3M India - Strong Investments In New Product Development: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Following a review of 3M India Ltd.’s FY24 annual report, our conviction on the company’s performance and potential remains strong. We note: A marked rise in new product development. Also, with 3M’s customer industries (automotive/infrastructure etc.) growing at a healthy rate, the company too has stepped-up innovation. The Chairman and Managing Director’s letter focuses on investments in infrastructure and the evolving automotive landscape – summarily 3M is likely to be a net beneficiary.Working capital days is steadily shrinking – reduced to 22 in FY24, from 63 in FY20 (FY23: 33 days). Accordingly, FCF generation is stronger.While Ebitda margin expansion is healthy, it is near FY11–24’s peak levels. .Our optimism on 3M India is bolstered by its established competitive edge and long-term growth potential. With the stock price correcting ~15% over the past three months, we upgrade our rating to Buy, from Add. We value the stock at a DCF-based unchanged target price of Rs 41,960 (implying 62 times FY26E earnings per share)..Click on the attachment to read the full report:.Gulf Oil Lubricants- Weak Q2, But Softer Input Prices, Growing Premiumisation Drive Optimism: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

3M India - Strong Investments In New Product Development: ICICI Securities

With the stock price correcting ~15% over the past three months, the brokerage upgrades its rating on the stock to Buy, from Add.

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3M India - Strong Investments In New Product Development: ICICI Securities

With the stock price correcting ~15% over the past three months, the brokerage upgrades its rating on the stock to Buy, from Add.

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