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Honeywell International Inc HON

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Morningstar’s Analysis

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Economic Moat




No Surprises in Honeywell’s Latest Results as We Raise Our Fair Value for Time Value

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Nothing in wide-moat-rated Honeywell’s latest results materially alters our long-term view of the firm. We raise our fair value estimate to $166 per share form $162, primarily due to time value of money, along with about $1 raise due to noncore expenses. Our fair value estimate sits in line with the stock price, and while we think Honeywell is a business with strong fundamentals, we don’t think it’s a particularly mispriced security.

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Company Profile

Business Description

Honeywell traces its roots to inventor Albert Butz’s company, the Butz-Thermo Electric Regulator Co. in 1885, which produced a predecessor to the modern thermostat. From its origins developing climate control technology, which still operates today, Honeywell has emerged as a sprawling conglomerate with operations that span the globe. Today, it operates through four business segments--aerospace, building technologies, performance materials and technologies, and safety and productivity solutions--increasingly transforming itself into a software-industrial company serving diverse end markets like the U.S. defense, e-commerce, and oil and gas industries.

300 South Tryon Street
Charlotte, NC, 28202
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 113,000