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CAPITAL GOODS: Honeywell (HON A2[P]/A/A): Potential Quantinuum IPO

CAPITAL GOODS

We don’t expect credit impact. Honeywell remains very active in M&A and therefore we expect little impact on leverage.

  • Bloomberg reported after our close Friday that Honeywell is considering an IPO of majority-owned Quantinuum at a potential $10bn valuation. With 54% ownership, proceeds could exceed $5bn although it’s not clear if they would hold onto some of their stake.
  • With FY24 adj. EBITDA expected around $7bn, this would be a meaningful headline leverage reduction. That said, Honeywell has ~$2.7bn in announced acquisitions unclosed and recently closed a ~$5bn transaction.
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