Business Valuation And Investment Strategy for 3M Company

• Main Authors: Ju-Fei Tsai, 蔡如斐
• Other Authors: Der-Ming Lieu
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/2wpx34

碩士 === 國立中山大學 === 財務管理學系研究所 === 106 === The purpose of this study is evaluation of 3M Company，whether or not his value is actually reflected in his share price.What is 3M company''s value ? This study, we use the discounted DCF-cash flow method and the EBO-excess surplus discount evaluation model to evaluate the 3M company. Will to use the result as the basis for investing in 3M Company, in addition to understanding 3M''s corporate value, Expect to find effective investment strategies to provide investors as a basis for investing in 3M shares. The data of this research are based on the financial statements published by the official website of 3M Company. The reference data is from 2002 to the third quarter of 2017. Based on DCF model and EBO model, the theoretical value per share of 3M Company After that, DCF model and EBO model are used for back to testing , and DCF model is used for 10-year back to testing in order to achieve the objectivity of the theoretical value per share. 3M Company is a company with stable revenue and stable gross profit. The decline of revenue during the financial tsunami is not obvious. The revenue in 2009 was only 8% lower than in 2008 and the revenue was 15% increase in 2010, This is due to the high correlation between 3M''s products and daily necessities. The overall annual revenue in 2013 has exceeded 30 billion U.S. dollars and is now growing steadily year by year. This study confirms that investors can use DCF and EBO model to evaluate 3M Company , 3M Company''s stock is suitable Using DCF and EBO models , according to the back to test, 3M''s stock is suitable for investment and also for a long time to hold especially in the low interest rate in the period.