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>Honeywell International has moved closer to the end of a multiyear portfolio overhaul after agreeing to sell its Productivity Solutions & Services business to Brady Corp. for $1.4 billion in cash, a deal that brings fresh attention to how much strategic value still sits inside the industrial group’s reshaping portfolio.</li><li>The transaction covers Honeywell’s barcode scanners, mobile computers, printing systems, software, and related services used in high-volume data collection and tracking, serving customers across logistics, warehousing, manufacturing, and retail.</li><li>The unit generated roughly $1.1 billion of sales in 2025 and employs about 3,000 people globally.</li></ul>

Honeywell International has moved closer to the end of a multiyear portfolio overhaul after agreeing to sell its Productivity Solutions & Services business to Brady Corp. for $1.4 billion in cash, a deal that brings fresh attention to how much strategic value still sits inside the industrial group’s reshaping portfolio.The transaction covers Honeywell’s barcode scanners, mobile computers, printing systems, software, and related services used in high-volume data collection and tracking, serving customers across logistics, warehousing, manufacturing, and retail.The unit generated roughly $1.1 billion of sales in 2025 and employs about 3,000 people globally.

Honeywell: The $1.4 Billion Brady Corp. Sale Reveals Where The Portfolio Is Heading!

<ul><li>Honeywell International Inc. delivered a quarter characterized by solid operational execution alongside notable external and internal headwinds, with management commentary indicating a balance between near-term disruption and medium-term visibility supported by backlog and portfolio actions.</li><li>Performance in the quarter reflected resilience across most segments, particularly in Building Automation and Aerospace, where underlying demand trends remained strong despite supply-side constraints.</li><li>Aerospace growth was temporarily limited by acute disruptions from a small number of mechanical suppliers affecting engines and control systems, with management emphasizing that the issue was highly specific and transitory, showing recovery momentum by March and into April.</li></ul>

Honeywell International Inc. delivered a quarter characterized by solid operational execution alongside notable external and internal headwinds, with management commentary indicating a balance between near-term disruption and medium-term visibility supported by backlog and portfolio actions.Performance in the quarter reflected resilience across most segments, particularly in Building Automation and Aerospace, where underlying demand trends remained strong despite supply-side constraints.Aerospace growth was temporarily limited by acute disruptions from a small number of mechanical suppliers affecting engines and control systems, with management emphasizing that the issue was highly specific and transitory, showing recovery momentum by March and into April.

Honeywell: The Stress Test Is Middle East Service Revenue Not The Backlog Story!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>HD Fire Protect is entering the public market through an entirely secondary offer  worth Rs. 712.31 crore at the upper price band. Subscription is scheduled for 13–15 October 2026. </li>
<li>A specialised maker of sprinklers, valves, foam systems and engineered fire-protection equipment, the company combines broad international product approvals with exports to more than 90 countries. </li>
<li>FY26 operating EBITDA margin of 30.75% and RoCE of approximately 40.3% indicate a comparatively profitable, capital-efficient franchise; nevertheless, FY26 PAT increased only 6.4%, and margin pressure continued in Q1 FY27.</li>
</ul>


HD Fire Protect is entering the public market through an entirely secondary offer  worth Rs. 712.31 crore at the upper price band. Subscription is scheduled for 13–15 October 2026. 
A specialised maker of sprinklers, valves, foam systems and engineered fire-protection equipment, the company combines broad international product approvals with exports to more than 90 countries. 
FY26 operating EBITDA margin of 30.75% and RoCE of approximately 40.3% indicate a comparatively profitable, capital-efficient franchise; nevertheless, FY26 PAT increased only 6.4%, and margin pressure continued in Q1 FY27.


HD Fire Protect IPO: A High-Margin Export Franchise

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Honeywell to spin off aerospace unit into Honeywell Aerospace (HONA), creating a pure-play A&amp;D leader with ~$17.4B revenue and strong aftermarket-driven earnings visibility</li>
<li>SOTP valuation implies modest upside, with HONA contributing ~58% of equity value, highlighting potential conglomerate discount unwinding post separation</li>
<li>Key risk remains HONA’s ~$15.7B debt (~3.2x EBITDA), which could constrain flexibility despite strong margins and long-cycle aerospace demand tailwinds.</li>
</ul>


Honeywell to spin off aerospace unit into Honeywell Aerospace (HONA), creating a pure-play A&amp;D leader with ~$17.4B revenue and strong aftermarket-driven earnings visibility
SOTP valuation implies modest upside, with HONA contributing ~58% of equity value, highlighting potential conglomerate discount unwinding post separation
Key risk remains HONA’s ~$15.7B debt (~3.2x EBITDA), which could constrain flexibility despite strong margins and long-cycle aerospace demand tailwinds.


Honeywell (Nasdaq: HON) - Initiating SOTP with Standalone Fair Values for HON (Ex HONA) And HONA

<ul>
<li>Honeywell to spin off Aerospace (HONA) by Q3 2026, creating a ~$17.4B revenue, ~24.5% margin pure-play aerospace &amp; defense company with strong aftermarket exposure</li>
<li>Separation sharpens strategic focus: Honeywell becomes industrial automation-led, while HONA targets aerospace-specific capital allocation and investor base, supporting potential valuation re-rating.</li>
<li>Key risk is leverage: HONA launches with ~$15.7B debt, though strong backlog (~$18B) and recurring revenues support deleveraging and long-term earnings visibility.</li>
</ul>


Honeywell to spin off Aerospace (HONA) by Q3 2026, creating a ~$17.4B revenue, ~24.5% margin pure-play aerospace &amp; defense company with strong aftermarket exposure
Separation sharpens strategic focus: Honeywell becomes industrial automation-led, while HONA targets aerospace-specific capital allocation and investor base, supporting potential valuation re-rating.
Key risk is leverage: HONA launches with ~$15.7B debt, though strong backlog (~$18B) and recurring revenues support deleveraging and long-term earnings visibility.


Honeywell International (HON) To Spin-Off a $17.4B Aerospace Franchise in Q3 FY2026

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)

Honeywell: The $1.4 Billion Brady Corp. Sale Reveals Where The Portfolio Is Heading!

Honeywell International has moved closer to the end of a multiyear portfolio overhaul after agreeing to sell its Productivity Solutions &...

Baptista Research

Honeywell: The Stress Test Is Middle East Service Revenue Not The Backlog Story!

Honeywell International Inc. delivered a quarter characterized by solid operational execution alongside notable external and internal headwinds,...

Baptista Research

HD Fire Protect IPO: A High-Margin Export Franchise

HD Fire protect IPO: A Specialised, niche and India's 2nd Largest Fire Protect Equipment manufacturer with moat of certification and Product...

Sudarshan Bhandari

Honeywell (Nasdaq: HON) - Initiating SOTP with Standalone Fair Values for HON (Ex HONA) And HONA

Honeywell to spin off aerospace unit, creating pure-play A&D leader. Initiate stand alone fair value estimate for the parent and the spin. SOTP...

GSBR Research

Honeywell International (HON) To Spin-Off a $17.4B Aerospace Franchise in Q3 FY2026

Honeywell to spin off Aerospace by Q3 2026, creating a $17.4B revenue pure-play aerospace & defense company. Separation sharpens focus and...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Honeywell: The $1.4 Billion Brady Corp. Sale Reveals Where The Portfolio Is Heading!

Honeywell International has moved closer to the end of a multiyear portfolio overhaul after agreeing to sell its Productivity Solutions &...

Baptista Research

Honeywell: The Stress Test Is Middle East Service Revenue Not The Backlog Story!

Honeywell International Inc. delivered a quarter characterized by solid operational execution alongside notable external and internal headwinds,...

Baptista Research

HD Fire Protect IPO: A High-Margin Export Franchise

HD Fire protect IPO: A Specialised, niche and India's 2nd Largest Fire Protect Equipment manufacturer with moat of certification and Product...

Sudarshan Bhandari

Honeywell (Nasdaq: HON) - Initiating SOTP with Standalone Fair Values for HON (Ex HONA) And HONA

​Honeywell to spin off aerospace unit, creating pure-play A&D leader. Initiate stand alone fair value estimate for the parent and the spin. SOTP...

GSBR Research

Honeywell International (HON) To Spin-Off a $17.4B Aerospace Franchise in Q3 FY2026

​Honeywell to spin off Aerospace by Q3 2026, creating a $17.4B revenue pure-play aerospace & defense company. Separation sharpens focus and...

GSBR Research

Honeywell to spin off aerospace unit, creating pure-play A&D leader. Initiate stand alone fair value estimate for the parent and the spin. SOTP...

Honeywell to spin off Aerospace by Q3 2026, creating a $17.4B revenue pure-play aerospace & defense company. Separation sharpens focus and...