Ahí que le iba yo, bien tirada @faemino 
@Rubifen, tu no leas, tápate los ojos … @anbax shhhhhhhhhhhhhhhhhhh olvídate del coñazo del total return, si total lo que importa son los dividendos.
Y además, con esta dejabas los meses mas parejitos, así todos igualaditos, sin altibajos en los ingresos mensuales … va, si está a punto de caramelo.
Mira que 4% de estos y en los meses 3,6,9 y 12 no te los van a dar todos los días eh… luego no vengas llorando.
Llamarlo “Pelín pesimista” es quedarse corto. Si algún accionista de 3M, o incluso el mismo CEO, lee este artículo saldrá raudo y veloz hasta la cocina mas cercana para coger un cuchillo y cortarse las venas.
Se ha quedado a gusto el hombre este, se ve que venía algo quemado con sus 3M en cartera y a soltado lo mas grande.
Un saludo.
Yo opino que el problema de las demandas es muy importante. En caso de que 3M ls pierda podría necesitar bastantes años y endeudarse para pagar todas las supuestas multas. Hay mucha incertidumbre, pero ahora mismo tiene la espada de Damocles sobre la cabeza y que le caiga encima o no dependerá de como se resuelvan los juicios, pero la posibilidad existe. Mientras tanto no habrá mas que el rácano céntimo de crecimiento de dividendo para tener cash “por si caso”, y aún así puede que necesitara bastantes años de beneficios para pagar la deuda. Por otro lado, puede que llegue a un buen acuerdo, gane juicio…etc y dispararse. Lo que está claro que la incertidumbre se nota en la cotización, Mr Market no lo ve claro y esto nos puede llevar a unos precios de covid…o quizás no…quién sabe…Solo estoy pensando en voz alta, es una opinión.
No sé, a mi me tienta pero es entrar en IB y ver Bayern y se me quitan las ganas de comprar. Con ella hice lo mismo en una entrada gorda a 74 euros y todavía sigue roja como el mar rojo. Si entro será a precio de derribo, no antes.
Es que lo que importa son los dividendos. Cuantos más mejor.
Saludos.
No sé si esté último review de SSD está colgado:
Reaffirmed Feb 15, 2022
3M on Monday provided 2022 financial guidance and a strategic update on its sprawling businesses.
The industrial conglomerate’s presentation contained few surprises or shifts in strategy. But management did not offer many updates on the biggest issue looming over 3M: legal liabilities tied to the firm’s legacy PFAS chemicals and military earplugs.
3M manufactured PFAS from the 1950s through the early 2000s to help make a wide variety of consumer and industrial products, including firefighting foams, nonstick coatings, fast food wrappers, and water resistant clothing.
These toxic “forever chemicals” have come under significant scrutiny due to environmental and consumer health concerns. 3M faces a growing number of lawsuits across the country accusing the company’s PFAS manufacturing sites of polluting water supplies.
Unfortunately, investors could be waiting for years until the full scope of PFAS liabilities is known.
Bellwether trials – essentially “test” cases in mass litigation involving thousands of plaintiffs – are expected to begin in early 2023. These trials will give involved parties a clearer idea of settlement payouts victims of PFAS contaminated groundwater should receive.
Meanwhile, the U.S. Environmental Protection Agency (EPA) seeks to classify certain PFAS chemicals as “hazardous substances” by mid-2023.
If successful, facilities would be required to report releases of these chemicals, and the EPA would have more leeway to pursue responsible parties such as 3M as it analyzes sites and recovers remediation costs for cleanup work.
Ultimately, some analysts expect 3M’s legal settlements and remediation expenses tied to PFAS to total around $10 billion, but a worst-case scenario could see costs spiral to as much as $30 billion, according to Bloomberg.
The company’s military earplugs liability could be even larger. In 2008, 3M acquired a business that sold government-approved combat earplugs from 2003 through 2015, when the product was discontinued.
3M was hit with its first lawsuit in December 2018 when a military veteran claimed he sustained hearing damage while serving in the armed forces because the firm’s earplugs were defective.
By the end of 2021, 3M had been served by lawsuits representing over 13,000 individual claimants making similar allegations. Another 290,000 unfiled and unverified claims have been maintained in the court, making this the biggest multidistrict litigation in history.
That said, unverified claims are essentially a list of military veterans with few supporting details such as where they served or if they ever really used 3M’s product. Some of these claims will likely be dismissed, but the potential liabilities are nonetheless staggering.
Different types of hearing loss get different settlement amounts, ranging anywhere from an average of $14,000 for inner ear dysfunction to over $1.5 million for total hearing loss, per Johnson Law Offices.
If we assume 3M ultimately settled 300,000 claims and paid an average settlement of $100,000 per claim, then the firm would face a total liability of $30 billion. But if half the claims are dismissed and the average settlement was cut in half, the liability would stand at $7.5 billion.
Similar to PFAS, a wide range of potential outcomes exists, and investors could be left waiting a long time for clarity.
Bellwether trials kicked off in 2021, and through January 2022, 3M had won 5 of 11 trials – a mixed outcome. Another 5 bellwether trials are scheduled between March and May of this year, and 3M plans to appeal adverse verdicts, a process that is expected to take 12 to 18 months.
Only once the dust settles will 3M determine how to push forward with a potential settlement.
Overall, PFAS and earplug liabilities could cost 3M anywhere between $10 billion and $50 billion or more, with payouts likely taking place over the course of years.
3M only retains about $2.5 billion of free cash flow annually after paying dividends. To cover future settlement costs and avoid cutting its dividend to preserve more cash, the firm would need to lean on its A+ rated balance sheet to plug the gap.
Assuming settlement payouts are spread over several years and 3M uses all of its retained free cash flow to pay down debt, we estimate the firm could handle upwards of $40 billion of liability costs while keeping its leverage ratio near 4x or below (up from 1.4x today) – a level that could keep the dividend intact.
Needless to say, until the magnitude and timing of these liabilities become clearer, token dividend raises seem prudent to preserve as much cash as possible. 3M did just that earlier this month, announcing a 0.7% increase to extend its dividend growth streak to 64 consecutive years.
Shares of 3M trade at an uncharacteristically low forward P/E ratio near 15, a 20% discount compared to industrial peers and 3M’s own 5-year average multiple.
This discount represents about $25 billion of market value, which could be viewed as the amount of environmental and product liabilities investors are baking in to 3M’s valuation.
3M’s discount appears reasonable based on the information available today. But investors should understand the potential for 3M’s expected liability costs to rise, potentially significantly, as more trials take place. (We estimate every $1 billion of incremental liabilities will reduce 3M’s share price by 1%, all else equal.)
Until these liabilities are resolved, they will remain an overhang on the firm’s stock. Otherwise, 3M’s diversified, high-margin business seems like a reasonable bet to at least track global GDP (2022 guidance calls for 5% to 10% adjusted EPS growth, excluding disposable mask sales) and grow in value over time.
We will continue monitoring 3M’s progress and provide updates as necessary.
Uf, que mala pinta tiene. Me recuerda muchísimo a Bayer con Monsanto.
Desgraciadamente 3M es mi top 1 y llevo un 15% de pérdidas.
De momento no voy a hacer nada, le doy margen por la historia que lleva.
Lo que tengo más o menos claro es que no debo aumentar la posición hasta que no se aclare la situación.
A mí me recuerda al caso de Du Pont, que hace poco refresqué viendo la peli Dark Waters (Aguas Oscuras). Sólo espero que en este caso el management de 3M no actuara como el de Du Pont.
Está disponible en Netflix.
En cambio en M* dicen esto
we think the dividend is safe, given 3M’s prioritization among its capital allocation priorities and a strong balance sheet. In our view, a worst-case scenario would likely only affect the firm’s ability to repurchase its shares
we think the dividend can grow at a 6% five-year CAGR, relatively in line with the 7% EPS five-year CAGR we’ve earmarked for the firm
PFAS: Our survey of prior environmental and product liability cases leads us to assume that a low- to mid-single-digit billion-dollar liability (present value) is far more likely.
As for 3M’s combat arms litigation, we earmark a liability of just over $3 billion based on inflation adjusted comparable cases and the number of cases pending.
¿A quien hacemos caso? 
Me parece optimista.
Si empiezan los juicios a dar la razón a los soldados, (y no sería extraño que sucediera, como con el round up que incluso la EPA lo consideraba no cancerígeno) entonces de lo de mantener el dividendo nos podemos ir olvidando.
La diferencia es que MMM es una empresa de USA y Bayer es alemana…que casualidad que Monsanto no tuviera problemas con sus productos hasta que fue adquirida por una empresa extranjera…
unas 8 acciones más hoy para la saca!
En SSD se plantean sacar 3M de su cartera Top 20:
3M también está ahora bajo revisión para una posible venta. Las responsabilidades legales continúan aumentando contra el conglomerado industrial y probablemente llevará años resolverlas. Dada la creciente magnitud de estas demandas y la amplia gama de resultados potenciales, preferiríamos tener un negocio con una perspectiva financiera más sólida y mejores perspectivas de crecimiento de dividendos.
Perdón por el desconocimiento, pero alguien me puede decir qué es SSD.
Gracias.
SSD viene de: simply safe dividends
Es una web de pago donde analizan y dan puntuación a las empresas “típicas” de dividendos
Simply Safe Dividends, una web que analiza acciones y crea modelos de carteras de inversión. Famosa por su sistema de puntuación y análisis de métricas para dividendos (Dividend Safety Scores).
Edit, Se me adelanto ibexcoins 
DVK también la ha vendido de su porfolio. 
