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  "documentTitle": "Solventum Corporation (SOLV)",
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      "text": "The planned Health Care spin-off... should unlock value... We value Health Care at 13x 2024E EV/EBITDA, consistent with peer multiples...",
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      "text": "The Health Care spin may create value in the long run by ensuring that a decent chunk of MMM's earnings are not subject to the liability question marks... We value Health Care at an EV of $46bn (~17x '23E EV / EBITDA)",
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      "text": "Of 3M's legacy portfolio, Health Care represented the largest and historically most profitable business... significantly higher optionality to fund organic and inorganic growth.",
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      "text": "Health Care is 3M's most attractive business... By separating Health Care, we think ~40% of 3M's current EV is effectively ring-fenced.",
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      "text": "\"Health Care is 3M’s most attractive business. Long-run organic growth, operating profit, capital intensity, and cyclicality are all better than the RemainCo.\" — Bernstein (September 2022); \"Of 3M’s legacy portfolio, Health Care represented the largest and historically most profitable business within 3M given its highly defendable market positions\" — William Blair (July 2022); \"The planned Health Care spin-off, expected late 2023/early 2024, should unlock value... The Health Care spin-off will not have the litigation overhang currently facing 3M.\" — Bank of America (July 2023); \"The Health Care spin may create value in the long run by ensuring that a decent chunk of MMM’s earnings are not subject to the liability question marks.\" — Barclays (July 2022)",
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      "text": "Recognizing This, 3M Analysts Thought The Separation Would Unlock Value",
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