Intrinsic value of Belden - BDC

Previous Close

$62.94

  Intrinsic Value

$71.57

stock screener

  Rating & Target

hold

+14%

Previous close

$62.94

 
Intrinsic value

$71.57

 
Up/down potential

+14%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,357
  2,437
  2,493
  2,557
  2,629
  2,709
  2,796
  2,891
  2,994
  3,105
  3,224
  3,352
  3,488
  3,633
  3,787
  3,950
  4,123
  4,306
  4,500
  4,705
  4,921
  5,149
  5,390
  5,643
  5,911
  6,192
  6,488
  6,800
  7,128
  7,473
  7,837
Variable operating expenses, $m
 
  1,602
  1,634
  1,671
  1,712
  1,758
  1,808
  1,863
  1,922
  1,986
  2,054
  1,925
  2,003
  2,086
  2,175
  2,269
  2,368
  2,473
  2,585
  2,702
  2,826
  2,957
  3,096
  3,241
  3,395
  3,556
  3,726
  3,905
  4,094
  4,292
  4,501
Fixed operating expenses, $m
 
  605
  618
  632
  646
  660
  675
  689
  705
  720
  736
  752
  769
  786
  803
  821
  839
  857
  876
  895
  915
  935
  956
  977
  998
  1,020
  1,042
  1,065
  1,089
  1,113
  1,137
Total operating expenses, $m
  2,135
  2,207
  2,252
  2,303
  2,358
  2,418
  2,483
  2,552
  2,627
  2,706
  2,790
  2,677
  2,772
  2,872
  2,978
  3,090
  3,207
  3,330
  3,461
  3,597
  3,741
  3,892
  4,052
  4,218
  4,393
  4,576
  4,768
  4,970
  5,183
  5,405
  5,638
Operating income, $m
  222
  230
  241
  254
  271
  291
  313
  339
  368
  399
  434
  675
  716
  761
  809
  861
  917
  976
  1,040
  1,108
  1,180
  1,257
  1,339
  1,426
  1,518
  1,616
  1,720
  1,829
  1,946
  2,069
  2,199
EBITDA, $m
  368
  673
  689
  709
  733
  761
  792
  827
  866
  909
  955
  1,006
  1,061
  1,120
  1,183
  1,251
  1,324
  1,402
  1,484
  1,573
  1,666
  1,766
  1,871
  1,983
  2,102
  2,228
  2,361
  2,501
  2,650
  2,807
  2,973
Interest expense (income), $m
  87
  84
  87
  90
  94
  97
  102
  107
  112
  117
  123
  130
  137
  144
  152
  160
  169
  179
  189
  199
  210
  222
  235
  248
  262
  276
  291
  308
  324
  342
  361
Earnings before tax, $m
  126
  146
  154
  164
  177
  193
  212
  232
  256
  282
  311
  545
  579
  617
  657
  701
  747
  797
  851
  908
  970
  1,035
  1,104
  1,178
  1,256
  1,340
  1,428
  1,522
  1,621
  1,726
  1,838
Tax expense, $m
  -2
  39
  41
  44
  48
  52
  57
  63
  69
  76
  84
  147
  156
  167
  177
  189
  202
  215
  230
  245
  262
  279
  298
  318
  339
  362
  386
  411
  438
  466
  496
Net income, $m
  128
  106
  112
  120
  129
  141
  154
  170
  187
  206
  227
  398
  423
  450
  480
  511
  546
  582
  621
  663
  708
  755
  806
  860
  917
  978
  1,043
  1,111
  1,183
  1,260
  1,341

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
  3,918
  4,008
  4,111
  4,226
  4,355
  4,495
  4,648
  4,814
  4,992
  5,184
  5,389
  5,608
  5,841
  6,088
  6,351
  6,629
  6,924
  7,235
  7,564
  7,912
  8,279
  8,665
  9,073
  9,503
  9,955
  10,431
  10,933
  11,460
  12,015
  12,599
Adjusted assets (=assets-cash), $m
  2,959
  3,918
  4,008
  4,111
  4,226
  4,355
  4,495
  4,648
  4,814
  4,992
  5,184
  5,389
  5,608
  5,841
  6,088
  6,351
  6,629
  6,924
  7,235
  7,564
  7,912
  8,279
  8,665
  9,073
  9,503
  9,955
  10,431
  10,933
  11,460
  12,015
  12,599
Revenue / Adjusted assets
  0.797
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
Average production assets, $m
  763
  2,408
  2,463
  2,526
  2,597
  2,676
  2,762
  2,856
  2,958
  3,068
  3,186
  3,312
  3,446
  3,589
  3,741
  3,903
  4,074
  4,255
  4,446
  4,649
  4,862
  5,088
  5,325
  5,576
  5,840
  6,118
  6,410
  6,719
  7,043
  7,384
  7,743
Working capital, $m
  909
  -80
  -82
  -84
  -87
  -89
  -92
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -149
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -247
  -259
Total debt, $m
  1,620
  1,611
  1,667
  1,732
  1,804
  1,884
  1,973
  2,069
  2,172
  2,284
  2,405
  2,533
  2,670
  2,816
  2,971
  3,136
  3,311
  3,495
  3,691
  3,897
  4,115
  4,345
  4,587
  4,843
  5,112
  5,396
  5,695
  6,009
  6,340
  6,688
  7,054
Total liabilities, $m
  2,346
  2,456
  2,513
  2,577
  2,650
  2,730
  2,818
  2,914
  3,018
  3,130
  3,250
  3,379
  3,516
  3,662
  3,817
  3,982
  4,156
  4,341
  4,536
  4,743
  4,961
  5,191
  5,433
  5,689
  5,958
  6,242
  6,540
  6,855
  7,186
  7,534
  7,900
Total equity, $m
  1,460
  1,461
  1,495
  1,533
  1,576
  1,624
  1,677
  1,734
  1,796
  1,862
  1,934
  2,010
  2,092
  2,179
  2,271
  2,369
  2,473
  2,583
  2,699
  2,822
  2,951
  3,088
  3,232
  3,384
  3,544
  3,713
  3,891
  4,078
  4,275
  4,482
  4,699
Total liabilities and equity, $m
  3,806
  3,917
  4,008
  4,110
  4,226
  4,354
  4,495
  4,648
  4,814
  4,992
  5,184
  5,389
  5,608
  5,841
  6,088
  6,351
  6,629
  6,924
  7,235
  7,565
  7,912
  8,279
  8,665
  9,073
  9,502
  9,955
  10,431
  10,933
  11,461
  12,016
  12,599
Debt-to-equity ratio
  1.110
  1.100
  1.120
  1.130
  1.140
  1.160
  1.180
  1.190
  1.210
  1.230
  1.240
  1.260
  1.280
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
Adjusted equity ratio
  0.207
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  106
  112
  120
  129
  141
  154
  170
  187
  206
  227
  398
  423
  450
  480
  511
  546
  582
  621
  663
  708
  755
  806
  860
  917
  978
  1,043
  1,111
  1,183
  1,260
  1,341
Depreciation, amort., depletion, $m
  146
  443
  449
  455
  462
  470
  479
  488
  498
  509
  521
  331
  345
  359
  374
  390
  407
  425
  445
  465
  486
  509
  533
  558
  584
  612
  641
  672
  704
  738
  774
Funds from operations, $m
  342
  549
  561
  575
  592
  611
  633
  658
  685
  715
  748
  729
  768
  809
  854
  902
  953
  1,008
  1,066
  1,128
  1,194
  1,264
  1,339
  1,418
  1,501
  1,590
  1,684
  1,783
  1,888
  1,999
  2,116
Change in working capital, $m
  27
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  315
  551
  563
  577
  594
  614
  636
  661
  688
  719
  752
  733
  772
  814
  859
  907
  959
  1,014
  1,072
  1,135
  1,201
  1,272
  1,347
  1,426
  1,510
  1,599
  1,693
  1,793
  1,898
  2,010
  2,128
Maintenance CAPEX, $m
  0
  -236
  -241
  -246
  -253
  -260
  -268
  -276
  -286
  -296
  -307
  -319
  -331
  -345
  -359
  -374
  -390
  -407
  -425
  -445
  -465
  -486
  -509
  -533
  -558
  -584
  -612
  -641
  -672
  -704
  -738
New CAPEX, $m
  -54
  -47
  -55
  -63
  -71
  -79
  -86
  -94
  -102
  -110
  -118
  -126
  -134
  -143
  -152
  -161
  -171
  -181
  -191
  -202
  -214
  -225
  -238
  -251
  -264
  -278
  -293
  -308
  -324
  -341
  -359
Cash from investing activities, $m
  -73
  -283
  -296
  -309
  -324
  -339
  -354
  -370
  -388
  -406
  -425
  -445
  -465
  -488
  -511
  -535
  -561
  -588
  -616
  -647
  -679
  -711
  -747
  -784
  -822
  -862
  -905
  -949
  -996
  -1,045
  -1,097
Free cash flow, $m
  242
  268
  266
  267
  270
  275
  282
  290
  301
  313
  327
  289
  306
  326
  348
  372
  397
  425
  455
  488
  523
  560
  600
  643
  688
  737
  789
  844
  902
  965
  1,030
Issuance/(repayment) of debt, $m
  -72
  50
  56
  65
  73
  80
  88
  96
  104
  112
  120
  129
  137
  146
  155
  165
  174
  185
  195
  206
  218
  230
  242
  256
  269
  284
  299
  314
  331
  348
  366
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
  50
  56
  65
  73
  80
  88
  96
  104
  112
  120
  129
  137
  146
  155
  165
  174
  185
  195
  206
  218
  230
  242
  256
  269
  284
  299
  314
  331
  348
  366
Total cash flow (excl. dividends), $m
  647
  317
  323
  332
  343
  355
  370
  386
  405
  425
  447
  417
  444
  472
  503
  536
  572
  610
  651
  694
  741
  790
  843
  898
  958
  1,021
  1,088
  1,158
  1,233
  1,313
  1,397
Retained Cash Flow (-), $m
  -636
  -27
  -34
  -38
  -43
  -48
  -52
  -57
  -62
  -67
  -71
  -76
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  14
  15
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
Cash available for distribution, $m
 
  290
  289
  293
  300
  308
  318
  329
  343
  359
  376
  341
  362
  385
  411
  438
  468
  500
  534
  571
  611
  653
  698
  746
  798
  852
  910
  971
  1,036
  1,106
  1,179
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  274
  256
  242
  229
  216
  204
  192
  179
  167
  154
  122
  112
  102
  92
  81
  71
  62
  53
  44
  36
  29
  23
  18
  14
  10
  7
  5
  4
  2
  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. is a signal transmission solutions provider company. The Company operates through five segment: Broadcast Solutions (Broadcast), Enterprise Connectivity Solutions (Enterprise), Industrial Connectivity Solutions (Industrial Connectivity), Industrial IT Solutions (Industrial IT), and Network Security Solutions (Network Security). The segments design, manufacture, and market a portfolio of signal transmission solutions for applications used in a variety of end markets, including broadcast, enterprise, and industrial. The Company's portfolio of signal transmission solutions provides transmission of data, sound, and video for various applications. The Company's sells its products to distributors, end users, installers, and to original equipment manufacturers (OEMs). The Company has manufacturing facilities in the United States, other manufacturing and operating facilities in Brazil, Canada, China, Japan, Mexico, and St. Kitts, as well as in various countries in Europe.

FINANCIAL RATIOS  of  Belden (BDC)

Valuation Ratios
P/E Ratio 20.7
Price to Sales 1.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 10.2
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 $2389 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% 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 6%, 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 65.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $592 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 5.4% 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 0.6%.

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 98.8%.

Life of production assets of 10 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 -3.3%. 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 - $1434 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 42 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 $2.6 billion.

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COMPANY NEWS

▶ 5 Top-Ranked Stocks to Ride on Rising P/E Investing   [Jul-16-18 12:35PM  InvestorPlace]
▶ When Should You Buy Belden Inc (NYSE:BDC)?   [Jun-21-18 02:47PM  Simply Wall St.]
▶ Belden to Participate in Upcoming Investor Events   [May-29-18 09:00AM  Business Wire]
▶ Belden Declares Quarterly Dividends   [May-24-18 12:01PM  Business Wire]
▶ Clayton company offers treatment, jobs for those with drug problems   [May-14-18 08:10AM  American City Business Journals]
▶ Belden: 1Q Earnings Snapshot   [07:48AM  Associated Press]
▶ Belden to Report First Quarter 2018 Results on May 2   [Apr-16-18 10:00AM  Business Wire]
▶ Belden Declares Quarterly Dividends   [Mar-01-18 01:01PM  Business Wire]
▶ Belden misses Street 4Q forecasts   [Feb-01-18 08:19AM  Associated Press]
▶ Belden Inc. to Host Earnings Call   [07:10AM  ACCESSWIRE]
▶ These Fat 9% to 24% ETF Yields are Traps   [Jan-27-18 03:56AM  Harvest Exchange]
▶ These 3 Dividend Stocks are Dead Meat on the Next Pullback   [Jan-26-18 03:56AM  Harvest Exchange]
▶ Belden to Report Fourth Quarter 2017 Results on February 1   [Jan-10-18 10:00AM  Business Wire]
▶ Belden Appoints Diane Brink to Board of Directors   [Dec-06-17 04:45PM  Business Wire]
▶ Belden Declares Quarterly Dividends   [Nov-30-17 01:01PM  Business Wire]
▶ ETFs with exposure to Belden, Inc. : November 8, 2017   [Nov-08-17 05:39PM  Capital Cube]
▶ Belden, Inc. Value Analysis (NYSE:BDC) : November 1, 2017   [Nov-01-17 01:07PM  Capital Cube]
▶ Belden beats 3Q profit forecasts   [07:48AM  Associated Press]
▶ Belden Inc. to Host Earnings Call   [06:15AM  ACCESSWIRE]
▶ Belden Sees Relative Strength Rating Climb To 74   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Belden, Inc. : October 17, 2017   [Oct-17-17 09:35AM  Capital Cube]
▶ Belden to Report Third Quarter 2017 Results on November 1   [Oct-12-17 08:30AM  Business Wire]
▶ ProSoft Technology Certified as a Great Place To Work   [Oct-04-17 09:52AM  Business Wire]
▶ ETFs with exposure to Belden, Inc. : October 3, 2017   [Oct-03-17 10:55AM  Capital Cube]
▶ IBD Rating Upgrades: Belden Shows Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for September 29th   [Sep-29-17 08:35AM  Zacks]
▶ Belden Declares Quarterly Dividends   [Aug-21-17 06:00PM  Business Wire]
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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