3M Co

MMM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$28.00	Zqbmgkt	Bzspbxbb

3M No Longer Enjoys a Wide-Moat Rating

Joshua Aguilar

Oct 24, 2023

Business Strategy and Outlook

Estimating 3M's legal liabilities is a highly uncertain exercise. While some believe these total liabilities are greater than the firm's market capitalization, we think its 2023 settlements greatly reduce 3M's risks and is the right move for shareholders. However, we remain concerned over 3M's ability to absorb additional PFAS-related liabilities.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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