HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 04C_03/14/2005/~~~ ~C. ~
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3M COMPANY RCET $3
35 R
2(
21
n
) 1
11 Y"
~
%
NYSE.MMM , ATIO
,
Media
:11,0 PERATIO
. D
,p
TIYIELNESS 3 Raised4112N2
.a High:
Low: 29.3
24.3 28.6 3
23.2 2 4.9
5.4 42.9
30.6 52.8
40.0 48.9
32.8 51.7
34.7 61.5
39.1 63.5
42.9 65.8
50.0 85.4
59.7 90.3
73.3 Target Price Range
SAFETY 1 New 7121190
LEGENDS 2007 2008 2009
TECHNICAL 4 L
w
d 1128!05 - 12.0 x "Cash Fkkv" p sh
• • Relative Price Sven
lh
160
ere
o
BETA .90 (1.00 = Marka) g
2-fa-1 split 4194
2-fa-1 split 9103
120
200 -09 PR J I N opions: ves
Sh
d
d
i
d _ _ _
- - - - - - - 100
Ann'I Total a
e
area
n
cates recessbn i ~
Price Gain Return 'I" 60
High 110 +30% 9% ' t - 50
Low 90 ~+10%~ 4% ,
ti t r d hr t ~
Insider Declslons
"
30
M A M J J A SON
to Buy 000000000 ,.nu
"l' t'a,r
p ,rl„iinr, , ",
20
Optlan 2 4 6 0 0 2 0 3 3
mSN 0 2 0 0 0 1 0 0 0
Instltutlonal Declslons
~
i I
~ %TOT. RETURN 1f05
rxts viutnx 15
x02001 IQ2004 OQ20W
Percen
t 18
~ .
stock rraEx
b Buy 419 422 397
to Sell 463 442 461 shares 12 1 yr. 8.6 9.4
HIB 800 550101 556136 549650 traded 6 Syr. 60.9 40.1
5 yr. 96.4 75.1
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 '2001 20 02 2003 2004 2005 ®VALUELINEPUB.,INC. 7-09
11.79 13.46 14.81 15.22 15.85 16.32 17.96 16.07 17.08 ', 18.62 ~ 16.69 19.64 21.11 20.55 ! 20.94 ~ 23.25 25.88 28.40 Sales per sh 34.00
1.99 2.18 2.38 2.33 2.55 2.72 2.91 2.65 2.88 ' 3.08 2.98 3.27 3.64 ', 3.22 ~ 3.75 4.29 5.15 5.80 "Cash Flow" per sh 8.05
1.27 1.40 1.48 1.32 1.41 1.46 1.59 1.62 1.82 1.94 1.87 2.11 2.32 ~ 1.79 2.50 3.02 3.75 ~ 4.20 Earnings per sh " 5.00
53 .65 .73 .78 .80 .83 .88 .94 .96 1.06 1.10 1.12 1.16 1.20 1.24 1.32 1.44 1.50 Div'ds Decl'd per sh e^ 1.86
94 1.33 1.52 1.51 1.50 1.29 1.37 1.30 1.33 1.74 1.78 1.30 1.41. 1.25 98 .86 1.21 1.15 Cap'I Spending per sh 1.35
6.14 6.04 6.95 7.18 7.53 7.58 8.02 8.22 7.54 ' 7.32 7.38 1.89 8.24 7.78 ' 1.68 10.06 13.42 18.00 Book Value per sh 19.80
897.33 890.66 879.33 876.56 876.14 858.96 839.59 837.41 833.67 809.45 803.85 797.42 792.17 ~ 782.61 779.96 784.12 713.52 780.00 Common Shs Outat'g c 750.00
12.0 12.9 13.9 16.9 17.2 18.5 16.5 17.9 19.2 23.6 22.3 20.8 19.9 31.1 24.4 22.8 21.9 Avg Ann'I PIE Ratio 20.0
1.00 .98 1.03 1.08 1.04 1.09 1.08 1.20 1.20 1.36 1.16 1.19 1.29 ~I 1.59 1.33 1.32 1.14 Relative PIE Ratio 1.35
3.5% 3.6% 3.6°k 3.5% 3.3% 3.1% 3.4% 3.3°k 2.8% 2.3% 2.6°h 2.6°k 2.5% 2.2% 2.0% 1.9% ' 1.8°k ~ Avg Ann'I Div'd Yield ~ 1.7%
CAPITAL STRUCTURE as of 12/31104 15079 13460 14236 15070 15021 15659 16724 16079 16332 18232 20011 21600 Sales ($mill) 25500
Total Debt $2821 mill
Due in 5 Y
$2094
ill 22.2% 23.5% 23.7% 23.5% 22.6% 24.7% 23.3% 20.3°k 24.5°~ 26.5% 17.5% 18.0% 0 ratio Mar in 28.0%
.
rs
m
.
LT Debt $727.0 mill. LT Interest $78.2 mill. 1101.0 859.0 883.0 870.0 866.0 900.0 1025.0 1089.0 954.0 964.0 1000 1200 Depreciation ($mill) 1300
1345.1 1356.0 1516.0 1626.0 1526.0 1711.0 1857.0 1430.0 1974.0 2403.0 2990.0 3190 Net Profit Smill 3750
(7%ofCap'I) 35.4% 35.4% 35.7% 35.4°~ 35.1% 37.9% 34.5% 32.1°k 32.1% 32.9% 33.0% 33.0'/ Income Tax Rate 33.0%
Uncapitalized leases $112 mill. 8.9% 10.1% 10.6% 10.8% 10.2% 10.9% 11.1% 8.9% ' 12.1% 13.2% 14.9% 14.8'/o Net Profit Mar in 14.7%
Pension Assets•12103 $10.2 bill. Oblig. $11.9 bill.
Pfd Stock None 3323.0 2671.0 2697.0 2185.0 1932.0 2247.0 1625.0 1787.0 1602.0 2631.0 2649.0 2850 Working Cap'I (Smill) 2800
1031.0 1203.0 851.0 1015.0 1614.0 1480.0 971.0 1520.0 2140.0 1735.0 727.0 100 Long-Term Debt ($mill) 1500
6734.0 6884.0 6264.0 5926.0 5936.0 6289.0 6531.0 6086.0 5993.0 7885.0 10378 12145 Shr. E ui $mill 14845
Common Stock 773,518,301 shs. 17.7% 17.2% 21.7% 23.9% 20.7% 22.5% 25.2% 19.4°k 25.1 % 25.5°h 27.OY. 25.5% Return on Total Cap'I ~ 20.0'/°
MARKET CAP: 564.5 billion (Large Cap) 20.0°h 19.7°k 24.1 % 27.4% 25.7% 27.2% 28.4% 23.5% 32.9°h 30.5°h 28.8% 26.5% Return on Shr. E ui 1 25.5%
CURRENT POSITION 2002 2003 12131104 8.9°k 8.2°k 11.3°h 12.7% 10.8% 12.9°h 14.4% 7.9°k 16.8°h 17.4% 17.2% 17.0% Retained to Com Eq 11.0'/0
CashMAssets 618 1836 2757 55°h 58% 53% 54% 58% 53% 49% 66% 49°h 43% 38°k 36% All Div'ds to Net Prof 33%
Receivables 2527 2714 2792
Inventory (FIFO) 1931 1816 1897 BUSINESS: 3M Company (formerly Minnesota Mining $ Manufac- Safety, Security & Protection (12%). Divested NaBonal Advertising
luring) is a diversified manufacturer
It sell
m
th
50
000
d
C
'
Other 983 1347 1274 .
ore
s
an
,
pro
-
ompany, 8197; data storage and imaging systems, 7196.
04 for-
Current Assets 0 9 7713 ~2~ ucts in over 200 countries. 3M is a coin nent of the DJIA. Its ei n sales, 53°/ of total. RBD, 5.7 % of sales. '04 de r rate: 5.9°/ .
~
Accts Payable 945 1087 1168 seven business segments mGude: Industria
(19% of 2004 sales); Has about 64,300 empl. and approx. 123,225 shrhldrs. Chrmn. 8
Debt Due 1237 1202 2094 Display and Graphics (17%); Health care (21°/ ); Consumer and Of- CEO: W. James McNerney, Jr. Inc.: DE. Addr.: 3M Center, St. Paul,
Other 2275 2793 2809
C
t Li
b
4
0 fice (14%); Electro and Communications (9%); Transportation (6%); Minn. 55144-1000. Tel.: 651-733-8206. Internet: www.mmm.com.
urren
a
. 4
57 5
82 6071 3M Com
an
re
orted 2004 shar
t
dd
ANNUAL RATES Past Past Est'd'Ot=03 p
y
p
e ne
ny a
resses increased safety concerns,
of 53
75
And as is so often th
b
h
of change (perch) 10Yra. SYrs. to'07•'09 .
.
e case, our
roug
t on by growing global terrorism.
estimate was ban
on the mark
The m
i
L
tl
h
H
l
h
Sales 3.0% 3.5% 8.0% g
.
a
n-
y, at t
as
e
ea
t
care division, we look
"Cash Flow' 4.0% 4.5% 13.5%
Earnings 5
5% 5
5% 12
5% line Healthcare, and Display & Graphics for sales of key drug Aldara to continue
di
'
.
.
.
Dividends 4.5% 4.0% 5.0% visions contributed the lion
s share of op- strong since it has been cleared by the
cratin
i
bi
d
l
f 4
Book value 1.5% 3.0 % 15.0% g
ncome, a com
ne
tota
o
9%, FDA to treat basal cell carcinoma as well
$2
254 billi
O
Cal-
QUARTERLY SALES (S mill.)
Full or
.
on.
perating income was up as actinic keratosis.
9
39'
d 28% f
h
'
d
M
31 J
30 S
3 .
o an
or t
e Healthcare and Three M
s results are heavily depen-
en
ar ar.
un.
ep.
0 Dec.31 Year D&G units
res
ectivel
In the fourth d
t
th
h
l
h
f
h
2001
4170 4 ,
p
y.
en
upon
e
ea
t
o
t
e domestic
2002 079 3967 3863
3890 4161 4143 4138 16079
16332 quarter, D&G profits were actually down industrial economy. And given the fact
2003
4318 4580 4616 4718
18232 $3 million, to $240 million, due to intense that most economists believe GDP will
2004
4939 5012 4969 5091
20011 pricing pressures in the core liquid crystal grow about 3.5°/n this year, 3M should
2005
5250 5400 5450 5500
21600 display (LCD) operation. We don't, how- benefit accordin 1 The coin an is also
g Y• P Y
h
Cal•
EARNINGS PER SHARE"
Full ever, expect t
is situation to last long. well diversified geographically, as well as
The bottom line should rise 12%
to by business line
It has a hu
e cash hoard
endar
Mar.31 Jun.30 Sep.30 Dec.31
Year ,
.
g
,
$4
20
in 2005
Tri
le M h
t
$2
hi
h
2001
58
56
55
10
1
79 .
,
.
p
as cu
over
w
c
it will probably use to acquire com-
2002 .
.
.
.
.57 .59 .69 .65 .
2.50 billion in costs since 2001, and is likely to panics to supplement its fast-growing
cut another $400 million in 2005
This Health
d D&G b
i
b
b
2003
.64 .78 .83 .77
3
02 .
care an
us
nesses,
uy
ack
2004
.90 .97 .97 .91 .
3.75 should offset energy and raw material cost shares on temporary weakness, and in-
i
fl
i
M
2005
1.00 1.05 1.10 1.05
4.20 n
at
on.
eanwhile, demand for LCD crease the dividend a out.
P Y
Cal-
QUARTERLY DIVIDENDS PAIDa^
F
ll products will likely remain strong, al- This high-quality issue generally
end
r
M u though not quite as robust as last year. trades at a premium, thanks to high
a ar.31 Jun.30 Se .30 Dec.31 Year Avera
e LCD TV
l
i
i
2001
30 g
pane
ze
s
s expected to marks for Stock Price Stability, Price
2002 .
.30 .30 .30
31
31
31
31 1.20
1
24 increase 159'° in 2005. Pension expense Growth Persistence, Earnings Predic-
2003 .
.
.
.
33
33
33
33 .
1
32 should amount to $0.29, compared to $0.26 lability, and Financial Strength. Overall,
2004 .
.
.
.
.36 .36 .36 .36 .
1.44 in 2004. Operating income in the Safety, these shares are of interest to conser-
Security and Protection se
ment is liabl
ti
i
t
2005 g
e va
ve
nves
ors.
to rise 10%, to $540 million as the comps- Jeremy JBut/er February 18. 2005
(A) Primary earnings through 1996, then fully (10¢); '01, (5¢). Excludes disconl. gain (loss): Div'd reinvestment plan available. (C) In mil-
diluted on a GAAP basis. Excludes nonrecur- '95
(40Q); '96
1Q
Next earnings report due lions
adjusted f
r
t
k
lit Company's Financial Strength A++
'
,
,
.
,
o
s
oc
sp
s.
ring gains (losses): '92, 1¢); '93, (3¢); '94, mid-April. (B) Dividends historically paid mid-
(2¢);'95, (6¢);'97, $.59;98, (43¢);'99
7¢;'00
March
June
September
and December
^ Stock
s Price Stability 95
Price Growth Persistence 90
,
,
,
,
,
. Earnings Predlctablllty 70
~ 2005, Vakte Line Pudishmy, Inc. All rgMs reserved. Faaual material is obtained fran sources believe0 to be re0able and is provided without warranties d anyy kind.
THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSH)NS HEREIN. This pudkation is strictly la subsaiba's own
non-commercial
internal
N
rt
1 ° e ' ~ 1 1 I I I '
,
,
use.
o pa
d it may be reproduced, remold, staed a transmitted in arty prkned, electronic a aha ram, a used la generating a marketing any printed a ekcaonic publication, service a aodun. r