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

Industry: Conglomerates Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
8015.T	6	Toyota Tsusho Corp	67,246	12.71	10.54	8.32	7.31	10.25	9.57
6501.T	7	Hitachi, Ltd.	63,149	30.41	23.92	13.47	11.94	22.99	17.82
KCHOL.IS	8	Koç Holding A.S.	58,327	25.51	21.81	7.28	4.59	11.38	11.20
0656.HK	9	Fosun Internationa	54,013	-	-	45.36	47.06	14.39	-
8002.T	10	Marubeni Corporati	52,049	10.68	10.68	11.73	5.73	49.69	28.08
000880.KS	11	Hanwha Corporation	48,549	6.25	4.50	5.87	4.36	10.72	9.39
HON	12	Honeywell Internat	40,671	21.82	20.93	15.27	14.28	22.50	19.32
HONIV	13	Honeywell Internat	40,671	20.10	19.29	14.37	13.44	17.03	17.06
000906.SZ	14	Zheshang Developme	31,970	22.06	27.06	24.87	26.81	24.49	25.49
001040.KS	15	CJ Corporation	30,367	15.94	14.18	3.15	2.75	8.78	8.56
BBU	16	Brookfield Busines	27,790	-	-	7.66	6.93	11.93	11.18
MMM	17	3M Company	24,825	24.57	26.55	14.47	15.39	15.97	20.13
0392.HK	18	Beijing Enterprise	22,189	4.04	4.04	6.04	5.63	8.13	16.13
0019.HK	19	Swire Pacific Limi	21,981	3.30	3.86	3.58	3.86	23.55	17.13
FJI.F	20	FUJIFILM Holdings	20,533	17.37	15.37	11.21	10.23	17.18	13.09
PST.MI	21	Poste Italiane S.p	19,794	12.05	10.63	28.70	25.65	34.18	27.80

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.71	10.68	8.32	6.93	14.39	14.61
Full Range Median Multiple	15.94	14.18	11.21	7.31	15.97	16.63
Industry Multiple	15.90	14.93	13.80	12.83	19.07	16.78
Market Implied Multiple	20.83	19.99	14.80	13.84	17.54	17.57
Company (HONIV) Multiple	20.10	19.29	14.37	13.44	17.03	17.06
(*) Net Income / EBITDA / Revenue	6,129	6,388	10,334	11,050	8,720	8,704
Winsorized Enterprise Value	N/A	N/A	85,980	76,626	125,492	127,189
Full Range Median Enterprise Value	N/A	N/A	115,846	80,820	139,226	144,748
(-) Net Debt	25,285	25,285	25,285	25,285	25,285	25,285
Winsorized Equity Value	77,929	68,200	60,695	51,341	100,207	101,904
Full Range Median Equity Value	97,713	90,572	90,561	55,535	113,941	119,463
(/) Shares Outstanding	635	635	635	635	635	635
Winsorized Fair Value	$122.66	$107.35	$95.54	$80.81	$157.73	$160.40
Full Range Median Fair Value	$153.81	$142.57	$142.55	$87.42	$179.35	$188.04
Current Price	$200.99	$200.99	$200.99	$200.99	$200.99	$200.99
Upside / Downside	-38.97%	-46.59%	-52.47%	-59.79%	-21.52%	-20.19%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$85.87	$75.15	$66.88	$56.57	$110.41	$112.28
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy