Intrinsic value of Belden - BDC

Previous Close

$87.00

  Intrinsic Value

$79.38

stock screener

  Rating & Target

hold

-9%

Previous close

$87.00

 
Intrinsic value

$79.38

 
Up/down potential

-9%

 
Rating

hold

*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

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
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  2,357
  2,439
  2,529
  2,624
  2,727
  2,836
  2,953
  3,077
  3,209
  3,349
  3,497
  3,653
  3,819
  3,993
  4,178
  4,372
  4,577
  4,794
  5,021
  5,261
  5,513
  5,779
  6,058
  6,352
  6,662
  6,987
  7,328
  7,688
  8,065
  8,462
  8,880
Variable operating expenses, $m
 
  2,286
  2,364
  2,448
  2,539
  2,635
  2,738
  2,847
  2,963
  3,086
  3,216
  3,215
  3,361
  3,515
  3,677
  3,848
  4,029
  4,219
  4,420
  4,631
  4,853
  5,087
  5,333
  5,591
  5,863
  6,150
  6,451
  6,767
  7,099
  7,449
  7,816
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
  2,286
  2,364
  2,448
  2,539
  2,635
  2,738
  2,847
  2,963
  3,086
  3,216
  3,215
  3,361
  3,515
  3,677
  3,848
  4,029
  4,219
  4,420
  4,631
  4,853
  5,087
  5,333
  5,591
  5,863
  6,150
  6,451
  6,767
  7,099
  7,449
  7,816
Operating income, $m
  222
  154
  164
  176
  188
  201
  215
  230
  246
  263
  280
  438
  457
  478
  501
  524
  548
  574
  602
  630
  661
  692
  726
  761
  798
  837
  878
  921
  966
  1,014
  1,064
EBITDA, $m
  368
  346
  359
  372
  387
  402
  419
  436
  455
  475
  496
  518
  542
  566
  593
  620
  649
  680
  712
  746
  782
  820
  859
  901
  945
  991
  1,040
  1,090
  1,144
  1,200
  1,260
Interest expense (income), $m
  87
  84
  88
  93
  98
  103
  109
  115
  121
  128
  135
  143
  151
  160
  169
  178
  188
  199
  210
  222
  234
  247
  261
  276
  291
  307
  324
  341
  360
  379
  400
Earnings before tax, $m
  126
  69
  76
  83
  90
  98
  106
  115
  124
  134
  145
  295
  306
  319
  332
  345
  360
  375
  391
  408
  426
  445
  465
  485
  507
  530
  554
  580
  606
  634
  664
Tax expense, $m
  -2
  19
  20
  22
  24
  26
  29
  31
  34
  36
  39
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  171
  179
Net income, $m
  128
  51
  55
  60
  66
  71
  78
  84
  91
  98
  106
  215
  224
  233
  242
  252
  263
  274
  286
  298
  311
  325
  339
  354
  370
  387
  405
  423
  443
  463
  485

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
  3,061
  3,173
  3,293
  3,421
  3,559
  3,705
  3,861
  4,026
  4,201
  4,387
  4,584
  4,791
  5,010
  5,242
  5,486
  5,743
  6,014
  6,300
  6,601
  6,918
  7,251
  7,602
  7,970
  8,358
  8,766
  9,195
  9,646
  10,120
  10,618
  11,141
Adjusted assets (=assets-cash), $m
  2,959
  3,061
  3,173
  3,293
  3,421
  3,559
  3,705
  3,861
  4,026
  4,201
  4,387
  4,584
  4,791
  5,010
  5,242
  5,486
  5,743
  6,014
  6,300
  6,601
  6,918
  7,251
  7,602
  7,970
  8,358
  8,766
  9,195
  9,646
  10,120
  10,618
  11,141
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
  790
  819
  850
  883
  919
  957
  997
  1,040
  1,085
  1,133
  1,184
  1,237
  1,294
  1,354
  1,417
  1,483
  1,553
  1,627
  1,705
  1,786
  1,872
  1,963
  2,058
  2,158
  2,264
  2,374
  2,491
  2,613
  2,742
  2,877
Working capital, $m
  909
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  143
  150
  158
  165
  173
  182
  191
  200
  210
  220
  231
Total debt, $m
  1,620
  1,700
  1,789
  1,884
  1,986
  2,095
  2,211
  2,335
  2,466
  2,605
  2,752
  2,908
  3,072
  3,246
  3,430
  3,623
  3,827
  4,042
  4,269
  4,508
  4,759
  5,023
  5,301
  5,594
  5,901
  6,225
  6,565
  6,922
  7,298
  7,693
  8,108
Total liabilities, $m
  2,346
  2,427
  2,516
  2,611
  2,713
  2,822
  2,938
  3,062
  3,193
  3,332
  3,479
  3,635
  3,799
  3,973
  4,157
  4,350
  4,554
  4,769
  4,996
  5,235
  5,486
  5,750
  6,028
  6,321
  6,628
  6,952
  7,292
  7,649
  8,025
  8,420
  8,835
Total equity, $m
  1,460
  634
  657
  682
  708
  737
  767
  799
  833
  870
  908
  949
  992
  1,037
  1,085
  1,136
  1,189
  1,245
  1,304
  1,366
  1,432
  1,501
  1,574
  1,650
  1,730
  1,815
  1,903
  1,997
  2,095
  2,198
  2,306
Total liabilities and equity, $m
  3,806
  3,061
  3,173
  3,293
  3,421
  3,559
  3,705
  3,861
  4,026
  4,202
  4,387
  4,584
  4,791
  5,010
  5,242
  5,486
  5,743
  6,014
  6,300
  6,601
  6,918
  7,251
  7,602
  7,971
  8,358
  8,767
  9,195
  9,646
  10,120
  10,618
  11,141
Debt-to-equity ratio
  1.110
  2.680
  2.720
  2.760
  2.800
  2.840
  2.880
  2.920
  2.960
  2.990
  3.030
  3.060
  3.100
  3.130
  3.160
  3.190
  3.220
  3.250
  3.270
  3.300
  3.320
  3.350
  3.370
  3.390
  3.410
  3.430
  3.450
  3.470
  3.480
  3.500
  3.520
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
  51
  55
  60
  66
  71
  78
  84
  91
  98
  106
  215
  224
  233
  242
  252
  263
  274
  286
  298
  311
  325
  339
  354
  370
  387
  405
  423
  443
  463
  485
Depreciation, amort., depletion, $m
  146
  192
  194
  196
  199
  201
  204
  206
  209
  212
  216
  81
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  134
  140
  147
  154
  162
  169
  178
  187
  196
Funds from operations, $m
  342
  243
  250
  257
  264
  273
  281
  290
  300
  310
  321
  296
  308
  321
  334
  349
  364
  380
  396
  414
  433
  452
  473
  494
  517
  541
  566
  593
  620
  650
  680
Change in working capital, $m
  27
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Cash from operations, $m
  315
  241
  247
  254
  262
  270
  278
  287
  297
  307
  318
  291
  303
  316
  329
  343
  358
  374
  390
  408
  426
  445
  465
  487
  509
  533
  557
  583
  611
  639
  669
Maintenance CAPEX, $m
  0
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
  -134
  -140
  -147
  -154
  -162
  -169
  -178
  -187
New CAPEX, $m
  -54
  -28
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -122
  -129
  -135
Cash from investing activities, $m
  -73
  -80
  -83
  -87
  -91
  -95
  -101
  -105
  -111
  -116
  -122
  -128
  -135
  -141
  -148
  -155
  -162
  -171
  -180
  -189
  -198
  -208
  -218
  -229
  -240
  -252
  -265
  -278
  -291
  -307
  -322
Free cash flow, $m
  242
  161
  165
  168
  171
  174
  178
  182
  186
  191
  196
  164
  169
  175
  182
  188
  196
  203
  211
  219
  228
  238
  248
  258
  269
  280
  293
  305
  319
  333
  348
Issuance/(repayment) of debt, $m
  -72
  80
  89
  95
  102
  109
  116
  123
  131
  139
  147
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
  308
  323
  340
  358
  376
  395
  415
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
  80
  89
  95
  102
  109
  116
  123
  131
  139
  147
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
  308
  323
  340
  358
  376
  395
  415
Total cash flow (excl. dividends), $m
  647
  241
  253
  263
  273
  283
  294
  305
  317
  330
  343
  319
  334
  349
  365
  382
  400
  418
  438
  458
  479
  502
  526
  550
  576
  604
  633
  663
  695
  728
  763
Retained Cash Flow (-), $m
  -636
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
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
 
  1,068
  230
  238
  246
  255
  264
  273
  283
  294
  305
  279
  291
  304
  317
  331
  346
  362
  378
  396
  414
  433
  453
  474
  496
  519
  544
  570
  596
  625
  654
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
 
  1,015
  207
  201
  195
  187
  179
  170
  161
  151
  140
  114
  105
  95
  86
  76
  67
  58
  50
  42
  35
  29
  23
  18
  14
  11
  8
  6
  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. 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 28.7
Price to Sales 1.6
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 14.1
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 3.5% 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 43.54 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 $3.8 billion.

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COMPANY NEWS

▶ 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]
▶ Belden, Inc. Value Analysis (NYSE:BDC) : August 11, 2017   [Aug-11-17 07:40PM  Capital Cube]
▶ New Strong Buy Stocks for August 8th   [Aug-08-17 09:44AM  Zacks]
▶ Belden to Participate in Upcoming Investor Events   [Aug-04-17 09:00AM  Business Wire]
▶ Belden beats Street 2Q forecasts   [Aug-02-17 10:47PM  Associated Press]
▶ Belden beats Street 2Q forecasts   [07:44AM  Associated Press]
▶ Why Belden (BDC) Stock Might be a Great Pick   [Jul-12-17 08:43AM  Zacks]
▶ New Strong Buy Stocks for July 11th   [Jul-11-17 10:42AM  Zacks]
▶ Belden to Report Second Quarter 2017 Results on August 2   [Jul-10-17 08:00AM  Business Wire]
▶ Is Belden a Great Stock for Value Investors?   [Jun-29-17 09:50AM  Zacks]
▶ ETFs with exposure to Belden, Inc. : June 26, 2017   [Jun-26-17 03:24PM  Capital Cube]
▶ Belden to Participate in Upcoming Investor Events   [May-24-17 08:30AM  Business Wire]
Financial statements of BDC
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