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3M Corp. has the following historical free cash flows (in millions). Use time value of money to calculate the growth rate (not the individual yearly

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3M Corp. has the following historical free cash flows (in millions). Use time value of money to calculate the growth rate (not the individual yearly rate). Assume this growth rate will continue into the foreseeable future. Assume a discount rate of 7.5%. They have debt of $19,775 million and there are 579.4 million shares of stock outstanding. Use the average of all the cash flows as FCF. Calculate the value of one share of stock. MMM 2014 2015 2016 2017 FCF in $M 5126.4 3746.1 4992.0 4357.1 2018 2019 4908.4 4745.0 6380.0 2020

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