Intrinsic value of Belden - BDC

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$69.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$69.70

 
Intrinsic value

$80.77

 
Up/down potential

+16%

 
Rating

hold

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BDC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.08
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  2,357
  2,416
  2,482
  2,556
  2,637
  2,726
  2,822
  2,926
  3,037
  3,156
  3,283
  3,419
  3,563
  3,716
  3,878
  4,050
  4,232
  4,424
  4,626
  4,840
  5,066
  5,304
  5,555
  5,819
  6,097
  6,389
  6,697
  7,021
  7,362
  7,721
  8,098
Variable operating expenses, $m
 
  2,265
  2,324
  2,389
  2,460
  2,538
  2,623
  2,714
  2,812
  2,917
  3,029
  3,009
  3,136
  3,271
  3,414
  3,565
  3,725
  3,894
  4,072
  4,260
  4,459
  4,669
  4,889
  5,122
  5,366
  5,624
  5,895
  6,180
  6,480
  6,796
  7,128
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,135
  2,265
  2,324
  2,389
  2,460
  2,538
  2,623
  2,714
  2,812
  2,917
  3,029
  3,009
  3,136
  3,271
  3,414
  3,565
  3,725
  3,894
  4,072
  4,260
  4,459
  4,669
  4,889
  5,122
  5,366
  5,624
  5,895
  6,180
  6,480
  6,796
  7,128
Operating income, $m
  222
  151
  159
  168
  177
  188
  199
  212
  225
  240
  255
  410
  427
  445
  465
  485
  507
  530
  554
  580
  607
  635
  665
  697
  730
  765
  802
  841
  882
  925
  970
EBITDA, $m
  368
  343
  352
  363
  374
  387
  400
  415
  431
  448
  466
  485
  505
  527
  550
  574
  600
  627
  656
  687
  719
  752
  788
  825
  865
  906
  950
  996
  1,044
  1,095
  1,149
Interest expense (income), $m
  87
  84
  87
  91
  94
  99
  103
  108
  114
  119
  125
  132
  139
  147
  154
  163
  172
  181
  191
  202
  213
  224
  237
  250
  263
  278
  293
  309
  325
  343
  362
Earnings before tax, $m
  126
  67
  72
  77
  83
  89
  96
  104
  112
  120
  129
  278
  288
  299
  310
  322
  335
  349
  363
  378
  394
  411
  429
  448
  467
  488
  510
  532
  557
  582
  608
Tax expense, $m
  -2
  18
  19
  21
  22
  24
  26
  28
  30
  32
  35
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  150
  157
  164
Net income, $m
  128
  49
  52
  56
  61
  65
  70
  76
  82
  88
  94
  203
  210
  218
  226
  235
  245
  255
  265
  276
  288
  300
  313
  327
  341
  356
  372
  389
  406
  425
  444

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  848
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,807
  3,031
  3,115
  3,207
  3,309
  3,420
  3,541
  3,671
  3,811
  3,960
  4,120
  4,290
  4,471
  4,663
  4,866
  5,082
  5,310
  5,550
  5,805
  6,073
  6,356
  6,655
  6,969
  7,301
  7,650
  8,017
  8,403
  8,810
  9,238
  9,687
  10,160
Adjusted assets (=assets-cash), $m
  2,959
  3,031
  3,115
  3,207
  3,309
  3,420
  3,541
  3,671
  3,811
  3,960
  4,120
  4,290
  4,471
  4,663
  4,866
  5,082
  5,310
  5,550
  5,805
  6,073
  6,356
  6,655
  6,969
  7,301
  7,650
  8,017
  8,403
  8,810
  9,238
  9,687
  10,160
Revenue / Adjusted assets
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
Average production assets, $m
  763
  783
  804
  828
  855
  883
  914
  948
  984
  1,023
  1,064
  1,108
  1,154
  1,204
  1,257
  1,312
  1,371
  1,433
  1,499
  1,568
  1,641
  1,718
  1,800
  1,885
  1,975
  2,070
  2,170
  2,275
  2,385
  2,502
  2,624
Working capital, $m
  909
  63
  65
  66
  69
  71
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  159
  166
  174
  183
  191
  201
  211
Total debt, $m
  1,620
  1,677
  1,743
  1,816
  1,897
  1,985
  2,081
  2,184
  2,295
  2,413
  2,540
  2,675
  2,818
  2,970
  3,132
  3,303
  3,483
  3,674
  3,876
  4,089
  4,314
  4,550
  4,800
  5,062
  5,339
  5,630
  5,937
  6,259
  6,598
  6,955
  7,330
Total liabilities, $m
  2,346
  2,404
  2,470
  2,543
  2,624
  2,712
  2,808
  2,911
  3,022
  3,140
  3,267
  3,402
  3,545
  3,697
  3,859
  4,030
  4,210
  4,401
  4,603
  4,816
  5,041
  5,277
  5,527
  5,789
  6,066
  6,357
  6,664
  6,986
  7,325
  7,682
  8,057
Total equity, $m
  1,460
  627
  645
  664
  685
  708
  733
  760
  789
  820
  853
  888
  925
  965
  1,007
  1,052
  1,099
  1,149
  1,202
  1,257
  1,316
  1,378
  1,443
  1,511
  1,583
  1,659
  1,739
  1,824
  1,912
  2,005
  2,103
Total liabilities and equity, $m
  3,806
  3,031
  3,115
  3,207
  3,309
  3,420
  3,541
  3,671
  3,811
  3,960
  4,120
  4,290
  4,470
  4,662
  4,866
  5,082
  5,309
  5,550
  5,805
  6,073
  6,357
  6,655
  6,970
  7,300
  7,649
  8,016
  8,403
  8,810
  9,237
  9,687
  10,160
Debt-to-equity ratio
  1.110
  2.670
  2.700
  2.740
  2.770
  2.800
  2.840
  2.870
  2.910
  2.940
  2.980
  3.010
  3.050
  3.080
  3.110
  3.140
  3.170
  3.200
  3.230
  3.250
  3.280
  3.300
  3.330
  3.350
  3.370
  3.390
  3.410
  3.430
  3.450
  3.470
  3.490
Adjusted equity ratio
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  49
  52
  56
  61
  65
  70
  76
  82
  88
  94
  203
  210
  218
  226
  235
  245
  255
  265
  276
  288
  300
  313
  327
  341
  356
  372
  389
  406
  425
  444
Depreciation, amort., depletion, $m
  146
  192
  193
  195
  197
  199
  201
  203
  206
  208
  211
  75
  79
  82
  85
  89
  93
  98
  102
  107
  112
  117
  122
  128
  134
  141
  148
  155
  162
  170
  178
Funds from operations, $m
  342
  240
  246
  251
  257
  264
  271
  279
  287
  296
  305
  278
  289
  300
  312
  325
  338
  352
  367
  383
  399
  417
  435
  455
  475
  497
  520
  543
  569
  595
  623
Change in working capital, $m
  27
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Cash from operations, $m
  315
  345
  244
  249
  255
  262
  269
  276
  284
  293
  302
  274
  285
  296
  308
  320
  333
  347
  362
  377
  394
  411
  429
  448
  468
  489
  512
  535
  560
  586
  613
Maintenance CAPEX, $m
  0
  -52
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -79
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -170
New CAPEX, $m
  -54
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
Cash from investing activities, $m
  -73
  -72
  -75
  -79
  -82
  -87
  -91
  -96
  -100
  -106
  -111
  -116
  -122
  -129
  -135
  -141
  -148
  -155
  -164
  -171
  -180
  -189
  -198
  -208
  -218
  -229
  -241
  -253
  -265
  -278
  -292
Free cash flow, $m
  242
  273
  169
  171
  172
  175
  177
  180
  184
  187
  191
  158
  163
  168
  173
  179
  185
  192
  199
  206
  214
  222
  231
  240
  250
  260
  271
  282
  294
  307
  321
Issuance/(repayment) of debt, $m
  -72
  57
  66
  73
  81
  88
  96
  103
  111
  119
  127
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  237
  249
  263
  277
  291
  306
  322
  339
  357
  375
Issuance/(repurchase) of shares, $m
  494
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  418
  57
  66
  73
  81
  88
  96
  103
  111
  119
  127
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  237
  249
  263
  277
  291
  306
  322
  339
  357
  375
Total cash flow (excl. dividends), $m
  647
  330
  235
  244
  253
  263
  273
  283
  294
  306
  318
  293
  306
  320
  335
  350
  366
  383
  400
  419
  438
  459
  480
  503
  526
  551
  577
  605
  634
  664
  696
Retained Cash Flow (-), $m
  -636
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
  -93
  -98
Prev. year cash balance distribution, $m
 
  848
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,163
  218
  225
  232
  240
  248
  257
  265
  275
  285
  258
  269
  280
  292
  305
  319
  333
  348
  363
  380
  397
  415
  434
  454
  475
  497
  521
  545
  571
  598
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  1,105
  196
  190
  184
  177
  169
  160
  151
  141
  131
  105
  97
  88
  79
  70
  62
  54
  46
  39
  32
  26
  21
  17
  13
  10
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Belden Inc. designs, manufactures, and markets signal transmission solutions worldwide. Its Broadcast Solutions segment offers camera solutions, production switchers, server and storage systems for instant replay applications, interfaces and routers, monitoring systems, network and playout systems, plant connectivity products, and cable and connectivity products for television broadcast, cable, satellite, and IPTV industries. The company’s Enterprise Connectivity Solutions segment provides copper cable and connectivity solutions, fiber cable and connectivity solutions, and racks and enclosures; and power, cooling, and airflow management products for mission-critical data center operations. Its Industrial Connectivity Solutions segment offers infrastructure components and on-machine connectivity systems, including industrial and input/output (I/O) connectors, industrial cables, IP and networking cables, I/O modules, distribution boxes, ruggedized controls and sensors, customer specific wiring solutions, and load-moment indicator systems, as well as controllers and sensors for use in industrial automation applications. The company’s Industrial IT Solutions segment provides security devices, Ethernet switches and related equipment, routers and gateways, network management software, and wireless systems for use in factory automation, power generation and distribution, process automation, and infrastructure projects. Its Network Security Solutions segment offers software and services to detect, prevent, and respond against cyberattacks and data breaches in the utilities and energy, finance, insurance, technology, communications, retail, and healthcare markets, as well as to the government. Belden Inc. sells its products to distributors, end-users, installers, and original equipment manufacturers. The company was formerly known as Belden CDT Inc. and changed its name to Belden Inc. in May 2007. Belden Inc. was founded in 1902 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Belden (BDC)

Valuation Ratios
P/E Ratio 23
Price to Sales 1.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 11.3
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.8%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 111%
Total Debt to Equity 111%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 41.6%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 15.2%
EBITDA Margin - 3 Yr. Avg. 12.8%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate -1.6%
Eff/ Tax Rate - 3 Yr. Avg. -19.8%
Payout Ratio 12.5%

BDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BDC stock intrinsic value calculation we used $2357 million for the last fiscal year's total revenue generated by Belden. The default revenue input number comes from 2016 income statement of Belden. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BDC stock valuation model: a) initial revenue growth rate of 2.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.2%, whose default value for BDC is calculated based on our internal credit rating of Belden, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Belden.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BDC stock the variable cost ratio is equal to 93.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BDC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.2% for Belden.

Corporate tax rate of 27% is the nominal tax rate for Belden. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BDC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BDC are equal to 32.4%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Belden operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BDC is equal to 2.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1460 million for Belden - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 41.914 million for Belden is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Belden at the current share price and the inputted number of shares is $2.9 billion.


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COMPANY NEWS

▶ Belden, Inc. Value Analysis (NYSE:BDC) : April 27, 2017   [Apr-27-17 04:37PM  Capital Cube]
▶ Belden to Report First Quarter 2017 Results on May 3   [Apr-12-17 08:00AM  Business Wire]
▶ Belden Declares Quarterly Dividends   [01:01PM  Business Wire]
▶ ETFs with exposure to Belden, Inc. : February 6, 2017   [Feb-06-17 01:41PM  Capital Cube]
▶ Belden tops 4Q profit forecasts   [08:00AM  Associated Press]
▶ Corning and Belden Collaborate on Broadband   [Jan-11-17 02:34PM  at Investopedia]
▶ Belden to Report Fourth Quarter 2016 Results on February 2   [Jan-09-17 09:00AM  Business Wire]
▶ Belden Extends Shareholder Rights Agreement   [04:01PM  Business Wire]
▶ Clayton-based Belden goes public with bid letter to Digi board   [Dec-06-16 02:36PM  at bizjournals.com]
▶ What Smart Money Thinks about Belden Inc. (BDC)   [Dec-02-16 12:20PM  at Insider Monkey]
▶ Belden names new chairman   [Dec-01-16 08:40AM  at bizjournals.com]
▶ Belden Declares Quarterly Dividends   [Nov-29-16 07:16PM  Business Wire]
▶ Breaking Down Digi International's Big Price Run-Up   [Nov-22-16 06:43PM  at Motley Fool]
▶ Belden makes $380 million takeover bid for Digi   [Nov-14-16 09:10AM  at bizjournals.com]
▶ Belden to Report Third Quarter 2016 Results on November 2   [Oct-12-16 09:00AM  Business Wire]
▶ Belden to Host Educational Industrial Webcast Today   [Sep-13-16 07:30AM  Business Wire]
▶ Belden Declares Quarterly Dividends   [Aug-22-16 04:15PM  Business Wire]
▶ Belden to Participate in Upcoming Investor Events   [Aug-15-16 09:00AM  Business Wire]
▶ Belden to Participate in Upcoming Investor Conferences   [Aug-02-16 08:00AM  Business Wire]
Stock chart of BDC Financial statements of BDC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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