MMM - possible good buy

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MMM looks favorably valued currently based on dividend yield, price to cash flow, price to free cash flow, etc. It has been a very stable earner for many many years. Does anyone have a bear thesis that they can share for MMM over the next 5 years?

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X Post for you, web436:

https://discussion.fool.com/bbg-mmm-forever-chemicals-come-to-eu…

Bloomberg Headline: 3M’s ‘Forever Chemicals’ Crisis Has Come to Europe

Subheadline: The fight over a tunnel project in Antwerp has revealed extraordinary levels of toxins in the water, soil, and people near the company’s factory. This time there could be criminal charges.

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Bloomberg Headline: 3M’s ‘Forever Chemicals’ Crisis Has Come to Europe

It’s always nice to see what the company has to say.
Sometimes valid points, sometimes for entertainment value. Sometimes to make your Cheerios come out your nose.
I have no comment on any of their content. I’m unqualified.

Have a gander:
https://www.3m.com/3M/en_US/pfas-stewardship-us/

If one can paraphrase an entire section of a website, it sort of boils down to:

  • these wonderfully useful chemicals don’t break down easily and do bioaccumulate

  • we’ve been phasing them out since 2000-2002 in all sorts of earnest sounding and photogenic ways
    "Informed by this evolving knowledge, 3M made the decision to stop manufacturing and using PFOS and PFOA.
    We announced the phase-out of those compounds in 2000 and have long since completely phased both materials out of our operations…"
    …yet…

  • "PFAS remain necessary components of many modern-day products. Today, 3M manufactures “short-
    chain” PFAS compounds incorporating 3- and 4-carbon perfluorinated molecules, as well as fluoropolymers.
    These compounds are used by a broad range of customers and industries worldwide. "

  • Snippet quotes from sundry studies and government policy conclusions:
    “there is mostly limited or no evidence for any link with human disease”
    “there is no current evidence that supports a large impact on an individual’s health.”
    “there is no current evidence that suggests an increase in overall cancer risk.”
    “The available human studies have identified some potential targets of toxicity; however, cause and effect relationships have not been established for any of the effects, and the effects have not been consistently found in all studies.”
    “Causality between a PFAS-chemical and a specific health outcome in humans has not been established in the current scientific literature.”

Jim

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Also, this story recently broke:

More than 100,000 U.S. military veterans have filed lawsuits against Minnesota-based 3M over hearing damage linked to what they claim are defects in the company’s military-grade earplugs. The company faces billions of dollars in potential costs from legal settlements or trials after soldiers alleged they returned from war with hearing damage due to the earplugs . . . .
https://www.wsj.com/articles/3m-faces-potentially-billions-i…

Wot

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p.s. And thank-you for smoking, Jim. :wink:

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p.s. And thank-you for smoking, Jim

Love that movie!
Worth it just for the scene with Rob Lowe.

Jim

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I read the safety data sheet for two concrete / paver sealer products I’m using to “protect” my stamped concrete patio.

Both products list Propylene Glycol or Dipropylene Glycol N-Butyl as their main active ingredient on the safety data sheets - but not on the label on the can! “Skin irritant”, “flush with water”, etc. Conveniently, somehow, they clean up with water even though they act as UV and dirt/surface repellents.

Safety sheet, like that MMM article basically reads,
“no known impacts”…
“no known long-term impacts”…
“unknown effects”
“don’t use in an unventilated area”…
“don’t let it get into a watershed”

which interprets as:
“the FDA hasn’t studied these products to verify whether or not they will kill you if you drink them or cause some form of cancer down the road, and that would have been wicked expensive so we’re good to sell this stuff! Go for it!”

On the can label, though, they couldn’t even be bothered to mention state hazards posted on websites such as:
“? Propylene Glycol can cause nausea and vomiting. ? Exposure can cause headache, dizziness, lightheadedness, and passing out.”

Corporate Freedom is great!

FC

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which interprets as:
“the FDA hasn’t studied these products to verify whether or not they will kill you if you drink them or cause some form of cancer down the road, and that would have been wicked expensive so we’re good to sell this stuff! Go for it!”

On the can label, though, they couldn’t even be bothered to mention state hazards posted on websites such as:
“? Propylene Glycol can cause nausea and vomiting. ? Exposure can cause headache, dizziness, lightheadedness, and passing out.”

Corporate Freedom is great! – FC

Easy does it!

Propylene glycol is used as the prep for colonoscopies. It causes no ill effects… beyond that which is intended as a prep. So… what about the “hazards” mentioned? Almost anything ingested can cause ill effects if taken in excess, including water.

Rob
Former RB and BL Home Fool, Supernova Portfolio Contributor & Maintenance Fool
He is no fool who gives what he cannot keep to gain what he cannot lose.

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Propylene glycol is used as the prep for colonoscopies.

Well, whaddaya know about that? Thanks for the education… so I stand at ease. And they don’t list anything else on the SDS because it’s a trade secret.