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’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.</li><li>Solstice recently filed its <a href="https://www.bamsec.com/filing/206495325000006/20" target="_blank" rel="noopener">Form 10 Information Statement</a> and confirmed Q4 timing. Here is the slide deck that <a href="https://stockspinoffinvesting.com/wp-content/uploads/2024/10/Honeywell-Advanced-Materials-Spin-off-Presentation.pdf" target="_blank" rel="noopener">was published</a> at the time of the announcement last fall.</li><li>An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.</li></ul>

Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.

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.

<ul>
<li>Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company</li>
<li>The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.</li>
<li>Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy &amp; Sustainability Solutions.</li>
</ul>


Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company
The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.
Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy &amp; Sustainability Solutions.


Honeywell Files Form 10 for the Spin-Off of Solstice Advanced Materials (SOLS)

<ul><li>In December 2024, Continental’s (XTRA: CON) Executive Board approved spinning off the Automotive group sector by end of 2025, with preparations wrapping up by Q3 2025</li><li>The new Automotive company (“Aumovio”) which generates ~€20BN in sales, will begin regular way trading in September.</li><li>The automative business has struggled, but management has plans in place to improve margins over time.<figure class="editor-figure mceNonEditable"></figure></li></ul>

In December 2024, Continental’s (XTRA: CON) Executive Board approved spinning off the Automotive group sector by end of 2025, with preparations wrapping up by Q3 2025The new Automotive company (“Aumovio”) which generates ~€20BN in sales, will begin regular way trading in September.The automative business has struggled, but management has plans in place to improve margins over time.

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!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a> is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.</li>
<li>I discussed the investment case in <a href="https://www.smartkarma.com/insights/geekplus-technology-ipo-2590-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:192127" rel="noopener">Geekplus Technology IPO (2590 HK): The Investment Case</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.</li>
</ul>



Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
I discussed the investment case in Geekplus Technology IPO (2590 HK): The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.


Geekplus Technology IPO (2590 HK): Valuation Insights

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 (HON, SOLS, BRSL)

Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.

Richard Howe

Honeywell Files Form 10 for the Spin-Off of Solstice Advanced Materials (SOLS)

Honeywell has filed the Form 10 registration statement with the SEC for Solstice Advanced Materials, marking a pivotal step toward its planned spin...

GSBR Research

Weekly Update (BRSL, SUNN, CON)

In December 2024, Continental’s (XTRA: CON) Executive Board approved spinning off the Automotive group sector by end of 2025, with preparations...

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

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus, a leader in the global autonomous mobile robot (AMR) market, is seeking to raise US$300 million. In this note, I present my forecasts and...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (HON, SOLS, BRSL)

Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.

Richard Howe

Honeywell Files Form 10 for the Spin-Off of Solstice Advanced Materials (SOLS)

Honeywell has filed the Form 10 registration statement with the SEC for Solstice Advanced Materials, marking a pivotal step toward its planned spin...

GSBR Research

Weekly Update (BRSL, SUNN, CON)

In December 2024, Continental’s (XTRA: CON) Executive Board approved spinning off the Automotive group sector by end of 2025, with preparations...

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

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus, a leader in the global autonomous mobile robot (AMR) market, is seeking to raise US$300 million. In this note, I present my forecasts and...

Arun George

Honeywell has filed the Form 10 registration statement with the SEC for Solstice Advanced Materials, marking a pivotal step toward its planned spin...