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Stock Spin-offs

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<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.

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<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

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

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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 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!

<ul>
<li>Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.</li>
<li>We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75</li>
<li>SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.</li>
</ul>


Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.
We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75
SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.


Honeywell International (Nasdaq: HON) To Spin-Off Solstice on October 30

<ul><li>Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. </li><li>Solstice is a leading global supplier of environmentally sustainable refrigerants, electronic materials, and specialty chemicals.</li><li>The business has historically grown at roughly a 4% CAGR and is positioned to benefit from several long-term tailwinds — including semiconductor expansion, data center growth, industrial onshoring, and regulatory phase-downs of high-GWP refrigerants.</li></ul>

Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. Solstice is a leading global supplier of environmentally sustainable refrigerants, electronic materials, and specialty chemicals.The business has historically grown at roughly a 4% CAGR and is positioned to benefit from several long-term tailwinds — including semiconductor expansion, data center growth, industrial onshoring, and regulatory phase-downs of high-GWP refrigerants.

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 (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

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

Honeywell completes spin-off of Solstice Advanced Materials Inc., with parent company seeing a decrease in stock price while spin-off gains on...

GSBR Research

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

Honeywell International (Nasdaq: HON) To Spin-Off Solstice on October 30

Honeywell to spin off Advanced Materials division as Solstice Advanced Materials Inc. on October 30, 2025. We values Solstice at $60/share with...

GSBR Research

Honeywell Spin-off (Solstice) Deep Dive

Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. Solstice is a leading global...

Richard Howe

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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

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

​Honeywell completes spin-off of Solstice Advanced Materials Inc., with parent company seeing a decrease in stock price while spin-off gains on...

GSBR Research

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

Honeywell International (Nasdaq: HON) To Spin-Off Solstice on October 30

​Honeywell to spin off Advanced Materials division as Solstice Advanced Materials Inc. on October 30, 2025. We values Solstice at $60/share with...

GSBR Research

Honeywell Spin-off (Solstice) Deep Dive

Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. Solstice is a leading global...

Richard Howe

Honeywell completes spin-off of Solstice Advanced Materials Inc., with parent company seeing a decrease in stock price while spin-off gains on...

Honeywell to spin off Advanced Materials division as Solstice Advanced Materials Inc. on October 30, 2025. We values Solstice at $60/share with...