Activist Urges Wide-Moat Honeywell to Spin Off its Aerospace Business
Mere weeks after taking over as CEO of Honeywell, Darius Adamczyk is responding to the overtures of an activist investor. Dan Loeb of Third Point Capital Management expressed his thesis that spinning off Honeywell’s aerospace segment would unlock $20 billion in shareholder value, helping shares of Honeywell command a premium valuation after historically lagging the trading multiples of peers like GE and 3M. Although we are not changing our $122 fair value estimate based on this news, we agree th...Honeywell International is a technology and manufacturing company. The company has four segments: Aerospace, which supplies products, software and services for aircrafts; Honeywell Building Technologies, which provides products, software, solutions and technologies including building control and optimization, energy management, access control, video surveillance, fire products, and remote patient monitoring systems; Performance Materials and Technologies, which develops and manufactures chemicals and materials, process technologies and automation solutions; and Safety and Productivity Solutions, which provides products and software that improve productivity, workplace safety and asset performance.
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