Elliott Management is pushing for a potential breakup of Honeywell, which could unlock significant shareholder value by separating its aerospace and automation segments. This move could lead to a 40%-64% increase in shareholder value, driven by Honeywell's strong position in aerospace and high-margin aftermarket sales. However, execution risks such as management cooperation and potential delays exist, and the current P/E ratio of 22.7x may be high without spin-off progress.