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 has taken another decisive step in its ongoing portfolio transformation by revising its agreement to acquire Johnson Matthey’s Catalyst Technologies business for £1.325 billion, down from the originally announced £1.8 billion.</li><li>The updated transaction, now expected to close by late August 2026 pending regulatory approvals, reflects a more disciplined capital approach amid a broader strategic overhaul that includes the spin-off of Aerospace and the divestiture of select automation assets.</li><li>Management has reiterated that the acquisition will be accretive to adjusted earnings per share in the first full year of ownership, while reinforcing Honeywell UOP’s position in refining and renewable fuels.</li></ul>

Honeywell has taken another decisive step in its ongoing portfolio transformation by revising its agreement to acquire Johnson Matthey’s Catalyst Technologies business for £1.325 billion, down from the originally announced £1.8 billion.The updated transaction, now expected to close by late August 2026 pending regulatory approvals, reflects a more disciplined capital approach amid a broader strategic overhaul that includes the spin-off of Aerospace and the divestiture of select automation assets.Management has reiterated that the acquisition will be accretive to adjusted earnings per share in the first full year of ownership, while reinforcing Honeywell UOP’s position in refining and renewable fuels.

Honeywell’s £1.325B Catalyst Bet Could Supercharge Margins And Reshape Its Automation Empire!

<ul><li>Honeywell International Inc. recently concluded its fourth-quarter earnings for 2025 and provided an outlook for 2026, outlining a series of strategic initiatives and performance metrics that paint a mixed picture for investors.</li><li>On the positive side, Honeywell delivered a solid performance in the fourth quarter, with adjusted sales and earnings per share (EPS) exceeding expectations.</li><li>Orders increased by 23%, contributing to a backlog that exceeded $37 billion, signaling strong demand across various markets.</li></ul>

Honeywell International Inc. recently concluded its fourth-quarter earnings for 2025 and provided an outlook for 2026, outlining a series of strategic initiatives and performance metrics that paint a mixed picture for investors.On the positive side, Honeywell delivered a solid performance in the fourth quarter, with adjusted sales and earnings per share (EPS) exceeding expectations.Orders increased by 23%, contributing to a backlog that exceeded $37 billion, signaling strong demand across various markets.

Why Honeywell Is Doubling Down on Quantum Computing—and What Quantinuum’s 2027 Roadmap Signals!

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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 completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.</li>
<li>Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.</li>
<li>On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&amp;P 500’s which gained 18.6% gain over the same period.</li>
</ul>


Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.
Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.
On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&amp;P 500’s which gained 18.6% gain over the same period.


Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

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

<ul><li>This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.</li><li>Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.</li><li><p>Solstice was added to the S&amp;P 500 and performed well on its first day of trading before selling off on Friday.</p><figure class="editor-figure mceNonEditable"></figure></li></ul>

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.Solstice was added to the S&amp;P 500 and performed well on its first day of trading before selling off on Friday.

<ul><li>Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.</li><li>Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.</li><li>Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.</li></ul>

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

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’s £1.325B Catalyst Bet Could Supercharge Margins And Reshape Its Automation Empire!

Honeywell has taken another decisive step in its ongoing portfolio transformation by revising its agreement to acquire Johnson Matthey’s Catalyst...

Baptista Research

Why Honeywell Is Doubling Down on Quantum Computing—and What Quantinuum’s 2027 Roadmap Signals!

Honeywell International Inc. recently concluded its fourth-quarter earnings for 2025 and provided an outlook for 2026, outlining a series of...

Baptista Research

Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

The initial analysis on Solstice Advanced Materials has played out as expected, with the stock reaching our stated target price. With the initial...

GSBR Research

Weekly Update (WDC, AAF, LBTYA, LEN)

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week. Honeywell (HON) spun off 100% of its Advanced Materials...

Richard Howe

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic...

Baptista Research

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