Recasting our Model Post-HONA Spin and Reverse Stock Split; $263 PT

Research evidence excerpt

Recasting our Model Post-HONA Spin and Reverse Stock Split; $263 PT

Deutsche Bank

Research

Rating Company Date

Buy Honeywell 30 June 2026

North America Reuters Bloomberg Rating Buy

United States HON.OQ HON US Price target (USD) 263.00 Price at 26 Jun 26 232.21

52-week range 248.04 – 188.14

Industrials

Multi - Industry & Electrical Valuation & Risks

Equipment

Recasting our Model Post-HONA Spin and

Reverse Stock Split; $263 PT NicoleResearchDeBlaseAnalyst

+1-212-250-5916

Today, HON completed the spin-off of HONA as well as a 1-for-2 reverse stock

Andrew Krill, CFA split Research Analyst

This morning, Honeywell Technologies (HON) completed the spin of Honeywell +1-212-250-2997

Aerospace (HONA), marking the final milestone in HON’s portfolio

transformation that began in 2023. The company also effected a 1-for-2 reverse Naim Kaplan

Research Associate stock split today (taking the share count to ~319m). We have adjusted our model

+1-212-250-5332

to reflect the Aerospace spin, reverse stock split, and the company’s proforma

guidance provided on June 8th (see our summary note here). Jackson Glenn

Research Associate

We now forecast $8.30 adj. EPS in 2026, growing at a L-Tns CAGR through +1-212-250-2500

2030 to >$12

We have made a number of adjustments to our HON model, most notably

removing Aerospace and enacting the 1-for-2 reverse stock split; we have also

Key changes assumed the Johnson Matthey Catalyst acquisition closes July 1st and the

PSS/WWS divestitures close October 1st. Our new model forecasts $8.30 adj. Price target (USD) 250 263 5%

EPS in 2026 (effectively at the high end of $3.95-4.15 proforma guidance, which Source:DeutscheBank

did not include the impact of the reverse stock split). Over the next 3Y (to 2029),