3M: We Slightly Bump Fair Value Up by 5% Upon Further Reflection

Upon further analysis, we raise our 3M fair value estimate to $104 per share from $99 to account for Solventum’s “midnight dividend” of $7.7 billion to 3M, but mostly offset by other lost cash implications from Solventum’s prior contribution. At current market prices, as of April 4, 2024, of just over $90, this implies 3M trades at a roughly 12% discount to our revised fair value estimate.