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CAPITAL GOODS: Honeywell (HON A2[P]/A/A): Guidance Downgraded

CAPITAL GOODS
Hong KongBulletCredit BulletsAPAC

No material credit impact.

  • Honeywell has announced a collaboration on R&D with Bombardier. All legacy litigation between the companies has been resolved and the move positions Honeywell for a potential $17bn revenue stream for the life of the agreement.
  • The agreement impacts FY24 guidance downwards. Organic revenue growth is impacted by -1% and EBIT margin is seen 80bps lower. FCF guidance is lowered by $0.5bn (10%).
  • As well as investment outlay, the contract appears to have given concession on price to secure the deal and/or settle litigation.
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No material credit impact.

  • Honeywell has announced a collaboration on R&D with Bombardier. All legacy litigation between the companies has been resolved and the move positions Honeywell for a potential $17bn revenue stream for the life of the agreement.
  • The agreement impacts FY24 guidance downwards. Organic revenue growth is impacted by -1% and EBIT margin is seen 80bps lower. FCF guidance is lowered by $0.5bn (10%).
  • As well as investment outlay, the contract appears to have given concession on price to secure the deal and/or settle litigation.