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Honeywell International Inc HON

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Corporate Tax Hikes Are Very Likely to Come for U.S. Equities

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

We expect a U.S. corporate tax hike to be passed this year. Our probability-weighted forecast is an increase in the statutory tax rate to 26% from 21% currently. Our equity analysts will be incorporating the new tax rate into their valuation models over the coming weeks, but our preliminary analysis suggests a mid-single-digit impact to the average U.S. equity valuation.

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Company Profile

Business Description

Honeywell traces its roots to 1885 with Albert Butz’s firm, Butz-Thermo Electric Regulator, which produced a predecessor to the modern thermostat. Today, Honeywell is a global multi-industry behemoth with one of the largest installed bases of equipment. The firm operates through four business segments, including aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. In recent years, the firm has made several portfolio changes, including the addition of Intelligrated in 2016, as well as the spins of Garrett Technologies and Resideo in 2018. In 2019, the firm launched Honeywell Forge, its enterprise performance management software solution that leverages the firm's domain expertise in buildings, airlines, and critical infrastructure.

Contact
300 South Tryon Street
Charlotte, NC, 28202
T +1 704 627-6200
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 103,000

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