杰富瑞对霍尼韦尔旗下航空航天技术(Aerospace Technologies)部门估值为每股145美元，这是基于两年后利税折旧及摊销前利润(EBITDA)的17倍估值，该市盈率与同行公司相当。Analysts from Jefferies Financial stated in a report that the estimated comprehensive valuation of Honeywell (HON.US) is $260 per share.
According to the Zhitong Finance APP, Honeywell announced this week that the company is considering the possibility of divesting its Aviation business, while its Board of Directors continues to explore Other strategic options. Analysts from Jefferies Financial stated in a report that the estimated comprehensive valuation of Honeywell (HON.US) is $260 per share. This basic estimate comes as activist investor Elliott Investment Management is calling for the split of this Industrial Conglomerates.
Honeywell's management plans to provide investors with an update on the portfolio assessment when announcing its fourth fiscal quarter results next year.
Jefferies values Honeywell's Aerospace Technologies division at $145 per share, based on a valuation of 17 times EBITDA two years from now, which is comparable to that of peer companies.
Jefferies analyst Sheila Kahyaoglu stated in a report on December 17: "Aerospace Technologies is a key business for Honeywell, but due to its large scale, it is often seen as a pain point in the original equipment supply chain delays." "Asset sales are unlikely, as this franchised business with annual revenues of up to $15 billion is 'too large' for potential acquirers."
The company produces engines and cockpit Electric Appliances for airlines such as Boeing (BA.US). 40% of Honeywell's annual sales come from Aviation technologies.
Two partners from Elliott stated this week that it is necessary to sell Honeywell's Aerospace business. Honeywell's management has maintained for years that its diversified operations are a key advantage, allowing the company to spread risks, adapt to market changes, and achieve stable growth, avoiding the need for a split due to over-complexity or poor management, which has spared it the fate of Other Conglomerates like General Electric and Dow Inc (DOW.US), where investor actions ultimately led to their breakups.
Like other industrial companies, Honeywell has been committed to transforming its portfolio through acquisitions and asset divestitures, seeking higher profit businesses in the fields of Aviation, Automation, and Clean Energy Transition. In October, the company announced plans to sell its advanced materials business valued at approximately 10 billion dollars.
Honeywell's stock price has increased by 11% this year, which is less than the S&P 500 Index's increase of 27%.
