JPM | US Special Situations Daily: June 18, 2026

Research evidence excerpt

JPM | US Special Situations Daily: June 18, 2026

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A Nneetu.jhamb@jpmorgan.com

J.P. Morgan Securities LLC 18 June 2026

Neetu Jhamb

(212) 622 5042

Special Sits Today

• News: Janus Henderson Group transaction to close June 30, CNTA last trading day is June 23, WBD/PSKY get China

approval for deal

• Flows : 2 ways: OLPX, BLX CN Setter: SHEL/ARX, D/NEE Buyer: CNTA Seller:

• Research: JPM Energy Conference Question Bank

• NEXT WEEK-J.P. Morgan 2026 Natural Resources Conference: An Energy, Power, Renewables & Mining Event on

June 23-24, 2026 at the Intercontinental New York Barclay. Register here

For arbs: Presenting and 1x1s: Devon Energy, Baker Hughes Co, Sunoco LP, Transocean Ltd

Link for Agenda here

News & Press

• HON/HONA spin investor feedback: WI volumes this week have been very low.Investor sentiment has diverged

meaningfully between the two entities since the investor days: the aero SpinCo, HONA, has seen incrementally negative

sentiment, with some bears arguing for as low as a ~15–16x FY27 EBITDA multiple (hard to argue a premium to peers like

RTX/TDG), while the RemainCo, HON has seen incrementally positive sentiment after outlining a more credible path to a

“multi-industry” type EPS growth algorithm with little help from volume (which had been the bear case on Remainco HON).

Heading into the spin, the key debate centers on the appropriate aero multiple given its medium-term growth, margin, and

cash flow profile, whereas the RemainCo narrative is more settled and constructive post-investor day. Positioning discussions

have skewed heavily toward hedge funds, with some long-only investors expressing interest in the RemainCo but indicating