2022-07-16_MMM_MC-Equity-1Million_July-Trials.pdf

Equity Valuation 2022-07-16_MMM_MC_REPORT-CONTENTS Draft Valuation
LMB Enterprises, L.L.C. | © BEHARRY, LYNDON MARTIN W. | 2022-07-16_MMM_MC_Report-Contents | 7/16/2022 3:46 PM
MMM: 3M COMPANY | FEIN: 41-0417775
Draft Materials of Financial Analysis
Note: The analyst must use Oracle Crystal Ball to run the Monte Carlo simulation.
Income Statement Review with Statistical Metrics 2.
Income Statement Worksheet (for complex D&A and byzantine
calculations)
3.
Balance Sheet Review (includes a restatement of equity adjusting per
share values to par $1 adjusting Capital Paid-In to simplify per share
allocation calculations)
4.
Capital Expenditures Worksheet 5.
Draft Statement of Cash Flow (Coding in Process) 6.
Complex Debt Valuation and KB Costing (Tax Shield) and multi-
Currency Converter
7.
Weighted Average Cost of Capital Calculator Worksheet 8.
Variables Tabulation Worksheet for Monte Carlo with Summary 9.
Monte Carlo Model (No Iteration Shown) 10.
Monte Carlo Model 10 Iterations Shown out of 1 Million 10A-10J.
Discounted Cash Flow worksheet (static model) 11.
Monte Carlo Model Summary of Results: Distribution Records;
Sensitivity to Variables; Tornado Chart
12.
DCF Valuation Sensitivity Analysis Graphics (WACC and Growth Rate) 13.
Monte Carlo Model Summary of Results Tornado Chart Metrics 14.
Coded Financial Statement Review (Formatting in Process) 15.
Benford Test for Fraud: Balance Sheet Data 16.
Beneish Test for Fraud: 5 Years 17.

Equity Valuation 2022‐07‐16_MMM_MC‐Equity‐1Million Financial Statement Review
MMM | 3M COMPANY | FEIN: 41‐0417775 1,000,000 $USD
Aggregate Notes: D&A includes Amortization of acquired Intellectual Properties (i.e. Patents etc.) and D&A on PPE.
1,000,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Timet-12 Timet-11 Timet-10 Timet-9 Timet-8 Timet-7 Timet-6 Timet-5 Timet-4 Timet-3 Timet-2 Timet-1 Timet-1 Timet-1 Timet
OPERATING REVENUE
100.000% Revenue From Income‐Expense Worksheet 25,269 23,123 26,662 29,611 29,904 30,871 31,821 30,274 30,109 31,657 32,765 32,136 32,184 35,355 0
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
100.000% TOTAL REVENUE 25,269 23,123 26,662 29,611 29,904 30,871 31,821 30,274 30,109 31,657 32,765 32,136 32,184 35,355 0
Average PerCent Change 2.807% ‐8.493% 15.305% 11.061% 0.989% 3.234% 3.077% ‐4.862% ‐0.545% 5.141% 3.500% ‐1.920% 0.149% 9.853% ‐100.000%
Revenue 15‐Yr CAGRBase‐to‐Terminal 1.866% 0.197% 5‐Yr CAGR
PRODUCTION COSTS:
0.000% CoGSIncome Statement
51.915% CoGS from Income‐Expense Worksheet (If Applicable) 13,379 12,109 13,831 15,693 15,685 16,106 16,447 15,383 15,040 16,055 16,682 17,136 16,605 18,795 0
D&A from Income‐Expense Worksheet (If Applicable) 1,153 1,157 1,120 1,236 1,288 1,371 1,408 1,435 1,474 1,544 1,488 1,593 1,911 1,915 0
0.000% D&ACashFlows
Yes Deduct D&ACashFlows from CoGSIncome Statement
Amortization Patents Intangibles
4.764% D&A PPE 1,153 1,157 1,120 1,236 1,288 1,371 1,408 1,435 1,474 1,544 1,488 1,593 1,911 1,915 0
47.151% CoGS [Adj for D&A, and Depletion] 12,226 10,952 12,711 14,457 14,397 14,735 15,039 13,948 13,566 14,511 15,194 15,543 14,694 16,880 0
51.915% COST OF SALES (Incl D&A) 13,379 12,109 13,831 15,693 15,685 16,106 16,447 15,383 15,040 16,055 16,682 17,136 16,605 18,795 0
CoGs (Adj for D&A) PerCent of Revenue 48.383% 47.364% 47.675% 48.823% 48.144% 47.731% 47.261% 46.073% 45.056% 45.838% 46.373% 48.366% 45.656% 47.744%
48.085% GROSS MARGIN 11,890 11,014 12,831 13,918 14,219 14,765 15,374 14,891 15,069 15,602 16,083 15,000 15,579 16,560 0
48.074% PerCent of Revenue 47.054% 47.632% 48.125% 47.003% 47.549% 47.828% 48.314% 49.187% 50.048% 49.285% 49.086% 46.677% 48.406% 46.839%
See Income Expense Worksheet Row 46
11,890 11,014 12,831 13,918 14,219 14,765 15,374 14,891 15,069 15,602 16,083 15,000 15,579 16,560 0
ADMINISTRATIVE COSTS:
0.000% SGAIncome Statement
SGAWorksheet (If Applicable) 5,268 4,907 5,479 6,170 6,102 6,384 6,469 6,182 6,111 6,040 7,055 6,915 6,540 7,197 0
D&A from Income‐Expense Worksheet (If Applicable) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0.000% D&ACashFlows
No Deduct D&ACashFlows from SGAIncome Statement
20.586% SGA [Adj for D&A] 5,268 4,907 5,479 6,170 6,102 6,384 6,469 6,182 6,111 6,040 7,055 6,915 6,540 7,197 0
5.641% R&D 1,404 1,293 1,434 1,570 1,634 1,715 1,770 1,763 1,735 1,870 1,821 1,911 1,878 1,994
0.000% Amortization Patents Intangibles
0.000% D&A SGA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0.000%
0.000%
0.000% Restructuring / Other
0.000% TOTAL OPERATING / OVERHEAD EXPENSE 6,672 6,200 6,913 7,740 7,736 8,099 8,239 7,945 7,846 7,910 8,876 8,826 8,418 9,191 0
Average PerCent of Revenue 26.404% 26.813% 25.928% 26.139% 25.869% 26.235% 25.892% 26.244% 26.059% 24.987% 27.090% 27.465% 26.156% 25.996%
PerCent Change 2.764% ‐7.074% 11.500% 11.963% ‐0.052% 4.692% 1.729% ‐3.568% ‐1.246% 0.816% 12.212% ‐0.563% ‐4.623% 9.183% ‐100.000%
21.858% EARNINGS BEFORE EXTRAORDINARY ITEMS: 5,218 4,814 5,918 6,178 6,483 6,666 7,135 6,946 7,223 7,692 7,207 6,174 7,161 7,369 0
Other Items from Income-Expense Worksheet 0 0 0 0 0 0 0 0 0 144 207 531 366 165 0
Agg μ 0.335% Other Expense | (Income) | Royalty or Extraordinary Items
μ 0.310% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.455% 0.632% 1.652% 1.137% 0.467%
21.523% EBIT 5,218 4,814 5,918 6,178 6,483 6,666 7,135 6,946 7,223 7,548 7,000 5,643 6,795 7,204 0
Average %Rev 21.752% 20.819% 22.196% 20.864% 21.679% 21.593% 22.422% 22.944% 23.990% 23.843% 21.364% 17.560% 21.113% 20.376%
PerCent Change -4.285% ‐7.742% 22.933% 4.393% 4.937% 2.823% 7.036% ‐2.649% 3.988% 4.500% ‐7.260% ‐19.386% 20.415% 6.019% ‐100.000%
INTEREST PAYMENTS
Interest Accounting from Income‐Expense Worksheet 110 182 163 147 132 104 109 123 170 0 0 0 0 0 0
Agg μ 0.294% Interest Expense
μ 0 Estimated Cost of Debt 2.739% 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL INTEREST 110 182 163 147 132 104 109 123 170 0 0 0 0 0 0
PerCent Change -3.373% 65.455% ‐10.440% ‐9.816% ‐10.204% ‐21.212% 4.808% 12.844% 38.211% ‐100.000%
89,531 EARNINGS BEFORE TAXES 5,108 4,632 5,755 6,031 6,351 6,562 7,026 6,823 7,053 7,548 7,000 5,643 6,795 7,204 0
PROVISION FOR TAXES
23,980 1,588 1,388 1,592 1,674 1,840 1,841 2,028 1,982 1,995 2,679 1,637 1,114 1,337 1,285
PerCent Change 0.411% ‐12.594% 14.697% 5.151% 9.916% 0.054% 10.158% ‐2.268% 0.656% 34.286% ‐38.895% ‐31.949% 20.018% ‐3.889% ‐100.000%
26.784% PerCent of EBT 31.088% 29.965% 27.663% 27.757% 28.972% 28.055% 28.864% 29.049% 28.286% 35.493% 23.386% 19.741% 19.676% 17.837%
Dividends Paid on Preferred Stock or (Income) / Loss to Noncontrolling Interests 11 14 12 4 8
445 Extraneous Provisions 60 51 78 74 67 62 42 8 8 0 5 ‐10
0.106% 0.237% 0.221% 0.293% 0.250% 0.224% 0.201% 0.132% 0.026% 0.027% 0.035% 0.043% 0.037% 0.028% ‐0.006%
15.426% NET EARNINGS 3,460 3,193 4,085 4,283 4,444 4,659 4,956 4,833 5,050 4,858 5,349 4,517 5,449 5,921 0
PerCent Change ‐7.717% 27.936% 4.847% 3.759% 4.838% 6.375% ‐2.482% 4.490% ‐3.802% 10.107% ‐15.554% 20.633% 8.662% ‐100.000%
Net Earnings CAGR or IRR 4.22%
Use row 96 and 97 to force adjustments in Worksheet
See Income‐Expense Worksheet Row 86 3,460 3,193 4,085 4,283 4,444 4,659 4,956 4,833 5,050 4,858 5,349 4,517 5,449 5,921 0
4.764% 4.764% D&A Add Back 1,153 1,157 1,120 1,236 1,288 1,371 1,408 1,435 1,474 1,544 1,488 1,593 1,911 1,915 0
D&A %Rev 4.563% 5.004% 4.201% 4.174% 4.307% 4.441% 4.425% 4.740% 4.896% 4.877% 4.541% 4.957% 5.938% 5.416%
0.000% 20.190% Net CashFlow to Firm 4,613 4,350 5,205 5,519 5,732 6,030 6,364 6,268 6,524 6,402 6,837 6,110 7,360 7,836 0
Net FCFFirm %Revenue 18.256% 18.812% 19.522% 18.638% 19.168% 19.533% 19.999% 20.704% 21.668% 20.223% 20.867% 19.013% 22.869% 22.164%
Estimated Capital Expenditure 1,253 1,146 1,322 1,468 1,483 1,531 1,578 1,501 1,493 1,570 1,624 1,593 1,596 1,753 0
0.000% 15.232% Estimated Net Earnings | FCFInvestors 3,360 3,204 3,883 4,051 4,249 4,499 4,786 4,767 5,031 4,832 5,213 4,517 5,764 6,083 0
Net FCFInvestors %Revenue 13.298% 13.855% 14.564% 13.680% 14.210% 14.575% 15.041% 15.746% 16.710% 15.265% 15.909% 14.055% 17.911% 17.206%
CAGR or IRR Estimated Net Earnings | FCFInvestors 4.67%
Beharry, Lyndon Martin W. 2022‐07‐16_MMM_MC‐Equity‐1Million|IncStmntReview 07/16/2022 15:34 Page 2 of 17

Income‐Expense Worksheet
MMM | 3M COMPANY | FEIN: 41‐0417775 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1,000,000 $USD
Revenue Worksheet
Products 25,269 23,123 26,662 29,611 29,904 30,871 31,821 30,274 30,109 31,657 32,765 32,136 32,184 35,355
Services
REVENUE CALCULATION 25,269 23,123 26,662 29,611 29,904 30,871 31,821 30,274 30,109 31,657 32,765 32,136 32,184 35,355 0
CoGS Worksheet
Line Worker Wage (If Applicable)
Products 13,379 12,109 13,831 15,693 15,685 16,106 16,447 15,383 15,040 16,055 16,682 17,136 16,605 18,795
Services
CoGS CALCULATION 13,379 12,109 13,831 15,693 15,685 16,106 16,447 15,383 15,040 16,055 16,682 17,136 16,605 18,795 0
11,890 11,014 12,831 13,918 14,219 14,765 15,374 14,891 15,069 15,602 16,083 15,000 15,579 16,560 0
COMPLEX D&A CoGS (Production Capital)
1,153 1,157 1,120 1,236 1,288 1,371 1,408 1,435 1,474 1,544 1,488 1,593 1,911 1,915
TOTAL COMPLEX D&A (Posts to CoGS) 1,153 1,157 1,120 1,236 1,288 1,371 1,408 1,435 1,474 1,544 1,488 1,593 1,911 1,915 0
COMPLEX SGA (Administrative Expense)
5,245 4,907 5,479 6,170 6,102 6,384 6,469 6,182 6,111 6,626 7,602 7,029 6,929 7,197
Restructuring 23
Gain on Sale of Business ‐586 ‐547 ‐114 ‐389
TOTAL COMPLEX SGA (Posts to Administrative Expense) 5,268 4,907 5,479 6,170 6,102 6,384 6,469 6,182 6,111 6,040 7,055 6,915 6,540 7,197 0
3,460 3,193 4,085 4,283 4,444 4,659 4,956 4,833 5,050 4,858 5,349 4,517 5,449 5,921 0
COMPLEX D&A SGA (Administrative Capital)
Goodwill Impairment Charges
TOTAL OTHER COMPLEX D&A SGA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OTHER INCOME / (LOSS)
Gain / (Loss) on Sale of Property and/or Facility (If Applicable )
Interest Receivable (If Applicable )
Other Income, net ‐144 ‐207 ‐531 ‐366 ‐165
TOTAL OTHER INCOME (LOSS) 0 0 0 0 0 0 0 0 0 ‐144 ‐207 ‐531 ‐366 ‐165 0
INTEREST EXPENSE
215 219 201 186 171 145 142 149 199
‐105 ‐37 ‐38 ‐39 ‐39 ‐41 ‐33 ‐26 ‐29
TOTAL INTEREST EXPENSE 110 182 163 147 132 104 109 123 170 0 0 0 0 0 0
Beharry, Lyndon Martin W. 2022‐07‐16_MMM_MC‐Equity‐1Million|Income‐Expense Worksheet 07/16/2022 15:34 Page 3 of 17

MMM | 3M COMPANY | FEIN: 41‐0417775 BalShtReview
1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CURRENT ASSETS
Cash 1,849 3,040 3,377 2,219 2,883 2,581 1,897 1,798 2,398 3,053 2,853 2,353 4,634 4,564
Trade Accounts Receivable 3,195 3,250 3,615 3,867 4,061 4,253 4,238 4,154 4,392 4,911 5,020 4,791 4,705 4,660
Short Term Factor Financing Receivable
Accounts Receivable 3,195 3,250 3,615 3,867 4,061 4,253 4,238 4,154 4,392 4,911 5,020 4,791 4,705 4,660 0
Inventories 3,013 2,639 3,155 3,416 3,837 3,864 3,706 3,518 3,385 4,034 4,366 4,134 4,239 4,985
Investments in Securities / Short‐term Securities 373 744 1,101 1,461 1,648 756 626 118 280 1,076 380 98 404 201
Deferred Tax
Current Assets of Discontinued Operations
Vendor non‐trade receivables
Other Current Assets 1,168 1,122 967 1,277 1,201 1,279 1,298 1,398 1,271 266 349 891 325 339
Prepaid 937 741 704 675 654
TOTAL CURRENT ASSETS 9,598 10,795 12,215 12,240 13,630 12,733 11,765 10,986 11,726 14,277 13,709 12,971 14,982 15,403 0
NON-CURRENT ASSETS (i.e. LONG-TERM ASSETS)
Property Plant and Equipment (Acquisition Basis) 24,914 24,873 26,124 26,650 27,213
Accumulated Depreciation 16,048 16,135 16,791 17,229 17,784
Property Plant and Equipment (Net of Depreciation) 6,886 7,000 7,279 7,666 8,378 8,652 8,489 8,515 8,516
PPE (Net) 6,886 7,000 7,279 7,666 8,378 8,652 8,489 8,515 8,516 8,866 8,738 9,333 9,421 9,429 0
Goodwill 5,753 5,832 6,820 7,047 7,385 7,345 7,050 9,249 9,166 10,513 10,051 13,444 13,802 13,486
Intangible (Other Intangible) 1,398 1,342 1,820 1,916 1,925 1,688 1,435 2,601 2,320 2,936 2,657 6,379 5,835 5,288
TOTAL GOODWILL AND INTANGIBLE OTHER 7,151 7,174 8,640 8,963 9,310 9,033 8,485 11,850 11,486 13,449 12,708 19,823 19,637 18,774 0
Long‐term Marketable Securities 352 825 540 896 1,162 1,453 828 9 17
Other non‐current (non‐specified) 1,238 1,275 1,262 1,656 1,217 980 1,554 1,218 981 1,395 1,345 1,674 2,440 2,608
Investments 286 103 146 155 163 122 102 117 128
Prepaid Pension Benefits 36 78 74 40 16 577 46 188 52
Operating Lease / Right of Use 858 864 858
TOTAL NON-CURRENT ASSETS 15,949 16,455 17,941 19,376 20,246 20,817 19,504 21,897 21,180 23,710 22,791 31,688 32,362 31,669 0
TOTAL ASSETS 25,547 27,250 30,156 31,616 33,876 33,550 31,269 32,883 32,906 37,987 36,500 44,659 47,344 47,072 0
CURRENT LIABILITIES
Accounts Payable 1,301 1,453 1,662 1,643 1,762 1,799 1,807 1,694 1,798 1,945 2,266 2,228 2,561 2,994
Current Portion of Debt 1,552 613 1,269 682 1,085 1,683 106 2,044 972 1,853 1,211 2,795 806 1,307
Accrued Expenses 644 680 778 676 701 708 732 644 678 870 749 702 747 1,020
Accrued Taxes Payable 350 252 358 355 371 417 435 332 299 310 243 194 300 260
Other Current 1,992 1,899 2,022 2,085 2,281 2,891 2,918 2,404 2,472 2,709 2,775 3,056 3,278 3,191
Deferred Revenue
Commercial Paper
Term debt
Operating Lease liabilities : current 247 256 263
Dividend Payable
TOTAL CURRENT LIABILITIES 5,839 4,897 6,089 5,441 6,200 7,498 5,998 7,118 6,219 7,687 7,244 9,222 7,948 9,035 0
LONG-TERM LIABILITIES
Notes payable / Long‐term Debt 5,166 5,097 4,183 4,484 4,916 4,326 6,731 8,753 10,678 12,096 13,411 17,518 17,989 16,056
Long‐term Tax Liabilities
Other Long‐term 1,816 1,727 1,854 1,857 1,634 1,984 1,555 2,024 1,648 2,962 3,010 3,275 3,462 3,403
Deferred Income Taxes
Provisions
Pension and Post‐Retirement Benefits 2,847 2,227 2,013 3,972 3,086 1,794 3,843 3,520 4,018 3,620 2,987 3,911 4,405 2,870
Operating Lease liabilities 607 609 591
TOTAL LONG-TERM LIABILITIES 9,829 9,051 8,050 10,313 9,636 8,104 12,129 14,297 16,344 18,678 19,408 25,311 26,465 22,920 0
TOTAL LIABILITIES 15,668 13,948 14,139 15,754 15,836 15,602 18,127 21,415 22,563 26,365 26,652 34,533 34,413 31,955 0
SHAREHOLDERS EQUITY Goal‐Seek Adjust Capital Paid‐In and Share count total to Par  $USD 1.00
Preferred Stock:A @ par  $USD 1.00
Preferred Stock:B @ par  $USD 1.00
Preferred Stock:C @ par  $USD 1.00
Preferred Stock:D @ par  $USD 1.00
Common Stock @ par  $USD 1.00 694 711 712 695 687 663 635 606 597 595 577 575 578 572
Treasury Stock @ par  $USD 1.00 250 233 232 249 257 281 309 335 347 349 367 369 366 372
Additional Capital Paid‐In 3,001 3,153 3,468 3,767 4,044 4,375 4,379 4,791 5,061 ‐21,470 ‐24,918 ‐24,877 ‐24,177 ‐24,969
Deferred Compensation ‐57
Accumulated Comprehensive Income / (Loss) ‐3,646 ‐3,754 ‐3,543 ‐5,025 ‐4,750 ‐3,913 ‐6,289 ‐6,359 ‐7,245 ‐7,026 ‐6,866 ‐8,139 ‐7,721 ‐6,750
Retained Earnings / Accumulated Other Comprehensive Income 9,637 12,421 14,794 15,734 17,337 16,096 14,075 12,056 11,538 39,115 40,636 42,135 43,821 45,821
Other Equity
NonControlling Interests 538 354 442 465 446 33 39 45 59 52 63 64 71
TOTAL SHAREHOLDERS EQUITY 9,879 13,302 16,017 15,862 18,040 17,948 13,142 11,468 10,343 11,622 9,848 10,126 12,931 15,117 0
TOTAL LIABILITIES AND SE 25,547 27,250 30,156 31,616 33,876 33,550 31,269 32,883 32,906 37,987 36,500 44,659 47,344 47,072 0
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|BalShtReview 07/16/2022 15:34 Page 4 of 17

MMM | 3M COMPANY | FEIN: 41‐0417775 CAPEXCalc
IRR; CAGR Aggregated 1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
18.970%
Working Capital [Current
Assets - Current Liabilities]
3,759 5,898 6,126 6,799 7,430 5,235 5,767 3,868 5,507 6,590 6,465 3,749 7,034 6,368 0
PerCent of Revenue 14.876% 25.507% 22.977% 22.961% 24.846% 16.958% 18.123% 12.777% 18.290% 20.817% 19.731% 11.666% 21.856% 18.012%
0.045%  Working Capital ‐2,139 ‐228 ‐673 ‐631 2,195 ‐532 1,899 ‐1,639 ‐1,083 125 2,716 ‐3,285 666 6,368
-0.255%  Working Capital %Rev ‐9.251% ‐0.855% ‐2.273% ‐2.110% 7.110% ‐1.672% 6.273% ‐5.444% ‐3.421% 0.382% 8.452% ‐10.207% 1.884%
-0.662% 0.075%
CAPEX =  Total Assets - 
Total Liabilities
3,423 2,715 ‐155 2,178 ‐92 ‐4,806 ‐1,674 ‐1,125 1,279 ‐1,774 278 2,805 2,186 ‐15,117
0.597% CAPEX %Rev 14.803% 10.183% ‐0.523% 7.283% ‐0.298% ‐15.103% ‐5.529% ‐3.736% 4.040% ‐5.414% 0.865% 8.716% 6.183%
4.958%
CAPEX = PPECurrent - PPELast +
Depreciation
1,271 1,399 1,623 2,000 1,645 1,245 1,461 1,475 1,894 1,360 2,188 1,999 1,923 ‐9,429
5.347% CAPEX %Rev 5.497% 5.247% 5.481% 6.688% 5.329% 3.913% 4.826% 4.899% 5.983% 4.151% 6.809% 6.211% 5.439%
26.876% 27.131% CAPEX %FCFFirm 29.218% 26.878% 29.408% 34.892% 27.280% 19.563% 23.309% 22.609% 29.585% 19.892% 35.810% 27.160% 24.541%
[Agg CapEx]/[Agg Rev] 5.339%
Net Operating Working Capital
[Alt Calc]
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
+ Total Current Assets 9,598 10,795 12,215 12,240 13,630 12,733 11,765 10,986 11,726 14,277 13,709 12,971 14,982 15,403
‐ Investments In Securities ‐373 ‐744 ‐1,101 ‐1,461 ‐1,648 ‐756 ‐626 ‐118 ‐280 ‐1,076 ‐380 ‐98 ‐404 ‐201
‐ Factor Trade Financing
Receivable
‐ Current Liabilities ‐5,839 ‐4,897 ‐6,089 ‐5,441 ‐6,200 ‐7,498 ‐5,998 ‐7,118 ‐6,219 ‐7,687 ‐7,244 ‐9,222 ‐7,948 ‐9,035
+ Current Portion of Debt 1,552 613 1,269 682 1,085 1,683 106 2,044 972 1,853 1,211 2,795 806 1,307
21.004% Net Operating Working Capital 4,938 5,767 6,294 6,020 6,867 6,162 5,247 5,794 6,199 7,367 7,296 6,446 7,436 7,474
PerCent of Revenue 19.542% 24.941% 23.607% 20.330% 22.963% 19.960% 16.489% 19.139% 20.589% 23.271% 22.268% 20.059% 23.105% 21.140%
 Working Capital ‐829 ‐527 274 ‐847 705 915 ‐547 ‐405 ‐1,168 71 850 ‐990 ‐38
-0.426% -0.729%  Working Capital %Rev ‐3.585% ‐1.977% 0.925% ‐2.832% 2.284% 2.875% ‐1.807% ‐1.345% ‐3.690% 0.217% 2.645% ‐3.076% ‐0.107%
Beharry, Lyndon Martin W. 2022‐07‐16_MMM_MC‐Equity‐1Million|CAPEXCalc 07/16/2022 15:34 Page 5 of 17

Statement of Cash Flows
CashFlows
1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CashFlow from Operating Activities: CFO 2,444 5,218 5,067 5,300 8,391 5,983 8,298 5,063 5,330 6,976 8,838 4,084 8,500 6,368
Indirect Method
Net Income 3,460 3,193 4,085 4,283 4,444 4,659 4,956 4,833 5,050 4,858 5,349 4,517 5,449 5,921 0
Adjustments
D&A 1,153 1,157 1,120 1,236 1,288 1,371 1,408 1,435 1,474 1,544 1,488 1,593 1,911 1,915 0
Deferred Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decrease / (Increase) in Accounts Receivables ‐55 ‐365 ‐252 ‐194 ‐192 15 84 ‐238 ‐519 ‐109 120 206 251 4,791
Increase / (Decrease) in Inventories 374 ‐516 ‐261 ‐421 ‐27 158 188 133 ‐649 ‐332 ‐100 ‐205 ‐951 4,134
Increase / (Decrease) in Accounts Payable ‐152 ‐209 19 ‐119 ‐37 ‐8 113 ‐104 ‐147 ‐321 ‐283 ‐616 ‐1,049 2,228
Increase / (Decrease) in Accrued Interest Receivable
Gain / (Loss) on Sale of Property
CashFlow from Investing Activities: CFI 4,517 4,115 5,025 4,998 5,774 6,529 6,653 6,315 5,087 6,075 5,847 6,745 6,087
Indirect Method
Cash from Sale of Marketable Securities 601 755 1,327 696 282 203 201
Cash from Sale of Land
Cash from Sale of Other Assets 163 15,611
Purchase of Plant & Equipment ‐114 ‐279 ‐387 ‐712 ‐274 ‐26 ‐16,049 ‐441 ‐377 ‐205
CashFlow from Financing Activities: CFF ‐114 ‐279 ‐387 ‐111 481 1,490 ‐26 ‐16,049 16,307 ‐159 ‐377 ‐2 201
Indirect Method
Cash from Sale of Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Sale of Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Interest Paid for Debt ‐110 ‐182 ‐163 ‐147 ‐132 ‐104 ‐109 ‐123 ‐170 0 0 0 0 0 0
Cash Paid to Redeem Debt ‐1,552 939 ‐656 587 ‐403 ‐598 1,577 ‐1,938 1,072 ‐881 642 ‐942 1,047 546 2,795
Cash paid for Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Beharry, Lyndon Martin W. 2022‐07‐16_MMM_MC‐Equity‐1Million|CashFlows 07/16/2022 15:34 Page 6 of 17

Complex Debt
ForEx Carrying Conversion 1,000,000 $USD Currency Purchases $USD
Currency Value Rate Long-Term Debt Australian Dollar AUD NA
MatDate Coupon Value Annual Canadian Dollar CND NA
EUR 567.000 1.00806 2022‐12‐31 0.450% 571.573 3 Chinese Yuan CNY NA
USD 599.000 1.00000 2022‐12‐31 2.170% 599.000 13 European Union EUR 1.00806
EUR 679.000 1.00806 2023‐12‐31 1.140% 684.476 8 Korean Won KRW NA
USD 499.000 1.00000 2023‐12‐31 1.860% 499.000 9 South Africa Rand ZAR NA
USD 649.000 1.00000 2023‐12‐31 2.260% 649.000 15 Swiss CHF NA
USD 299.000 1.00000 2024‐12‐31 3.300% 299.000 10 US Dollar USD 1.00000
USD 501.000 1.00000 2024‐12‐31 2.980% 501.000 15
USD 300.000 1.00000 2024‐12‐31 0.420% 300.000 1
USD 548.000 1.00000 2025‐12‐31 3.040% 548.000 17
USD 746.000 1.00000 2025‐12‐31 2.120% 746.000 16
USD 498.000 1.00000 2025‐12‐31 2.670% 498.000 13
EUR 842.000 1.00806 2026‐12‐31 1.650% 848.790 14
USD 645.000 1.00000 2026‐12‐31 2.370% 645.000 15
USD 844.000 1.00000 2027‐12‐31 2.950% 844.000 25
USD 19.000 1.00000 2027‐12‐31 3.100% 19.000 1
USD 224.000 1.00000 2028‐12‐31 6.440% 224.000 14
USD 240.000 1.00000 2028‐12‐31 2.070% 240.000 5
USD 144.000 1.00000 2028‐12‐31 2.020% 144.000 3
USD 96.000 1.00000 2028‐12‐31 2.110% 96.000 2
USD 598.000 1.00000 2028‐12‐31 3.620% 598.000 22
USD 147.000 1.00000 2028‐12‐31 2.530% 147.000 4
USD 147.000 1.00000 2028‐12‐31 2.480% 147.000 4
USD 988.000 1.00000 2029‐12‐31 2.500% 988.000 25
USD 797.000 1.00000 2029‐12‐31 3.380% 797.000 27
EUR 560.000 1.00806 2030‐12‐31 1.900% 564.516 11
USD 596.000 1.00000 2030‐12‐31 3.090% 596.000 18
EUR 563.000 1.00806 2031‐12‐31 1.540% 567.540 9
USD 551.000 1.00000 2037‐12‐31 5.730% 551.000 32
USD 52.000 1.00000 2040‐12‐31 3.100% 52.000 2
USD 96.000 1.00000 2041‐12‐31 3.100% 96.000 3
USD 315.000 1.00000 2044‐12‐31 4.050% 315.000 13
USD 53.000 1.00000 2044‐12‐31 3.100% 53.000 2
USD 477.000 1.00000 2046‐12‐31 3.370% 477.000 16
USD 492.000 1.00000 2047‐12‐31 3.680% 492.000 18
USD 638.000 1.00000 2048‐12‐31 4.070% 638.000 26
USD 505.000 1.00000 2048‐12‐31 3.780% 505.000 19
USD 485.000 1.00000 2049‐12‐31 3.370% 485.000 16
USD 346.000 1.00000 2050‐12‐31 3.720% 346.000 13
USD 2.000 1.00000 2022‐12‐31 0.190% 2.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
…
17,372.895 476
2.739%
Beharry, Lyndon Martin W. 2022‐07‐16_MMM_MC‐Equity‐1Million|Complex Debt 07/16/2022 15:34 Page 7 of 17

MMM | 3M COMPANY | FEIN: 41‐0417775 WACCCalc ACCOUNT FOR CURRENT AND LONG‐TERM LIABILITIES Yes
DCF analysis will deduct the total value of
liabilities from the firm's cash position.
Functional Currency: 1,000,000 $USD DCF ACCOUNTS FOR CASH AND ALL OTHER ASSETS (YES); ONLY CASH AND SHORT‐TERM (NO) No
To assess liquidity at T₀, DCF analysis will
deduct Balance Sheet Liabilities from Cash +
Short‐term securities.
Debt B Calculations [for Weighted Average Cost of Debt]: FIRE SALE VALUE FOR ASSETS OTHER THAN CASH: 85.000%
1,000,000
Long-Term Debt COST OF DEBT 2.739%
MatDate Coupon Value Annual TAX ADJUSTED 2.164%
2018‐09‐01 8.000% 0 OUTSTANDING DEBT OBLIGATIONS 34,533
2.700% 0 0 $USD CURRENCY COST OF DEBT ISSUE. 35,280
1.550% 0 0
6.800% 0 0
2.250% 0 0 COST OF PREFERRED STOCK 0.000%
2.960% 0 0 WEIGHTED MARKET PRICE OF PREFERRED STOCK 0.000
2.400% 0 0 WEIGHTED AVERAGE OF OUTSTANDING PREFERRED STOCK 0
2.150% 0 0 $USD CURRENCY COST OF PREFERRED CAPITAL. 0
2.400% 0 0
2.850% 0 0
2.550% 0 0 MARKET PRICE OF COMMON STOCK 128.310
3.500% 0 0 RECENT SHARES OUT 569
4.625% 0 0 OUTSTANDING COMMON STOCK: ESTIMATETTM = AVG(RECENT,10K FIGURE) 757 Adjusted for Treasury Stock
4.540% 0 RETAINED EARNINGS 42,135
4.580% 0 $USD CURRENCY COST OF COMMON CAPITAL: CAPITALIZATION. 85,044 10,126 BALANCE SHEET SE
1.920% 0
2.610% 0 DIVIDEND IN $USD 5.960
2.840% 0 DIVIDEND YIELD RATE 4.645%
4.150% 0 ONE YR EXPECTED $USD RETURN PER SHARE = [MARKET PRICE X (1+ER)] + DIVIDEND 144.711
1.890% 0 ACTUAL RETURN ON EQUITY: ER for TTM 39.168% 38.880% TTM VALUE
EXPECTED RETURN ON EQUITYUPPER: Including Risk Premium 25.000% MEAN OF FINANCIALS AND TTM
0 0 GORDON DIVIDEND RoE IMPUTED ke 8.138%
Cost of Long Term Debt 0.000% HISTORICAL 0.950
CAPM FOR COMMON STOCK E(ri) = rf + [E(rm)-rf] LOWER 8.138%
Long Term Debt 17,373 ESTIMATE THE COST OF EQUITY ON EXPECTED RoE OR CAPM?
WAAC
CAPMKe
Cost 2.74% WACC MEAN 6.386%
Short Term Debt 0
Cost 0.00% ESTIMATED SHORT-TERM RISK FREE RATE: T-BILL OR OTHER 2.850%
Revolving Debt 0 OVERALL HISTORIC MARKET RETURN 8.416%
Cost 0.00%
PERPETUITY GROWTH RATE = INFLATION 2.500%
Average Debt Cost 2.739%
PERPETUITY DISCOUNT FACTORWACC-PERPETUITY GROWTH RATE 3.886%
WACC Monte 6.386%
TIME HORIZON (YEARS) FOR SCENARIO 10
CAPM Target Price in 1 Years: 138.751
DCF PROJECTED PRICE PER SHARE AT THESE VARIABLES: 172.622
AVERAGE INTERNAL REVENUE GROWTH RATE TIMET-10,T 1.866%
Beharry, Lyndon Martin W. 2022‐07‐16_MMM_MC‐Equity‐1Million|WACCCalc 07/16/2022 15:34 Page 8 of 17

Variables Monetary Values In 1,000,000 $USD (Except Per Share Values).
MMM | 3M COMPANY | FEIN: 41‐0417775 Currency $USD Note: This sheet carries decimals to 3 places: 0.000 .
Founded in 1902, 3M Company conducts worldwide operations as a diversified technology conglomerate. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. Safety and Industrial offers industrial abrasives
and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance; etc. Transportation and Electronics provides
ceramic solutions; attachment tapes, films, sound, and temperature management for transportation vehicles; premium large format graphic films for advertising and fleet signage; reflective signage for highway, and vehicle safety; etc. Healthcare offers food safety indicator
solutions; health care procedure coding and reimbursement software; skin, wound care, and infection prevention products; dentistry and orthodontia solutions; and filtration and purification systems. Consumer provides consumer bandages, braces, supports and
consumer respirators; cleaning products for the home; retail abrasives, and consumer air quality solutions; and stationery products; etc. It offers its products through e‐commerce and traditional wholesalers, retailers, jobbers, distributors, and dealers... (FY: 2021‐12‐31)
User may vary input into shaded cells. Complete the IncStmntReview and BalShtReview worksheets. Complete this page; then run your simulation here.
The most recent FY end (type year): 2022 Adjust Base Year for TTM Estimate Yes
Calculate Statistics through FY: 2021
Mean Historical Alternate 10.000% Coefficient of Variation Target Cut-off
Variables Estimate STDEV Rate
Revenue Growth Rate 2.807% 6.523% 1.866% High deviation. Coefficient of Variation=232.38% Use an alternate rate.
Alternative Revenue Growth RateDCF 5.50000% 0.550% 0.00% + / -  Growth Per Annum Monte Carlo DCF:  $USD MMM | 3M COMPANY | FEIN: 41-0417775
Projected Growth Rate Y1     5.500% 0.550% Use Alternate Rates: Yes 5.500% 0.550%
AGGR
CoGS : f(Revenue) 47.178% 1.173% 47.151% 47.151%
Depreciation/Amortization [COGs] : f(Revenue) 4.749% 0.489% 4.764% 4.764% High deviation. Coefficient of Variation=10.30% Use an alternate rate.
SGA (Only) : f(Revenue) 20.599% 0.614% 20.586% 20.586%
R&D : f(Revenue) 1.488% 0.195% 5.641% 5.641% 5.641% High deviation. Coefficient of Variation=13.11% Use an alternate rate.
Depreciation/Amortization [SGA] : f(Revenue) 0.000% 0.000% 0.000% 0.000%
Total Other Overhead : f(Revenue) 0.000% 0.000% 0.000% 0.000%
Other Expense (Income) : f(Revenue) 0.310% 0.519% 0.335% 0.335% High deviation. Coefficient of Variation=167.27% Use an alternate rate.
Interest Expense (Income) : f(Revenue) 0.316% 0.269% 1.250% 0.294% 1.250% High deviation. Coefficient of Variation=85.23% Use an alternate rate.
Tax Rate : f(EBT) 26.845% 4.930% 21.000% 26.784% High deviation. Coefficient of Variation=18.37% Use an alternate rate.
Capital Expenditures : f(Revenue) 5.421% 0.868% 4.958% 4.958% High deviation. Coefficient of Variation=16.01% Use an alternate rate.
Δ Working Capital : f(Revenue) -0.426% 2.370% 0.000% ‐0.729% High deviation. Coefficient of Variation=556.75% Use an alternate rate.
Working Capital : f(Revenue) 19.127% 4.253% 18.970% 18.970% High deviation. Coefficient of Variation=22.23% Use an alternate rate.
Equity Minority Interest : f(Revenue) 0.125% 0.107% 0.106% 0.106% High deviation. Coefficient of Variation=85.93% Use an alternate rate.
Financial Ratios | FY 2021
Current 1.70481461
Acid Test 0.52739347 No Include Accounts Receivable?
Debt:Equity 2.11384534
Debt:Debt+Equity 0.67885367
RoA (Adjusted for D&A) 0.12578603
RoE 0.39167824
Gordon Dividend Payout Model:
Book Value of the Firm $USD1,000,000 15,117
Book Value Per Share BV0 26.565
Dividend Growth Rate (Gordon Model) gn 3.735% 0.000% Δ KE : [CAPM - Gordon]
ke = [(RoE - gn ) X (BV0 / P0)] + gn 8.138% No Actual RoE (Yes); Expected RoE (No)
P0/BV0 = PBV = [(RoE-gn)/(ke-gn) 4.83006474
Price Multiple : BV0 4.830
Forecast Share Price From Multiple X BV0 128.310
Static Model: DCF Valuation Per Share 172.622 Growth Rate: 5.50% less 0.00% each subsequent year after T₁.
$USD 172.622
VARIABLES FOR WACC CALCULATIONS
Market and CAPM Modelling 2.850% Risk‐Free Rate (T‐Bill/Bond/Note, LIBOR or other imputed rate)
8.416% Overall historic Market Return
Equity Share Variables 128.310 Current Market Price of Common Stock
5.960 Dividend, if applicable
0.950  eta
38.880% Return on Equity TTM
25.000% Expected Return on Equity
569 Current Shares Outstanding (diluted) Including Treasury Holdings in 1,000,000's
Preferred Share Variables Current Market Price of Preferred Stock: A, if applicable
0 Current shares outstanding 1,000,000
Preferred: A stock coupon
Current Market Price of Preferred Stock: B, if applicable
Preferred: B stock coupon
Current Market Price of Preferred Stock: C, if applicable
Preferred: C stock coupon
Current Market Price of Preferred Stock: D, if applicable
Preferred: D stock coupon
0 Weighted Number of Preferred Shares Outstanding
0.000% Weighted Cost (Coupon) of Preferred Shares Outstanding
0.000 Weighted Market Price of Preferred
Perpetuity Growth Rate Inflation Long‐term Growth Rate (for perpetuity model)
2.500% Long‐Term Inflation Rate
3.580% Average Long‐Term Inflation Rate: U.S.A.
8.138% CAPM KE
Basis of WACC Calculation
WAAC
CAPMKe
CALCULATE DISCOUNT RATE VARYING EQUITY WEIGHTING:
WACC, CAPM, GORDON RoE, AVERAGE OF CAPM AND GORDON RoE?
Yes VARY WACC AROUND ITS MEAN?
2.000% AT THIS COEFFICIENT OF VARIATION (  PERCENT OF THE MEAN).
6.386% WACC FOR SIMULATION
ALTERNATE PLUG FOR WACC DISCOUNT FACTOR
Forecast Results Summary Per Share 156.073 P/E Valuation 15.000 PE Forward
144.711 CAPM Valuation 2.7273 Imputed or Projected PEG
128.310 BV0 Multiple Valuation
172.622 Static DCF Valuation
177.303 Monte Carlo DCF  Valuation
155.804   of All Models Valuation
Monte Carlo Analysis: 177.303 Monte Carlo DCF  2.500 
391.269 Monte Carlo Upper 391.269
(40.037) Monte Carlo Lower (40.037)
431.307 Monte Carlo Range
243.260% Range:Mean
Lognormal Distribution
The header (top) is higher | lower than the complement (left).
Ratio Comparison of the Models P/E CAPM Gordon BV0 Static DCF MC DCF  Models
P/E 0.000% ‐7.280% ‐17.789% 10.603% 13.602% ‐0.173%
CAPM 7.851% 0.000% ‐11.334% 19.287% 22.522% 7.665%
Gordon BV0 21.638% 12.783% 0.000% 34.535% 38.183% 21.428%
Static DCF ‐9.587% ‐16.169% ‐25.670% 0.000% 2.712% ‐9.743%
MC DCF ‐11.974% ‐18.382% ‐27.632% ‐2.640% 0.000% ‐12.126%
 Models 0.173% ‐7.120% ‐17.646% 10.794% 13.799% 0.000%
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|Variables 07/16/2022 15:34 Page 9 of 17

Type alternative annual growth rates here:
MMM | 3M COMPANY | FEIN: 41‐0417775: Monte Carlo: Valuation Per Share |  $USD Mask Monetary Values In 1,000,000 $USD (Except Per Share Values).
1,000,000 $USD Revenue Growth Rate2022 Revenue Growth Rate2023 Revenue Growth Rate2024 Revenue Growth Rate2025 Revenue Growth Rate2026 Revenue Growth Rate2027 Revenue Growth Rate2028 Revenue Growth Rate2029 Revenue Growth Rate2030 Revenue Growth Rate2031 Revenue Growth Rate2032
Projection Base [FY] Year T0 2022 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Revenue Growth Rate 2022 00.0% Revenue Growth Rate 2023 00.0% Revenue Growth Rate 2024 00.0% Revenue Growth Rate 2025 00.0% Revenue Growth Rate 2026 00.0% Revenue Growth Rate 2027 00.0% Revenue Growth Rate 2028 00.0% Revenue Growth Rate 2029 00.0% Revenue Growth Rate 2030 00.0% Revenue Growth Rate 2031 00.0% Revenue Growth Rate 2032 00.0%
5.500% 0.550% Random Growth Rate
Sequential Reduction 0.000% Alternate Coefficient of Variability 10.00% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Timet0 Timet+1 Timet+2 Timet+3 Timet+4 Timet+5 Timet+6 Timet+7 Timet+8 Timet+9 Timet+10 Timet+11
Projection TimeT1
33,903 MONTE CARLO REVENUE 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136
CoGS : f(Revenue)2022 CoGS : f(Revenue)2023 CoGS : f(Revenue)2024 CoGS : f(Revenue)2025 CoGS : f(Revenue)2026 CoGS : f(Revenue)2027 CoGS : f(Revenue)2028 CoGS : f(Revenue)2029 CoGS : f(Revenue)2030 CoGS : f(Revenue)2031 CoGS : f(Revenue)2032
47.151% 4.715%
CoGS: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [COGs] : f(Revenue)2022 Depreciation/Amortization [COGs] : f(Revenue)2023 Depreciation/Amortization [COGs] : f(Revenue)2024 Depreciation/Amortization [COGs] : f(Revenue)2025 Depreciation/Amortization [COGs] : f(Revenue)2026 Depreciation/Amortization [COGs] : f(Revenue)2027 Depreciation/Amortization [COGs] : f(Revenue)2028 Depreciation/Amortization [COGs] : f(Revenue)2029 Depreciation/Amortization [COGs] : f(Revenue)2030 Depreciation/Amortization [COGs] : f(Revenue)2031 Depreciation/Amortization [COGs] : f(Revenue)2032
4.764% 0.476%
D&A (Production): 0.00% 0 0 0 0 0 0 0 0 0 0 0
GROSS MARGIN: 100.00% 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136
SGA (Only) : f(Revenue)2022 SGA (Only) : f(Revenue)2023 SGA (Only) : f(Revenue)2024 SGA (Only) : f(Revenue)2025 SGA (Only) : f(Revenue)2026 SGA (Only) : f(Revenue)2027 SGA (Only) : f(Revenue)2028 SGA (Only) : f(Revenue)2029 SGA (Only) : f(Revenue)2030 SGA (Only) : f(Revenue)2031 SGA (Only) : f(Revenue)2032
20.586% 2.059% Administrative Costs:
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
R&D : f(Revenue)2022 R&D : f(Revenue)2023 R&D : f(Revenue)2024 R&D : f(Revenue)2025 R&D : f(Revenue)2026 R&D : f(Revenue)2027 R&D : f(Revenue)2028 R&D : f(Revenue)2029 R&D : f(Revenue)2030 R&D : f(Revenue)2031 R&D : f(Revenue)2032
5.641% 0.564%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [SGA] : f(Revenue)2022 Depreciation/Amortization [SGA] : f(Revenue)2023 Depreciation/Amortization [SGA] : f(Revenue)2024 Depreciation/Amortization [SGA] : f(Revenue)2025 Depreciation/Amortization [SGA] : f(Revenue)2026 Depreciation/Amortization [SGA] : f(Revenue)2027 Depreciation/Amortization [SGA] : f(Revenue)2028 Depreciation/Amortization [SGA] : f(Revenue)2029 Depreciation/Amortization [SGA] : f(Revenue)2030 Depreciation/Amortization [SGA] : f(Revenue)2031 Depreciation/Amortization [SGA] : f(Revenue)2032
0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Other Expense (Income) : f(Revenue)2022 Other Expense (Income) : f(Revenue)2023 Other Expense (Income) : f(Revenue)2024 Other Expense (Income) : f(Revenue)2025 Other Expense (Income) : f(Revenue)2026 Other Expense (Income) : f(Revenue)2027 Other Expense (Income) : f(Revenue)2028 Other Expense (Income) : f(Revenue)2029 Other Expense (Income) : f(Revenue)2030 Other Expense (Income) : f(Revenue)2031 Other Expense (Income) : f(Revenue)2032
0.335% 0.034%
Other: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBIT: 100.00% 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136
Interest Expense (Income) : f(Revenue)2022 Interest Expense (Income) : f(Revenue)2023 Interest Expense (Income) : f(Revenue)2024 Interest Expense (Income) : f(Revenue)2025 Interest Expense (Income) : f(Revenue)2026 Interest Expense (Income) : f(Revenue)2027 Interest Expense (Income) : f(Revenue)2028 Interest Expense (Income) : f(Revenue)2029 Interest Expense (Income) : f(Revenue)2030 Interest Expense (Income) : f(Revenue)2031 Interest Expense (Income) : f(Revenue)2032
1.250% 0.125%
Interest Expense: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBT: 100.00% 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136
Tax Rate : f(EBT)2022 Tax Rate : f(EBT)2023 Tax Rate : f(EBT)2024 Tax Rate : f(EBT)2025 Tax Rate : f(EBT)2026 Tax Rate : f(EBT)2027 Tax Rate : f(EBT)2028 Tax Rate : f(EBT)2029 Tax Rate : f(EBT)2030 Tax Rate : f(EBT)2031 Tax Rate : f(EBT)2032
21.000% 2.100%
Taxes: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 100.00% 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136
D&A Add‐Back: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures : f(Revenue)2022 Capital Expenditures : f(Revenue)2023 Capital Expenditures : f(Revenue)2024 Capital Expenditures : f(Revenue)2025 Capital Expenditures : f(Revenue)2026 Capital Expenditures : f(Revenue)2027 Capital Expenditures : f(Revenue)2028 Capital Expenditures : f(Revenue)2029 Capital Expenditures : f(Revenue)2030 Capital Expenditures : f(Revenue)2031 Capital Expenditures : f(Revenue)2032
4.958% 0.496%
CAP EX: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Δ  Working Capital : f(Revenue)2022 Δ  Working Capital : f(Revenue)2023 Δ  Working Capital : f(Revenue)2024 Δ  Working Capital : f(Revenue)2025 Δ  Working Capital : f(Revenue)2026 Δ  Working Capital : f(Revenue)2027 Δ  Working Capital : f(Revenue)2028 Δ  Working Capital : f(Revenue)2029 Δ  Working Capital : f(Revenue)2030 Δ  Working Capital : f(Revenue)2031 Δ  Working Capital : f(Revenue)2032
0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Equity Minority Interest : f(Revenue)2022 Equity Minority Interest : f(Revenue)2023 Equity Minority Interest : f(Revenue)2024 Equity Minority Interest : f(Revenue)2025 Equity Minority Interest : f(Revenue)2026 Equity Minority Interest : f(Revenue)2027 Equity Minority Interest : f(Revenue)2028 Equity Minority Interest : f(Revenue)2029 Equity Minority Interest : f(Revenue)2030 Equity Minority Interest : f(Revenue)2031 Equity Minority Interest : f(Revenue)2032
-0.106% 0.011%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
‐35,280 LESS CURRENT DEBT AND OTHER LONG-TERM LIABILITIES T₀ (Adjusted for Carrying Costs )
0 LESS PREFERRED AT PAR T₀
2,451 EXCESS CASH & SHORT-TERM SECURITIES T₀ GROWTH 2.500%
DCF analysis will deduct the total value of liabilities from the firm's cash position. PERPETUITY VALUE
FCF to Equity 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 32,136 847,640
WACC FOR SIMULATION
6.386% 0.128% To assess liquidity at T₀, DCF analysis will deduct Balance Sheet Liabilities from Cash + Short‐term securities.
DCF to the Investors 1,168,307 DCF analysis will deduct the total value of liabilities from the firm's cash position.
MMM | 3M COMPANY | FEIN: 41-0417775: Monte Carlo: Valuation Per Share | $USD PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|DCF All Variable_MC 07/16/2022 15:34 Page 10 of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
5.500% 0.550% Random Growth Rate 5.28% 6.06% 6.44% 5.42% 5.78% 6.00% 5.49% 5.32% 5.54% 5.85% 4.65%
Projection TimeT1
47.151% 4.715% 52.854% 50.914% 45.215% 52.568% 44.728% 48.020% 42.195% 44.719% 45.619% 46.346% 47.249%
CoGS: 47.01% ‐17,883 ‐18,270 ‐17,269 ‐21,165 ‐19,050 ‐21,678 ‐20,095 ‐22,429 ‐24,149 ‐25,970 ‐27,706
4.764% 0.476% 4.651% 5.021% 5.200% 4.880% 4.984% 4.755% 4.363% 3.840% 4.970% 5.335% 4.919%
D&A (Production): 4.81% ‐1,574 ‐1,802 ‐1,986 ‐1,965 ‐2,123 ‐2,147 ‐2,078 ‐1,926 ‐2,631 ‐2,989 ‐2,885
GROSS MARGIN: 48.18% 14,378 15,812 18,939 17,133 21,418 21,319 25,450 25,800 26,156 27,075 28,048
20.586% 2.059% Administrative Costs: 20.960% 17.961% 21.352% 20.426% 18.753% 19.184% 21.979% 22.927% 20.889% 18.371% 20.638%
SGA: 20.96% ‐7,092 ‐7,521 ‐8,006 ‐8,439 ‐8,927 ‐9,462 ‐9,982 ‐10,513 ‐11,095 ‐11,745 ‐12,291
5.641% 0.564% 5.794% 5.274% 5.073% 5.230% 5.295% 5.735% 5.503% 5.491% 6.170% 5.544% 5.974%
R & D: 5.58% ‐1,960 ‐1,893 ‐1,938 ‐2,106 ‐2,255 ‐2,589 ‐2,621 ‐2,754 ‐3,266 ‐3,106 ‐3,503
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 26.54% ‐9,052 ‐9,414 ‐9,943 ‐10,545 ‐11,182 ‐12,051 ‐12,603 ‐13,267 ‐14,362 ‐14,851 ‐15,794
0.335% 0.034% 0.324% 0.353% 0.378% 0.361% 0.387% 0.371% 0.359% 0.357% 0.332% 0.359% 0.315%
Other: 0.35% ‐110 ‐127 ‐144 ‐145 ‐165 ‐167 ‐171 ‐179 ‐176 ‐201 ‐184
EBIT: 21.28% 5,216 6,271 8,851 6,443 10,070 9,100 12,677 12,354 11,618 12,022 12,069
1.250% 0.125% 1.124% 1.206% 1.134% 1.346% 1.306% 1.241% 1.201% 1.352% 1.366% 1.343% 1.495%
Interest Expense: 1.30% ‐380 ‐433 ‐433 ‐542 ‐556 ‐560 ‐572 ‐678 ‐723 ‐752 ‐877
EBT: 19.99% 4,836 5,838 8,418 5,901 9,514 8,540 12,105 11,676 10,895 11,270 11,192
21.000% 2.100% 22.413% 20.804% 17.537% 22.300% 21.948% 25.662% 21.415% 24.774% 23.794% 17.940% 20.007%
Taxes: 21.67% ‐1,084 ‐1,215 ‐1,476 ‐1,316 ‐2,088 ‐2,192 ‐2,592 ‐2,893 ‐2,592 ‐2,022 ‐2,239
NET EARNINGS: 15.65% 3,752 4,624 6,942 4,585 7,426 6,348 9,513 8,784 8,302 9,248 8,953
D&A Add‐Back: 4.81% 1,574 1,802 1,986 1,965 2,123 2,147 2,078 1,926 2,631 2,989 2,885
4.958% 0.496% 4.368% 4.439% 5.270% 5.512% 5.387% 4.208% 5.149% 5.372% 4.809% 5.964% 5.977%
CAP EX: 5.19% ‐1,478 ‐1,593 ‐2,013 ‐2,219 ‐2,294 ‐1,900 ‐2,452 ‐2,694 ‐2,546 ‐3,342 ‐3,505
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
-0.106% 0.011% ‐0.101% ‐0.105% ‐0.108% ‐0.099% ‐0.122% ‐0.111% ‐0.102% ‐0.104% ‐0.123% ‐0.105% ‐0.124%
EARN AFFL: ‐0.11% ‐34 ‐38 ‐41 ‐40 ‐52 ‐50 ‐49 ‐52 ‐65 ‐59 ‐73
FCF to Equity 3,813 4,795 6,874 4,291 7,202 6,545 9,090 7,963 8,322 8,837 8,260 217,879
WACC FOR SIMULATION
6.316% DCF to the Investors 122,990 DCF analysis will deduct the total value of liabilities from the firm's cash position.
MMM | 3M COMPANY | FEIN: 41-0417775: Monte Carlo: Valuation Per Share | $USD 162.568 PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|DCF All Variable_MC 07/16/2022 14:43 Page 10A of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
47.151% 4.715% 45.824% 49.957% 55.601% 44.134% 40.650% 46.821% 52.422% 47.361% 51.587% 49.261% 50.098%
CoGS: 48.64% ‐15,608 ‐18,027 ‐21,173 ‐17,711 ‐17,149 ‐20,696 ‐24,259 ‐23,140 ‐26,771 ‐26,840 ‐28,876
4.764% 0.476% 5.090% 6.045% 5.944% 4.588% 5.300% 4.436% 4.919% 5.549% 4.674% 5.141% 4.515%
D&A (Production): 5.07% ‐1,734 ‐2,181 ‐2,263 ‐1,841 ‐2,236 ‐1,961 ‐2,276 ‐2,711 ‐2,425 ‐2,801 ‐2,603
GROSS MARGIN: 46.29% 16,719 15,877 14,644 20,578 22,802 21,545 19,741 23,008 22,698 24,844 26,161
SGA: 22.05% ‐7,510 ‐7,957 ‐8,396 ‐8,848 ‐9,302 ‐9,747 ‐10,204 ‐10,773 ‐11,443 ‐12,014 ‐12,709
5.641% 0.564% 5.678% 5.840% 5.671% 5.213% 5.279% 6.272% 6.183% 5.209% 4.549% 5.551% 4.934%
R & D: 5.45% ‐1,934 ‐2,107 ‐2,160 ‐2,092 ‐2,227 ‐2,772 ‐2,861 ‐2,545 ‐2,361 ‐3,025 ‐2,844
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 27.50% ‐9,444 ‐10,064 ‐10,556 ‐10,941 ‐11,529 ‐12,519 ‐13,065 ‐13,318 ‐13,803 ‐15,038 ‐15,554
0.335% 0.034% 0.375% 0.363% 0.348% 0.324% 0.363% 0.339% 0.368% 0.410% 0.343% 0.356% 0.306%
Other: 0.35% ‐128 ‐131 ‐133 ‐130 ‐153 ‐150 ‐170 ‐200 ‐178 ‐194 ‐176
EBIT: 18.43% 7,147 5,682 3,955 9,507 11,120 8,877 6,505 9,489 8,717 9,611 10,431
1.250% 0.125% 1.327% 1.108% 1.231% 1.428% 1.317% 1.263% 1.031% 1.310% 1.400% 1.350% 1.286%
EBT: 17.15% 6,695 5,282 3,486 8,934 10,564 8,318 6,028 8,849 7,990 8,876 9,690
21.000% 2.100% 22.469% 20.270% 19.324% 20.724% 21.819% 22.474% 20.534% 23.423% 18.782% 20.092% 21.618%
Taxes: 21.21% ‐1,504 ‐1,071 ‐674 ‐1,852 ‐2,305 ‐1,869 ‐1,238 ‐2,073 ‐1,501 ‐1,783 ‐2,095
NET EARNINGS: 13.51% 5,191 4,211 2,813 7,083 8,259 6,449 4,790 6,776 6,490 7,093 7,595
D&A Add‐Back: 5.07% 1,734 2,181 2,263 1,841 2,236 1,961 2,276 2,711 2,425 2,801 2,603
4.958% 0.496% 5.067% 5.267% 5.722% 4.675% 5.111% 4.867% 5.212% 5.499% 4.851% 4.920% 5.197%
CAP EX: 5.12% ‐1,726 ‐1,901 ‐2,179 ‐1,876 ‐2,156 ‐2,151 ‐2,412 ‐2,687 ‐2,517 ‐2,681 ‐2,996
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
-0.106% 0.011% ‐0.132% ‐0.120% ‐0.117% ‐0.097% ‐0.083% ‐0.106% ‐0.116% ‐0.101% ‐0.096% ‐0.089% ‐0.100%
EARN AFFL: ‐0.10% ‐45 ‐43 ‐45 ‐39 ‐35 ‐47 ‐54 ‐49 ‐50 ‐48 ‐57
FCF to Equity 5,153 4,449 2,852 7,009 8,304 6,212 4,601 6,751 6,348 7,165 7,145 188,451
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|DCF All Variable_MC 07/16/2022 14:43 Page 10B of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
47.151% 4.715% 46.260% 45.782% 45.759% 38.672% 52.013% 39.078% 49.736% 41.989% 41.928% 48.516% 47.232%
CoGS: 45.23% ‐15,870 ‐16,543 ‐17,544 ‐15,543 ‐22,054 ‐17,571 ‐23,434 ‐20,824 ‐21,880 ‐26,866 ‐27,719
4.764% 0.476% 4.803% 5.065% 5.131% 4.401% 4.308% 4.805% 4.420% 4.499% 5.868% 4.889% 4.719%
D&A (Production): 4.82% ‐1,648 ‐1,830 ‐1,967 ‐1,769 ‐1,827 ‐2,160 ‐2,082 ‐2,231 ‐3,062 ‐2,707 ‐2,769
GROSS MARGIN: 49.95% 16,788 17,762 18,829 22,881 18,521 25,232 21,601 26,538 27,242 25,802 28,199
SGA: 22.77% ‐7,813 ‐8,229 ‐8,731 ‐9,153 ‐9,657 ‐10,240 ‐10,731 ‐11,294 ‐11,884 ‐12,611 ‐13,365
5.641% 0.564% 5.979% 5.722% 5.650% 6.142% 5.649% 5.213% 5.880% 5.740% 5.668% 4.653% 4.983%
R & D: 5.52% ‐2,051 ‐2,068 ‐2,166 ‐2,469 ‐2,395 ‐2,344 ‐2,771 ‐2,846 ‐2,958 ‐2,577 ‐2,924
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 28.30% ‐9,864 ‐10,297 ‐10,898 ‐11,622 ‐12,052 ‐12,584 ‐13,501 ‐14,141 ‐14,842 ‐15,188 ‐16,290
0.335% 0.034% 0.353% 0.297% 0.360% 0.332% 0.300% 0.318% 0.330% 0.354% 0.327% 0.332% 0.329%
Other: 0.33% ‐121 ‐107 ‐138 ‐133 ‐127 ‐143 ‐155 ‐176 ‐171 ‐184 ‐193
EBIT: 21.32% 6,803 7,357 7,793 11,125 6,342 12,505 7,945 12,221 12,229 10,430 11,716
1.250% 0.125% 1.440% 1.572% 1.142% 1.370% 1.239% 1.173% 1.270% 1.223% 1.282% 1.341% 1.243%
EBT: 20.03% 6,309 6,789 7,355 10,575 5,816 11,978 7,346 11,615 11,560 9,688 10,986
21.000% 2.100% 19.390% 23.023% 19.488% 18.073% 21.925% 18.283% 18.602% 20.257% 18.280% 22.516% 24.103%
Taxes: 20.25% ‐1,223 ‐1,563 ‐1,433 ‐1,911 ‐1,275 ‐2,190 ‐1,366 ‐2,353 ‐2,113 ‐2,181 ‐2,648
NET EARNINGS: 15.97% 5,086 5,226 5,922 8,663 4,541 9,788 5,980 9,262 9,447 7,507 8,338
D&A Add‐Back: 4.82% 1,648 1,830 1,967 1,769 1,827 2,160 2,082 2,231 3,062 2,707 2,769
4.958% 0.496% 5.977% 5.015% 4.262% 4.442% 4.861% 5.980% 4.421% 4.697% 5.538% 5.168% 5.290%
CAP EX: 5.07% ‐2,050 ‐1,812 ‐1,634 ‐1,785 ‐2,061 ‐2,689 ‐2,083 ‐2,329 ‐2,890 ‐2,862 ‐3,104
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
-0.106% 0.011% ‐0.093% ‐0.109% ‐0.096% ‐0.103% ‐0.106% ‐0.114% ‐0.102% ‐0.116% ‐0.113% ‐0.104% ‐0.106%
EARN AFFL: ‐0.11% ‐32 ‐39 ‐37 ‐41 ‐45 ‐51 ‐48 ‐57 ‐59 ‐58 ‐62
FCF to Equity 4,651 5,205 6,219 8,605 4,261 9,208 5,931 9,106 9,560 7,295 7,941 209,460
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|DCF All Variable_MC 07/16/2022 14:45 Page 10C of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
47.151% 4.715% 48.247% 44.824% 43.243% 42.497% 53.024% 40.054% 43.424% 43.149% 39.652% 46.319% 47.010%
CoGS: 44.60% ‐16,361 ‐15,867 ‐16,140 ‐16,616 ‐21,845 ‐17,401 ‐19,828 ‐20,799 ‐20,094 ‐24,765 ‐26,503
4.764% 0.476% 4.803% 3.401% 4.672% 5.094% 4.818% 4.920% 4.361% 5.375% 5.007% 4.288% 5.739%
D&A (Production): 4.81% ‐1,629 ‐1,204 ‐1,744 ‐1,992 ‐1,985 ‐2,137 ‐1,991 ‐2,591 ‐2,537 ‐2,293 ‐3,235
GROSS MARGIN: 50.58% 15,922 18,327 19,440 20,491 17,368 23,905 23,842 24,813 28,045 26,408 26,639
SGA: 21.03% ‐7,133 ‐7,445 ‐7,851 ‐8,224 ‐8,666 ‐9,138 ‐9,604 ‐10,139 ‐10,659 ‐11,246 ‐11,858
5.641% 0.564% 4.968% 6.052% 5.547% 6.164% 5.468% 6.156% 4.319% 5.545% 6.295% 6.156% 6.038%
R & D: 5.73% ‐1,685 ‐2,142 ‐2,070 ‐2,410 ‐2,253 ‐2,674 ‐1,972 ‐2,673 ‐3,190 ‐3,291 ‐3,404
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 26.76% ‐8,818 ‐9,588 ‐9,921 ‐10,634 ‐10,918 ‐11,812 ‐11,576 ‐12,812 ‐13,849 ‐14,537 ‐15,262
0.335% 0.034% 0.299% 0.286% 0.300% 0.384% 0.394% 0.351% 0.322% 0.368% 0.280% 0.397% 0.388%
Other: 0.35% ‐101 ‐101 ‐112 ‐150 ‐162 ‐152 ‐147 ‐178 ‐142 ‐212 ‐218
EBIT: 23.47% 7,003 8,638 9,407 9,707 6,288 11,941 12,118 11,824 14,053 11,659 11,158
1.250% 0.125% 1.230% 1.283% 1.390% 1.161% 1.135% 1.140% 1.242% 1.342% 1.197% 1.262% 1.197%
EBT: 22.24% 6,586 8,184 8,888 9,253 5,820 11,445 11,551 11,177 13,447 10,984 10,484
21.000% 2.100% 20.815% 23.338% 20.166% 21.400% 19.597% 17.753% 19.310% 20.307% 21.993% 24.871% 20.293%
Taxes: 20.91% ‐1,371 ‐1,910 ‐1,792 ‐1,980 ‐1,141 ‐2,032 ‐2,231 ‐2,270 ‐2,957 ‐2,732 ‐2,128
NET EARNINGS: 17.59% 5,215 6,274 7,096 7,273 4,680 9,413 9,321 8,907 10,489 8,252 8,356
D&A Add‐Back: 4.81% 1,629 1,204 1,744 1,992 1,985 2,137 1,991 2,591 2,537 2,293 3,235
4.958% 0.496% 4.895% 3.640% 5.082% 5.088% 5.370% 3.949% 5.293% 4.913% 4.328% 4.774% 5.649%
CAP EX: 4.84% ‐1,660 ‐1,288 ‐1,897 ‐1,989 ‐2,213 ‐1,715 ‐2,417 ‐2,368 ‐2,193 ‐2,552 ‐3,185
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
-0.106% 0.011% ‐0.103% ‐0.109% ‐0.099% ‐0.121% ‐0.094% ‐0.088% ‐0.092% ‐0.098% ‐0.104% ‐0.103% ‐0.122%
EARN AFFL: ‐0.10% ‐35 ‐38 ‐37 ‐47 ‐39 ‐38 ‐42 ‐47 ‐53 ‐55 ‐69
FCF to Equity 5,149 6,151 6,906 7,228 4,413 9,797 8,853 9,082 10,780 7,938 8,338 219,921
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|DCF All Variable_MC 07/16/2022 14:46 Page 10D of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
47.151% 4.715% 47.816% 43.957% 44.966% 48.426% 48.934% 49.032% 55.915% 35.684% 39.821% 43.435% 39.779%
CoGS: 44.87% ‐16,164 ‐15,605 ‐16,848 ‐19,272 ‐20,309 ‐21,525 ‐25,641 ‐17,290 ‐20,327 ‐23,315 ‐22,671
4.764% 0.476% 5.256% 5.081% 5.093% 4.523% 4.891% 3.985% 4.729% 4.571% 5.001% 4.753% 4.958%
D&A (Production): 4.79% ‐1,777 ‐1,804 ‐1,908 ‐1,800 ‐2,030 ‐1,750 ‐2,169 ‐2,215 ‐2,553 ‐2,551 ‐2,826
GROSS MARGIN: 50.34% 15,864 18,092 18,712 18,724 19,164 20,625 18,047 28,949 28,167 27,812 31,496
SGA: 18.28% ‐6,180 ‐6,490 ‐6,850 ‐7,275 ‐7,587 ‐8,026 ‐8,383 ‐8,858 ‐9,332 ‐9,813 ‐10,419
5.641% 0.564% 4.869% 5.336% 6.174% 5.752% 5.860% 5.295% 5.687% 5.948% 4.836% 6.057% 5.654%
R & D: 5.60% ‐1,646 ‐1,894 ‐2,313 ‐2,289 ‐2,432 ‐2,325 ‐2,608 ‐2,882 ‐2,468 ‐3,252 ‐3,222
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 23.88% ‐7,826 ‐8,384 ‐9,163 ‐9,564 ‐10,019 ‐10,350 ‐10,991 ‐11,740 ‐11,800 ‐13,065 ‐13,641
0.335% 0.034% 0.372% 0.396% 0.316% 0.305% 0.355% 0.329% 0.370% 0.406% 0.344% 0.282% 0.327%
Other: 0.34% ‐126 ‐141 ‐118 ‐121 ‐147 ‐145 ‐170 ‐197 ‐175 ‐152 ‐186
EBIT: 26.11% 7,912 9,567 9,431 9,038 8,998 10,131 6,886 17,012 16,191 14,596 17,668
1.250% 0.125% 1.338% 1.171% 1.166% 0.991% 1.425% 1.325% 1.181% 1.004% 1.109% 1.041% 1.171%
EBT: 24.95% 7,460 9,151 8,994 8,644 8,406 9,549 6,345 16,526 15,625 14,037 17,000
21.000% 2.100% 20.539% 19.421% 18.804% 18.266% 21.283% 20.799% 18.326% 20.210% 23.504% 20.857% 20.970%
Taxes: 20.55% ‐1,532 ‐1,777 ‐1,691 ‐1,579 ‐1,789 ‐1,986 ‐1,163 ‐3,340 ‐3,673 ‐2,928 ‐3,565
NET EARNINGS: 19.82% 5,928 7,374 7,303 7,065 6,617 7,563 5,182 13,186 11,952 11,109 13,435
D&A Add‐Back: 4.79% 1,777 1,804 1,908 1,800 2,030 1,750 2,169 2,215 2,553 2,551 2,826
4.958% 0.496% 4.641% 4.741% 4.374% 4.710% 5.237% 4.557% 4.827% 4.124% 4.373% 5.989% 4.701%
CAP EX: 4.77% ‐1,569 ‐1,683 ‐1,639 ‐1,874 ‐2,173 ‐2,001 ‐2,213 ‐1,998 ‐2,232 ‐3,215 ‐2,679
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
-0.106% 0.011% ‐0.100% ‐0.115% ‐0.121% ‐0.094% ‐0.099% ‐0.117% ‐0.125% ‐0.104% ‐0.107% ‐0.104% ‐0.115%
EARN AFFL: ‐0.11% ‐34 ‐41 ‐45 ‐37 ‐41 ‐51 ‐57 ‐50 ‐54 ‐56 ‐66
FCF to Equity 6,102 7,454 7,527 6,954 6,433 7,260 5,080 13,352 12,218 10,390 13,516 356,507
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐16_MMM_MC‐Equity‐1Million|DCF All Variable_MC 07/16/2022 14:46 Page 10E of 17

2022-07-16_MMM_MC-Equity-1Million_July-Trials.pdf

2022-07-16_MMM_MC-Equity-1Million_July-Trials.pdf

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2022-07-16_MMM_MC-Equity-1Million_July-Trials.pdf