Honeywell's Quantinuum stake is very underpriced when weaker quantum names like Rigetti and Quantum Computing are bid up to multi-billion valuations. Quantinuum is the best asset in quantum and just raised at $10bn from Nvidia, yet Honeywell trades at 18 times earnings, with Elliott as activist and leverage to robotics over two to three years. Standalone quantum valuations may be wrong, but Honeywell has scarcity value as one of few institutionally investable quantum names besides IBM. x.com  … Show more

Honeywell is still undervalued with its spinoffs coming, including the upcoming aerospace separation. x.com 

Honeywell Aerospace starts life with heavy spin-off burdens, so it is worth waiting for a better price. It carries $15.85 billion of debt and $800 million of annual interest after sending $15.1 billion to Honeywell, pays $1.125 billion over five years to use the Honeywell name, faces standalone overhead and took on the $375 million Flexjet settlement. After a guidance cut, institutions may shun it through year-end and underwater holders may sell for tax losses. It should still do well long term. … Show more

Honeywell's breakup should unlock value, because its ~17x blended EV/EBITDA is a conglomerate multiple on aerospace and automation businesses that deserve different valuations. Aerospace spins out with a 27% EBITDA margin, second only to TransDigm among peers, while automation is dragged down by the conglomerate wrapper. At peer-median multiples the parts are worth about $307 a share, roughly 39% above $221.50, with a $187 bear case and $439+ bull case. The June 3 aerospace investor day is key. … Show more

IonQ is forming a massive cup pattern on heavy institutional accumulation, with institutions more than doubling their holdings over the past year. The quantum theme is also heating up, as Honeywell's Quantinuum IPO is reportedly 20x oversubscribed and begins trading today. x.com 

The Shortlist targets companies it tags as pump-and-dumps, industry bubbles, constrained-float cases, potential fraud or overleveraged. Its Oct. 23 realistic-value estimates imply large downside, including 79% for ReAlloy, 53% for Critical Metals, 60% for Infleqtion and 62% for Quantinuum. x.com 

Quantinuum's valuation is a stretch after its IPO debut jump. More than $15 billion of market value rests on just $79 million in bookings, even as the quantum era approaches. x.com 

Quantinuum looks expensive against its sales at $48.73. It trades at 101x sales and 38x next year's, while software companies usually get 5x. Fair value is $36.21 to $46.09, about 5x next year's sales give or take 12%, with a pullback level at $40.40. This is a levels-only view based on reported earnings and revenue estimates, with no fundamental work. x.com 

Honeywell Aerospace has always been a weak business, with a worse mix than better aerospace names such as HEI, TransDigm, Howmet and GE. With so many good aerospace businesses available, there is little reason to own it. @pitandhummus agrees that, underwritten standalone after the spin-off, it looked overstated relative to much better businesses like GE. x.com  x.com 

Quantum computing stocks such as IonQ, Rigetti, Quantum Computing Inc, Arqit, SEALSQ, BTQ and HQ could catch a bid around Quantinuum's IPO. Quantinuum is raising about $1.46 billion at a roughly $14 billion valuation, the first traditional IPO of a full-stack quantum company, anchored by long-only demand. Big IPOs reprice whole sectors as allocators who missed the deal seek liquid exposure, as with Cerebras and SpaceX. The driver is positioning, not fundamentals, so these are very risky trades. … Show more