Intrinsic value of Belden - BDC

Previous Close

$83.68

  Intrinsic Value

$75.41

stock screener

  Rating & Target

hold

-10%

  Value-price divergence*

+63%

Previous close

$83.68

 
Intrinsic value

$75.41

 
Up/down potential

-10%

 
Rating

hold

 
Value-price divergence*

+63%

*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 3.6

 

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
  2,404
  2,459
  2,523
  2,594
  2,672
  2,759
  2,852
  2,954
  3,064
  3,181
  3,307
  3,441
  3,584
  3,736
  3,897
  4,068
  4,249
  4,440
  4,642
  4,855
  5,080
  5,318
  5,568
  5,831
  6,109
  6,401
  6,709
  7,033
  7,373
  7,732
Variable operating expenses, $m
 
  2,255
  2,303
  2,359
  2,421
  2,491
  2,567
  2,649
  2,739
  2,835
  2,939
  2,911
  3,029
  3,155
  3,288
  3,430
  3,581
  3,740
  3,908
  4,086
  4,274
  4,472
  4,681
  4,901
  5,133
  5,377
  5,634
  5,905
  6,190
  6,490
  6,805
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
  2,255
  2,303
  2,359
  2,421
  2,491
  2,567
  2,649
  2,739
  2,835
  2,939
  2,911
  3,029
  3,155
  3,288
  3,430
  3,581
  3,740
  3,908
  4,086
  4,274
  4,472
  4,681
  4,901
  5,133
  5,377
  5,634
  5,905
  6,190
  6,490
  6,805
Operating income, $m
  222
  149
  156
  164
  172
  182
  192
  203
  215
  228
  243
  396
  412
  429
  448
  467
  487
  509
  532
  556
  582
  609
  637
  667
  699
  732
  767
  804
  843
  883
  926
EBITDA, $m
  368
  341
  349
  358
  368
  379
  391
  405
  419
  435
  451
  469
  488
  508
  530
  553
  577
  603
  630
  658
  689
  721
  754
  790
  827
  867
  908
  952
  998
  1,046
  1,097
Interest expense (income), $m
  87
  84
  87
  89
  93
  96
  100
  105
  110
  115
  121
  127
  133
  140
  148
  155
  164
  173
  182
  192
  202
  213
  225
  237
  250
  264
  278
  293
  309
  326
  344
Earnings before tax, $m
  126
  65
  69
  74
  79
  85
  91
  98
  106
  113
  122
  269
  279
  289
  300
  311
  324
  336
  350
  364
  379
  395
  412
  430
  448
  468
  489
  510
  533
  557
  583
Tax expense, $m
  -2
  18
  19
  20
  21
  23
  25
  27
  28
  31
  33
  73
  75
  78
  81
  84
  87
  91
  94
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  150
  157
Net income, $m
  128
  48
  51
  54
  58
  62
  67
  72
  77
  83
  89
  197
  204
  211
  219
  227
  236
  246
  255
  266
  277
  289
  301
  314
  327
  342
  357
  373
  389
  407
  425

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
  3,016
  3,086
  3,165
  3,254
  3,353
  3,461
  3,579
  3,707
  3,844
  3,992
  4,149
  4,318
  4,497
  4,688
  4,890
  5,104
  5,331
  5,571
  5,824
  6,092
  6,374
  6,672
  6,986
  7,317
  7,665
  8,032
  8,418
  8,824
  9,251
  9,701
Adjusted assets (=assets-cash), $m
  2,959
  3,016
  3,086
  3,165
  3,254
  3,353
  3,461
  3,579
  3,707
  3,844
  3,992
  4,149
  4,318
  4,497
  4,688
  4,890
  5,104
  5,331
  5,571
  5,824
  6,092
  6,374
  6,672
  6,986
  7,317
  7,665
  8,032
  8,418
  8,824
  9,251
  9,701
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
  779
  797
  817
  840
  866
  894
  924
  957
  993
  1,031
  1,071
  1,115
  1,161
  1,210
  1,263
  1,318
  1,377
  1,439
  1,504
  1,573
  1,646
  1,723
  1,804
  1,889
  1,979
  2,074
  2,174
  2,279
  2,389
  2,505
Working capital, $m
  909
  63
  64
  66
  67
  69
  72
  74
  77
  80
  83
  86
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  145
  152
  159
  166
  174
  183
  192
  201
Total debt, $m
  1,620
  1,665
  1,720
  1,783
  1,854
  1,932
  2,018
  2,111
  2,212
  2,321
  2,438
  2,563
  2,697
  2,839
  2,990
  3,151
  3,321
  3,500
  3,691
  3,892
  4,104
  4,328
  4,564
  4,813
  5,075
  5,351
  5,642
  5,948
  6,270
  6,609
  6,966
Total liabilities, $m
  2,346
  2,392
  2,447
  2,510
  2,581
  2,659
  2,745
  2,838
  2,939
  3,048
  3,165
  3,290
  3,424
  3,566
  3,717
  3,878
  4,048
  4,227
  4,418
  4,619
  4,831
  5,055
  5,291
  5,540
  5,802
  6,078
  6,369
  6,675
  6,997
  7,336
  7,693
Total equity, $m
  1,460
  624
  639
  655
  674
  694
  716
  741
  767
  796
  826
  859
  894
  931
  970
  1,012
  1,057
  1,104
  1,153
  1,206
  1,261
  1,319
  1,381
  1,446
  1,515
  1,587
  1,663
  1,742
  1,827
  1,915
  2,008
Total liabilities and equity, $m
  3,806
  3,016
  3,086
  3,165
  3,255
  3,353
  3,461
  3,579
  3,706
  3,844
  3,991
  4,149
  4,318
  4,497
  4,687
  4,890
  5,105
  5,331
  5,571
  5,825
  6,092
  6,374
  6,672
  6,986
  7,317
  7,665
  8,032
  8,417
  8,824
  9,251
  9,701
Debt-to-equity ratio
  1.110
  2.670
  2.690
  2.720
  2.750
  2.780
  2.820
  2.850
  2.880
  2.920
  2.950
  2.980
  3.020
  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
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
  48
  51
  54
  58
  62
  67
  72
  77
  83
  89
  197
  204
  211
  219
  227
  236
  246
  255
  266
  277
  289
  301
  314
  327
  342
  357
  373
  389
  407
  425
Depreciation, amort., depletion, $m
  146
  192
  193
  194
  196
  197
  199
  201
  204
  206
  209
  73
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
  170
Funds from operations, $m
  342
  239
  244
  248
  254
  260
  266
  273
  281
  289
  298
  270
  280
  290
  301
  313
  326
  339
  353
  368
  384
  401
  418
  436
  456
  476
  498
  520
  544
  569
  596
Change in working capital, $m
  27
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Cash from operations, $m
  315
  238
  242
  247
  252
  258
  264
  271
  278
  286
  295
  266
  276
  286
  297
  309
  321
  334
  348
  363
  378
  395
  412
  430
  449
  469
  490
  512
  536
  560
  586
Maintenance CAPEX, $m
  0
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
New CAPEX, $m
  -54
  -16
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
Cash from investing activities, $m
  -73
  -68
  -71
  -74
  -79
  -82
  -87
  -91
  -96
  -100
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -149
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -219
  -230
  -241
  -253
  -265
  -279
Free cash flow, $m
  242
  170
  171
  172
  173
  175
  177
  179
  182
  185
  189
  155
  160
  164
  169
  174
  180
  186
  193
  200
  207
  215
  223
  232
  241
  251
  261
  272
  283
  295
  308
Issuance/(repayment) of debt, $m
  -72
  45
  55
  63
  71
  78
  86
  93
  101
  109
  117
  125
  134
  142
  151
  160
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
  322
  339
  356
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
  45
  55
  63
  71
  78
  86
  93
  101
  109
  117
  125
  134
  142
  151
  160
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
  322
  339
  356
Total cash flow (excl. dividends), $m
  647
  215
  226
  235
  244
  253
  263
  273
  283
  294
  306
  281
  293
  306
  320
  335
  350
  366
  383
  401
  419
  439
  459
  481
  503
  527
  552
  578
  605
  634
  664
Retained Cash Flow (-), $m
  -636
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
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
 
  1,050
  212
  218
  225
  233
  240
  249
  257
  266
  275
  248
  258
  269
  281
  293
  306
  319
  333
  348
  364
  380
  397
  416
  435
  455
  476
  498
  521
  546
  571
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
 
  998
  190
  185
  178
  171
  164
  155
  146
  137
  127
  101
  93
  84
  76
  67
  59
  51
  44
  37
  31
  25
  20
  16
  12
  9
  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. 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 27.6
Price to Sales 1.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 13.5
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% 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 42.458 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 $3.6 billion.

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COMPANY NEWS

▶ 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]
▶ Belden tops 1Q profit forecasts   [May-03-17 07:46AM  Associated Press]
▶ 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]
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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