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As you can see, the estimated earnings growth rate for MMM is slightly lower than the industry, sector, and S&P 500 over the next five years. What does this mean for MMM stock? We'll get to that in a later chapter. Here is an assignment for you: What's a PEG ratio? Locate a financial glossary on the Web (there are lots of them) to find out.

One thing should be clear by now. Projected growth rates play an important role in the planning process. They are also important to outside analysts and potential investors. Our nearby Work the Web box shows you how to obtain growth rate estimates for real companies.

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