Honeywell: What We Learned From the Investor Day

研报英文原文证据摘录

Honeywell: What We Learned From the Investor Day

Deutsche Bank

Research

Rating Company Date

Buy Honeywell 11 June 2026

North America Reuters Bloomberg Rating Buy

United States HON.OQ HON US Price target (USD) 250.00 Price at 10 Jun 26 205.88

52-week range 248.04 – 188.14

Industrials

Multi - Industry & Electrical Valuation & Risks

Equipment

What We Learned From the Investor Day

Nicole DeBlase

We attended HON’s Investor Day in NYC Research Analyst

+1-212-250-5916 This afternoon, we attended Honeywell Technologies’ inaugural Investor Day in

New York, which featured presentations from several members of management Andrew Krill, CFA

including Vimal Kapur (Chairman & CEO), Mike Stepniak (CFO), Billal Hammoud Research Analyst

(CEO, Building Automation), Ken West (CEO, Process Technology), Jim Masso +1-212-250-2997

(CEO, Process Automation), Pete Lau (CEO, Industrial Automation), and Suresh

Naim Kaplan Venkatarayalu (CTO & President of Honeywell Connected Enterprise). We believe Research Associate

HON has laid out a credible plan that argues for at least a peer-average NTM P/E +1-212-250-5332

multiple (of 23x), but we believe many investors (given sentiment remains heavily

negative) will view the low-teens EPS growth algorithm as a “show-me” story. We Jackson Glenn

see a clear path for the company to deliver on these targets, thereby paving the Research Associate

+1-212-250-2500

way for a multiple re-rating. In this report, we lay out our key takeaways from the

event.

New 3Y financial framework implies a L-Tns adj. EPS CAGR

Honeywell Technologies initiated a new medium-term (3Y, 2026-29) financial

framework, including 4-6% organic revenue growth (which embeds a ~2ppts

contingency), ~24% segment margins (by 2029), ~$6.00 adj. EPS (by 2029), and