DDM Analysis: HONIV

Valuation Snapshot

Stable Growth	$75.53 - $111.50	$92.77
Multi-Stage	$117.53 - $128.79	$123.06
Blended Fair Value	$107.91
Current Price	$193.93
Upside	-44.36%
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	-	-	2.31%	2.28%	2.17%	2.09%	2.07%	1.95%	1.81%	1.69%	0.00%	0.00%

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	9.10%	9.10%	9.10%
Growth Rate	-0.86%	0.14%	1.14%
Fair Value	$75.53	$92.77	$111.50
Upside / Downside	-61.05%	-52.16%	-42.50%

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	9.10%	9.10%	9.10%
Growth Rate	-0.86%	0.14%	1.14%
Year 1 PV (M)	3,150.87	3,182.65	3,214.43
Year 2 PV (M)	3,286.40	3,353.03	3,420.33
Year 3 PV (M)	3,370.97	3,474.00	3,579.12
Year 4 PV (M)	3,412.74	3,552.53	3,696.57
Year 5 PV (M)	3,418.84	3,594.77	3,777.87
PV of Terminal Value (M)	59,350.90	62,405.06	65,583.68
Equity Value (M)	75,990.72	79,562.05	83,272.00
Shares Outstanding (M)	646.55	646.55	646.55
Fair Value	$117.53	$123.06	$128.79
Upside / Downside	-39.39%	-36.55%	-33.59%

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Honeywell International Inc. Common Stock Ex Distribution When Issued (HONIV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener