• HON spun off 20% of sales in two actions in H2 last year, but the market cap loss was minimal.
• The company may do further spins going forward, but it has a more coherent, more growth-oriented structure now.
• HON has beaten its peers and the SPY for most of the past decade.
• An overview of its current strengths and opportunity to continue to provide alpha in the years ahead is provided as a starting point for further research.

Background

Honeywell (HON), once an unwieldy conglomerate, is looking sprightly and has provided this post-great recession performance versus a major comparator, United Technologies (UTX) and the S&P 500 (SPY):

Data by YCharts