The classical rationale for investing in an industrial conglomerate was that the diversity across its end markets provided growth across various market conditions. That argument still applies, particularly for a high-quality business like Honeywell (NASDAQ: HON).

While its businesses aren't all in growth mode right now (they rarely will be for a conglomerate), they're all strong businesses with plenty of long-term growth potential. As such, the potential for substantial dividend growth (current yield of 2%) and capital appreciation at Honeywell looks good. 

A quick look at the company's segmental growth guidance for 2023 reveals a lot about its potential to grow through various economic outcomes. 

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Source Fool.com