霍尼韦尔国际公司收购庄信万丰催化剂业务；对HON的分部加总估值（SoTP）具有吸引力

Restricted - External HONOVERWEIGHTU.S. Multi-IndustryNEUTRALPrice TargetUSD 243.00Price (21-May-25)USD 221.87Potential Upside/Downside+9.5%Source: Bloomberg, Barclays ResearchU.S. Multi-IndustryJulian Mitchell+1 212 526 1661julian.mitchell@barclays.comBCI, USJack Cauchi+1 212 526 9154jack.cauchi@barclays.comBCI, USKenyon C Pelletier+1 212 526 7516kenyonc.pelletier@barclays.comBCI, USMatthew Laflash+1 212 526 8639matthew.laflash@barclays.comBCI, USJimmy Yunhao Jiang+1 212 526 6042jimmy.jiang@barclays.comBCI, USHaemaru Chung+1 212 526 4758haemaru.chung@barclays.comBCI, US FIGURE 1. HON - Johnson Matthey Catalyst Technologies Business Scenario: ROIC Analysis (for illustrative purposes only)FIGURE 2. HON - Johnson Matthey Catalyst Technologies Business Scenario: Financial Estimates (for illustrative purposes only)(SoTP-based) is $276 on a mark-to-market basis. These UOP multiples do not appear to usoutlandish in light of this transaction multiple, and the higher margins / higher scale of UOPvs. CT.Details:We show below our ROIC / accretion analyses for Catalyst Technologies, based on ourestimates.What is Johnson Matthey's Catalyst Technologies Business?The Catalyst Technologies business segment is a leading provider of process technologylicensing and catalyst manufacturing. It has developed a pipeline of over 150 projects in itssustainable technologies portfolio that the business anticipates to deliver long-term profitablegrowth. Johnson Matthey also notes that Catalyst Technologies delivered significantcommercial wins and partnerships. Catalyst Technologies has ~1,900 employees across London Note: $m unless otherwise statedSource: Barclays Research estimatesNote: $m unless otherwise statedSource: Barclays Research estimates 2 FIGURE 3. 2026E EV/EBITDA SoTP (based on closing share prices as of May 21)(headquarters) as well as other sites in Europe, the US, and India. For the fiscal year ended3/31/25, Catalyst Technologies' sales / underlying EBITDA / underlying operating profit wereGBP728m / GBP119m / GBP92m.We show below our SoTPs. Our SoTPs take into account the distinct &differentcapitalstructures across the three businesses; the value of the total company sums these partstogether as one whole. Source: Barclays Research, Bloomberg22 May 2025 FIGURE 4. 2026E P/FCF SoTP (based on closing share prices as of May 21)Source: Barclays Research, Bloomberg22 May 2025Barclays | Honeywell International Inc. Analyst(s) Certification(s):I, Julian Mitchell, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Honeywell International Inc.(HON, 21-May-2025, USD 221