DDM Analysis: HON

Valuation Snapshot

Stable Growth	$81.28 - $122.32	$100.67
Multi-Stage	$133.42 - $146.34	$139.76
Blended Fair Value	$120.22
Current Price	$210.50
Upside	-42.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.51%	6.75%	4.49	4.42	4.21	4.06	4.01	3.78	3.51	3.28	2.96	2.67
YoY Growth	-	-	1.65%	5.00%	3.54%	1.31%	6.14%	7.48%	7.22%	10.65%	10.95%	14.30%
Dividend Yield	-	-	2.12%	2.19%	2.20%	2.09%	1.85%	2.82%	2.18%	2.37%	2.48%	2.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,129.00
(-) Cash Dividends Paid (M)	2,955.00
(=) Cash Retained (M)	3,174.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,225.80	766.13	459.68
Cash Retained (M)	3,174.00	3,174.00	3,174.00
(-) Cash Required (M)	-1,225.80	-766.13	-459.68
(=) Excess Retained (M)	1,948.20	2,407.88	2,714.33
(/) Shares Outstanding (M)	646.55	646.55	646.55
(=) Excess Retained per Share	3.01	3.72	4.20
LTM Dividend per Share	4.57	4.57	4.57
(+) Excess Retained per Share	3.01	3.72	4.20
(=) Adjusted Dividend	7.58	8.29	8.77
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-0.86%	0.14%	1.14%
Fair Value	$81.28	$100.67	$122.32
Upside / Downside	-61.39%	-52.17%	-41.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,129.00	6,137.82	6,146.65	6,155.50	6,164.36	6,173.23	6,358.42
Payout Ratio	48.21%	56.57%	64.93%	73.29%	81.64%	90.00%	92.50%
Projected Dividends (M)	2,955.00	3,472.21	3,990.90	4,511.08	5,032.75	5,555.90	5,881.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-0.86%	0.14%	1.14%
Year 1 PV (M)	3,171.31	3,203.30	3,235.29
Year 2 PV (M)	3,329.18	3,396.68	3,464.85
Year 3 PV (M)	3,437.00	3,542.06	3,649.23
Year 4 PV (M)	3,502.18	3,645.62	3,793.44
Year 5 PV (M)	3,531.19	3,712.90	3,902.02
PV of Terminal Value (M)	69,292.36	72,858.11	76,569.16
Equity Value (M)	86,263.23	90,358.67	94,613.98
Shares Outstanding (M)	646.55	646.55	646.55
Fair Value	$133.42	$139.76	$146.34
Upside / Downside	-36.62%	-33.61%	-30.48%

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Honeywell International Inc. (HON)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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