DDM Analysis: MMM

Valuation Snapshot

Stable Growth	$36.48 - $50.85	$43.66
Multi-Stage	$74.19 - $81.46	$77.75
Blended Fair Value	$60.71
Current Price	$155.18
Upside	-60.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.78%	-1.11%	3.64	6.07	6.18	6.27	6.22	6.08	5.86	5.14	4.91	4.70
YoY Growth	-	-	-40.14%	-1.72%	-1.49%	0.94%	2.17%	3.85%	13.91%	4.67%	4.57%	15.57%
Dividend Yield	-	-	2.48%	6.46%	7.03%	5.04%	3.86%	5.33%	3.31%	2.80%	3.07%	3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,401.00
(-) Cash Dividends Paid (M)	2,339.00
(=) Cash Retained (M)	1,062.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	680.20	425.13	255.08
Cash Retained (M)	1,062.00	1,062.00	1,062.00
(-) Cash Required (M)	-680.20	-425.13	-255.08
(=) Excess Retained (M)	381.80	636.88	806.93
(/) Shares Outstanding (M)	545.08	545.08	545.08
(=) Excess Retained per Share	0.70	1.17	1.48
LTM Dividend per Share	4.29	4.29	4.29
(+) Excess Retained per Share	0.70	1.17	1.48
(=) Adjusted Dividend	4.99	5.46	5.77
WACC / Discount Rate	8.51%	8.51%	8.51%
Growth Rate	-4.55%	-3.55%	-2.55%
Fair Value	$36.48	$43.66	$50.85
Upside / Downside	-76.49%	-71.86%	-67.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,401.00	3,280.23	3,163.76	3,051.42	2,943.07	2,838.56	2,923.72
Payout Ratio	68.77%	73.02%	77.26%	81.51%	85.75%	90.00%	92.50%
Projected Dividends (M)	2,339.00	2,395.20	2,444.46	2,487.20	2,523.82	2,554.70	2,704.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.51%	8.51%	8.51%
Growth Rate	-4.55%	-3.55%	-2.55%
Year 1 PV (M)	2,184.48	2,207.37	2,230.25
Year 2 PV (M)	2,033.27	2,076.10	2,119.37
Year 3 PV (M)	1,886.82	1,946.75	2,007.93
Year 4 PV (M)	1,746.16	1,820.50	1,897.18
Year 5 PV (M)	1,612.03	1,698.27	1,788.15
PV of Terminal Value (M)	30,975.29	32,632.25	34,359.38
Equity Value (M)	40,438.06	42,381.23	44,402.27
Shares Outstanding (M)	545.08	545.08	545.08
Fair Value	$74.19	$77.75	$81.46
Upside / Downside	-52.19%	-49.89%	-47.51%

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3M Company (MMM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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