MMM Q1 Earnings Preview – Uniform Accounting shows 3M (MMM) earnings are growing slower than investors realize – UAFRS EPS on Valens Research

• MMM’s traditional EPS is materially distorted by how they are milking their PP&E and the resultant distortion in depreciation charges, as well as the accounting of their R&D investments

• After making the appropriate UAFRS adjustments, EPS’ growth is growing more slowly than as-reported metrics suggest

• At current valuations, markets are pricing in expectations for growth prospects that are likely unrealistic, which may pressure multiples

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Submitted April 17, 2017 at 01:20AM by Valens_Research http://ift.tt/2oEBnN4