| Intrinsic Valuation of: HON | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 6 | Market Cap | $135B | |||||
| 2021 | - | - (-) | P/E Ratio | 34 | Total Asset | $74B | |||||
| 2022 | $5B | - (-) | Net Income | $5B | Total Debt | $27B | |||||
| 2023 | $5B | 2.0% (9.6%) | EBITDA | $8B | Total Liab | $59B | |||||
| 2024 | $5B | 13.6% (8.0%) | Opr Margin | 17.54 | Debt/Equity | 1.81 | |||||
| 2025 | $5B | 3.8% (-3.8%) | PreTax Margin | 13.95 | BV/Share | -22 | |||||
| 5Y Average FCF | $5B | 3.8% (4.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.36% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (3.8%) | ||||||||||
| 2026 | $5B | MBG Intrinsic Value | $56 | ||||||||
| 2027 | $6B | ||||||||||
| 2028 | $6B | ||||||||||
| 2029 | $6B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $133B | Net Worth/Share | $24 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $115B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $12B | $158 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $27B | WACC | 6.5% | 161 | 177 | 197 | 223 | 257 | |||
| Equity Value | $100B | 7.2% | 138 | 149 | 164 | 181 | 204 | ||||
| Shares Outstanding | 633,653,119 | 7.9% | 120 | 129 | 139 | 152 | 167 | ||||
| 8.7% | 105 | 112 | 120 | 130 | 141 | ||||||
| DCF Intrinsic Value | $158 | 9.4% | 94 | 99 | 105 | 113 | 121 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||