Intrinsic Valuation of HON
	HON Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$5,143,000,000	-3.00%		EPS (FY)	7.91		Market Cap	121B
	2020		$5,302,000,000	-12.48%		P/E Ratio	23.68		Total Asset	63B
	2019		$6,058,000,000	8.06%		Net Income	6B		Total Debt	21B
	2018		$5,606,000,000	13.60%		EBITDA	8B		Total Liab	45B
	2017		$4,935,000,000	12.08%		Opr Margin	0.1971		Debt/Equity	1.07
	2016		$4,403,000,000			PreTax Margin	0.2005		BV/Share	27.12
	5Y Average FCF		$5,408,800,000	3.65%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	5.71%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$5,330,863,341			MBG Intrinsic Value			$166.01
	2023		$5,525,588,948
	2024		$5,727,427,486
	2025		$5,936,638,776
	2026		$6,153,492,129
	2027		$6,378,266,694
	Terminal Value		$203,946,695,534			Net Worth/Share			$26.19
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$167,129,838,841				Growth Rate
	(+) Cash & Cash Equivalents	$11,523,000,000			228.26	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$20,631,000,000		WACC	5.61%	183.9	206.3	235.8	276.7	337.0
	Equity Value	$158,021,838,841			5.66%	181.4	203.2	231.8	271.2	328.8
	Shares Outstanding	692300000			5.71%	179.1	200.2	227.9	265.9	321.0
					6.21%	158.0	174.2	194.8	221.7	258.6
	DCF Intrinsic Value	$228.26			6.71%	141.1	153.8	169.5	189.5	215.7
Swarnadeep Seth (2022)