Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Honeywell International / Equity Bottom-Up

<ul><li>In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.</li><li>The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.</li><li>Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.</li></ul>

In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.

Honeywell Is Finally Powering Ahead: A Game-Changing Comeback in Aerospace & Building Automation!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> and <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">Comfort Systems USA (FIX US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">Pure Storage Inc (PSTG US)</a> and <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> face reduced conviction due to sector balance and turnover.</li>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> has a higher probability of inclusion following the acquisition of <a href="https://www.smartkarma.com/entities/kellogg-co" target="_blank" data-smartkarma-citation="entities:16090:1" rel="noopener">Kellogg Co (K US)</a> which is still pending.</li>
</ul>



CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.

Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.

Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.


S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

<ul><li>Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and raised guidance despite a complex macroeconomic backdrop.</li><li>The company posted adjusted earnings per share of $2.51 on revenue of $9.8 billion, surpassing analyst estimates of $2.21 EPS on $9.6 billion in revenue.</li><li>This performance also marked a year-over-year improvement from $2.25 EPS on $9.1 billion in sales.</li></ul>

Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and raised guidance despite a complex macroeconomic backdrop.The company posted adjusted earnings per share of $2.51 on revenue of $9.8 billion, surpassing analyst estimates of $2.21 EPS on $9.6 billion in revenue.This performance also marked a year-over-year improvement from $2.25 EPS on $9.1 billion in sales.

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

<ul><li><p>So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading.</p></li><li><p>Spin-off stock performance was strong in 2024, but performance has turned over a bit in the last month.</p></li><li>On February 6, 2025, Honeywell International (HON) announced its plans to separate into three independent public entities:</li></ul>

So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading.Spin-off stock performance was strong in 2024, but performance has turned over a bit in the last month.On February 6, 2025, Honeywell International (HON) announced its plans to separate into three independent public entities:

United States

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

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Honeywell International (HON US)

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Honeywell Is Finally Powering Ahead: A Game-Changing Comeback in Aerospace & Building Automation!

In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across...

Baptista Research

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and...

Baptista Research

Upcoming Spin-Offs: Key Details

So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading. Spin-off stock performance was...

Richard Howe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Honeywell Is Finally Powering Ahead: A Game-Changing Comeback in Aerospace & Building Automation!

In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across...

Baptista Research

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

​CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and...

Baptista Research

Upcoming Spin-Offs: Key Details

So far in 2025, there have been 5 new US spin-off announcements. Meanwhile 3 new spin-offs have started trading. Spin-off stock performance was...

Richard Howe

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...