main business segments.
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Key Executives
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Governance
John BanovetzCTO, SVP of R&D
Banovetz joined 3M in 1995 as a research
chemist in the corporate R&D organization.
Nicholas GangestadCFO, SVP
Gangestad began work at 3M in 1987 as a system’s
analyst.
Inge ThulinPresident, CEO, Chairman
Thulin has been an Executive with the company since 1979.
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Recent News
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Recent News
Earnings Call:- Numbers:
- Q4 record revs- Earnings Boost- Tax Rate change- ROIC- Margin expansion- Scott Safety & divestitures- R&D info- EPS Projections- Tax Act implications
- Auto electric market- Recognized by multiple banks, analysts as frontrunning firm- 30% product metric
- Recently ranked World’s Most Ethical Company for 5th straight year by Ethisphere
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Recent News
- Spotlight talk with Jim Cramer:- 2017: 5% organic growth at 15-25% operating margins; those companies under
the 3M umbrella that did not perform up to the company’s, admittedly lofty, standards were divested back to different owners
- Electric Automotive industry.- Not your prototypical Industrial
- Breaking down boom/bust- Lessening vol. to mkt
- Dividend safety
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Company Strategy
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Company Strategy
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Company Strategy
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Company Strategy
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Technical Analysis
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Technicals
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Technicals
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Technicals
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Fundamental Analysis
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Financial Highlights
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Financial Highlights
Growth by Region
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Tax Cuts
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Tax Cuts
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Revenue Breakdown
2016
2017
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Growth
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Competitors
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Competitors
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Multiples Analysis vs. Competitors
3M______GE HON ITW ABB
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Competitors
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SWOT Analysis
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SWOT Analysis
Strengths● Wide range of products creates
stability● Incredibly experienced leadership
team● Geographically diversified revenue
sources
Weaknesses● High market ratios● Weak sector performance
Threats● Rising production costs could
pressure margins.● Risks associated with foreign
markets
Opportunities● Expansion into the automatic car
industry● Growth in foreign markets
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Summary
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Summary
3M CEO interview
● 3M is a global company with an extremely diversified portfolio● 3M’s plans for growth are extensive- they are a well established company that has a strong
track record of organic and inorganic growth● They consistently evaluate their strengths and weaknesses and take action● Wide economic moat through brand recognition
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Recommendation
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Recommendation
Purchase 55 shares of MMM At a price of $230.05 (3 PM 2/12/18) For a total investment of $12,652.75And, a portfolio allocation of 8.79%
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Portfolio Allocation
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Thank you for your time. We now welcome all questions and concerns.
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Appendix 1: Sales & op income Q4 2017
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Appendix 2: Sales & op income FY 2017
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Appendix 3: Sales by geographic region Q4 2017
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Appendix 4: Sales by geographic region FY 2017
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Appendix 5: Investment/Divestiture net Benefit/(cost)
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Appendix 6: Operating Expenses
Cost of sales: Manufacturing, engineering, freight costs- Increased due to incremental strategic investments in productivity, portfolio actions, and currency
effects.- Partially offset by year-on-year reduction in raw material costs
SG&A:- Increase in defined pension, from Tax Act.
R&D:- % of sales is flat, but 3M increased R&D expenses by $115 million year-on-year
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Appendix 7: Operating Income Margin
3M estimates that year-on-year currency effects, including hedging impacts, decreased pre-tax income by $111 million and $127 million in 2017 and 2016, respectively. These estimates include the effect of translating profits from local currencies into U.S. dollars, the impact of currency fluctuations on the transfer of goods between 3M operations in the United States and abroad, and transaction gains and losses, including derivative instruments designed to reduce foreign currency exchange rate risks.
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Appendix 8: Industrial Business (34.5% of sales)
Sales totaled $10.9 billion, up 4.9% in USD, up 4.9% organically, offset by .5% of divestitures, and boosted by .5% of foreign currency translations. Divestitures made in 2017 materially impacted year-on-year operating and net margins. This segment was led by advanced materials, automotive and aerospace solutions, and industrial adhesives and tapes.
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Appendix 9: Safety & Graphics Business (19.4% of sales)
Sales totaled $6.1 billion, up 4.5% in USD, up 6.1% organically, increased 2.2% by acquisitions, offset 4.3% by divestitures, and boosted .5% by foreign currency translations. Divestitures made in 2017 materially impacted year-on-year operating and net margins. This segment was led by personal safety and roofing granules. Transport safety showed positive growth; commercial solutions was flat.
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Appendix 10: Health Care Business (18.4% of sales)
Sales totaled $5.8 billion, up 4.4% in USD, up 3.9% organically, boosted .5% by foreign currency translations. This segment was led by drug delivery systems, food safety, and medical consumables. In September, they acquired Elution Technologies, a manufacturer of food safety kits.
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Appendix 11: Electronics & Energy (16.3% of sales)
Sales totaled $5.2 billion, up 11.1% in USD, up 11.0% organically, reduced .2% by divestitures, boosted .3% by foreign currency translations. Total sales within electronics-related businesses were up 16%; energy-related businesses were up 2%.
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Appendix 12: Consumer Business (14.5% of sales)
Sales totaled $4.6 billion, up 2.3% in USD, up 1.7% organically, boosted .6% by foreign currency translations. This sector was led by consumer health care, home improvement, and home care.
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Appendix 13: Income Statement
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Appendix 13: Balance Sheet
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Appendix 14: Debt
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Appendix 15: Major Products