HONA: Will focus bring a portfolio to life?: Initiate Peer Perform

研报英文原文证据摘录

HONA: Will focus bring a portfolio to life?: Initiate Peer Perform

Aerospace & Defense

Aerospace - Market Overweight

HONEYWELL AEROSPACE (HONA) June 29, 2026

HONA: Will focus bring a portfolio to life?: Initiate Peer Rating:

Perform Peer Perform

Price:

$221.00

The Wolfe Byte Price Target:

The spin of Honeywell Aerospace will provide another proving ground for the case NA

against conglomerates. We initiate with a Peer Perform rating, as we see a "Show View HONA Model

View Comp TableMe" story out of the gates, but will eagerly watch for the benefits of simplification

& focus in results. Company Information

52-Week Range NA - NA

Market Cap. (MM) $70,013

Bye bye to another one of your father's conglomerates Enterprise Value (MM) $84,796

Honeywell, which dates back to the early 1900s, has undergone significant Shares Out. (MM) 316.8

Avg. Value Traded (MM) NA

transformation in the last century plus, having grown into one of the largest Net Debt (M)/ EBITDA 2.7x

conglomerates in world. While acquisition activity remained elevated, the company SI% of Float NA

also began significant de-consolidation efforts in the late 20-teens with today's spin Price/ FCF 25.6x EV/ EBITDA 15.3x

of Honeywell Aerospace arguably bringing about the end of another once mighty Price to Earnings 22x

conglomerate.

Price Performance

Working to shift the narrative, but results will be the ultimate factor YTD LTM

Honeywell Aero has long been dogged by an under-investment narrative that A&D Index 7% 19% S&P 500 7% 19%

while helping drive strong margins it limited growth. The theory does show in

results (Comm OE sales -0.4% CAGR '13-'25 or ~450bps below average), and

it is also clear the company is looking to change with a quickened investment