| Intrinsic Valuation of: HON | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 9 | Market Cap | $154B | |||||
| 2021 | - | - (-) | P/E Ratio | 27 | Total Asset | $75B | |||||
| 2022 | $5B | - (-) | Net Income | $6B | Total Debt | $25B | |||||
| 2023 | $5B | -12.3% (-15.0%) | EBITDA | $10B | Total Liab | $56B | |||||
| 2024 | $4B | -4.6% (-7.7%) | Opr Margin | 0.20 | Debt/Equity | 1.33 | |||||
| 2025 | $5B | 14.7% (9.2%) | PreTax Margin | 17.15 | BV/Share | -15 | |||||
| 5Y Average FCF | $5B | -0.7% (-4.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | $5B | MBG Intrinsic Value | $80 | ||||||||
| 2027 | $5B | ||||||||||
| 2028 | $6B | ||||||||||
| 2029 | $6B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $130B | Net Worth/Share | $30 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $111B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $11B | $149 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $25B | WACC | 7.3% | 129 | 140 | 153 | 169 | 190 | |||
| Equity Value | $96B | 7.4% | 127 | 138 | 151 | 167 | 187 | ||||
| Shares Outstanding | 643,257,024 | 7.4% | 126 | 137 | 149 | 165 | 184 | ||||
| 7.9% | 114 | 123 | 133 | 146 | 161 | ||||||
| DCF Intrinsic Value | $149 | 8.4% | 104 | 111 | 120 | 130 | 142 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||