– 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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