Intrinsic value of Bel Fuse Cl B - BELFB

Previous Close

$31.05

  Intrinsic Value

$24.00

stock screener

  Rating & Target

sell

-23%

Previous close

$31.05

 
Intrinsic value

$24.00

 
Up/down potential

-23%

 
Rating

sell

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

We calculate the intrinsic value of BELFB 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 0.3

 

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, %
  -11.82
  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
  500
  510
  522
  535
  550
  567
  585
  605
  627
  650
  675
  702
  730
  760
  793
  827
  863
  901
  942
  985
  1,030
  1,078
  1,128
  1,181
  1,237
  1,296
  1,358
  1,423
  1,492
  1,564
  1,640
Variable operating expenses, $m
 
  483
  495
  507
  521
  537
  554
  573
  594
  616
  639
  663
  689
  718
  748
  781
  815
  851
  890
  930
  973
  1,018
  1,065
  1,115
  1,168
  1,224
  1,282
  1,344
  1,409
  1,477
  1,549
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
  577
  483
  495
  507
  521
  537
  554
  573
  594
  616
  639
  663
  689
  718
  748
  781
  815
  851
  890
  930
  973
  1,018
  1,065
  1,115
  1,168
  1,224
  1,282
  1,344
  1,409
  1,477
  1,549
Operating income, $m
  -77
  27
  27
  28
  29
  30
  31
  32
  33
  34
  36
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
EBITDA, $m
  -55
  43
  44
  45
  47
  48
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  139
Interest expense (income), $m
  5
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
Earnings before tax, $m
  -83
  22
  22
  23
  24
  24
  25
  26
  27
  27
  28
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
Tax expense, $m
  -18
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
Net income, $m
  -65
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  23
  24
  25
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  73
  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
  427
  361
  369
  379
  390
  401
  414
  429
  444
  460
  478
  497
  517
  538
  561
  586
  611
  638
  667
  697
  729
  763
  799
  836
  876
  918
  962
  1,008
  1,057
  1,108
  1,162
Adjusted assets (=assets-cash), $m
  354
  361
  369
  379
  390
  401
  414
  429
  444
  460
  478
  497
  517
  538
  561
  586
  611
  638
  667
  697
  729
  763
  799
  836
  876
  918
  962
  1,008
  1,057
  1,108
  1,162
Revenue / Adjusted assets
  1.412
  1.413
  1.415
  1.412
  1.410
  1.414
  1.413
  1.410
  1.412
  1.413
  1.412
  1.412
  1.412
  1.413
  1.414
  1.411
  1.412
  1.412
  1.412
  1.413
  1.413
  1.413
  1.412
  1.413
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.411
Average production assets, $m
  135
  137
  140
  144
  148
  152
  157
  163
  169
  175
  182
  189
  196
  205
  213
  222
  232
  242
  253
  265
  277
  290
  303
  318
  333
  349
  365
  383
  401
  421
  441
Working capital, $m
  163
  103
  105
  108
  111
  115
  118
  122
  127
  131
  136
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
Total debt, $m
  141
  135
  141
  148
  156
  165
  174
  184
  196
  208
  220
  234
  249
  265
  281
  299
  318
  337
  358
  380
  404
  428
  454
  482
  511
  541
  573
  607
  642
  680
  719
Total liabilities, $m
  268
  263
  269
  276
  284
  293
  302
  312
  324
  336
  348
  362
  377
  393
  409
  427
  446
  465
  486
  508
  532
  556
  582
  610
  639
  669
  701
  735
  770
  808
  847
Total equity, $m
  158
  98
  100
  103
  106
  109
  112
  116
  120
  125
  130
  135
  140
  146
  152
  159
  166
  173
  181
  189
  198
  207
  217
  227
  237
  249
  261
  273
  286
  300
  315
Total liabilities and equity, $m
  426
  361
  369
  379
  390
  402
  414
  428
  444
  461
  478
  497
  517
  539
  561
  586
  612
  638
  667
  697
  730
  763
  799
  837
  876
  918
  962
  1,008
  1,056
  1,108
  1,162
Debt-to-equity ratio
  0.892
  1.380
  1.410
  1.440
  1.480
  1.510
  1.550
  1.590
  1.630
  1.660
  1.700
  1.740
  1.780
  1.810
  1.850
  1.880
  1.920
  1.950
  1.980
  2.010
  2.040
  2.070
  2.100
  2.130
  2.150
  2.180
  2.200
  2.220
  2.240
  2.260
  2.280
Adjusted equity ratio
  0.240
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  23
  24
  25
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
Depreciation, amort., depletion, $m
  22
  17
  17
  17
  18
  18
  19
  19
  20
  21
  21
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
Funds from operations, $m
  21
  33
  33
  34
  35
  36
  37
  38
  39
  41
  42
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  65
  67
  70
  74
  77
  81
  84
  88
  92
  97
Change in working capital, $m
  -18
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Cash from operations, $m
  39
  31
  31
  31
  32
  33
  33
  34
  35
  36
  37
  38
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
Maintenance CAPEX, $m
  0
  -14
  -15
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
New CAPEX, $m
  -8
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
Cash from investing activities, $m
  -2
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
Free cash flow, $m
  37
  13
  13
  13
  12
  12
  12
  12
  12
  12
  12
  11
  11
  11
  11
  11
  11
  12
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
Issuance/(repayment) of debt, $m
  -44
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -44
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
Total cash flow (excl. dividends), $m
  -9
  19
  19
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
Retained Cash Flow (-), $m
  75
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
Prev. year cash balance distribution, $m
 
  62
  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
 
  79
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  76
  15
  15
  14
  14
  13
  12
  12
  11
  10
  9
  9
  8
  7
  7
  6
  5
  5
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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Bel Fuse Inc. (Bel) designs, manufactures and markets a range of products that power, protect and connect electronic circuits. The Company's products include magnetic solutions, power solutions and protection, and connectivity solutions. The Company's operating segments are North America, Asia and Europe. The Company markets magnetic solutions under the brand names, including Bel, TRP, MagJack and Signal. The Company markets power solutions and protection under the brand names, which include Bel Power Solutions, Power-One and Melcher. The Company markets connectivity solutions under the brand names Stratos, Fibreco, Cinch, Johnson, Trompeter, Midwest Microwave, Semflex and Stewart Connector. The Company's products are used in the networking, telecommunications, computing, military, aerospace, transportation and broadcasting industries. Bel's portfolio of products has application in the automotive, medical and consumer electronics markets.

FINANCIAL RATIOS  of  Bel Fuse Cl B (BELFB)

Valuation Ratios
P/E Ratio -5.7
Price to Sales 0.7
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 12
Growth Rates
Sales Growth Rate -11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 7
Current Ratio 0.1
LT Debt to Equity 82.3%
Total Debt to Equity 89.2%
Interest Coverage -16
Management Effectiveness
Return On Assets -12.1%
Ret/ On Assets - 3 Yr. Avg. -1.9%
Return On Total Capital -18.2%
Ret/ On T. Cap. - 3 Yr. Avg. -3.7%
Return On Equity -33.2%
Return On Equity - 3 Yr. Avg. -7%
Asset Turnover 1
Profitability Ratios
Gross Margin 20%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin -11.2%
EBITDA Margin - 3 Yr. Avg. 1.8%
Operating Margin -15.4%
Oper. Margin - 3 Yr. Avg. -2.5%
Pre-Tax Margin -16.6%
Pre-Tax Margin - 3 Yr. Avg. -3.3%
Net Profit Margin -13%
Net Profit Margin - 3 Yr. Avg. -2.6%
Effective Tax Rate 21.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.5%
Payout Ratio -4.6%

BELFB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BELFB stock intrinsic value calculation we used $500 million for the last fiscal year's total revenue generated by Bel Fuse Cl B. The default revenue input number comes from 2016 income statement of Bel Fuse Cl B. 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 BELFB 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 4.3%, whose default value for BELFB is calculated based on our internal credit rating of Bel Fuse Cl B, 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 Bel Fuse Cl B.
    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 BELFB stock the variable cost ratio is equal to 94.8%.

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 BELFB 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 3.5% for Bel Fuse Cl B.

Corporate tax rate of 27% is the nominal tax rate for Bel Fuse Cl B. 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 BELFB 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 BELFB are equal to 26.9%.

Life of production assets of 9.3 years is the average useful life of capital assets used in Bel Fuse Cl B 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 BELFB is equal to 20.2%. 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 - $158 million for Bel Fuse Cl B - 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 11.186 million for Bel Fuse Cl B 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 Bel Fuse Cl B at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
GIGA Giga-Tronics 0.610 0.05  str.sell
LFUS Littelfuse 208.37 130.79  sell
TRNS Transcat 13.10 16.43  buy
MMM 3M 221.55 131.45  sell
AVX AVX 19.47 16.16  hold
DPW Digital Power 0.610 0.07  str.sell
VSH Vishay Interte 21.40 83.66  str.buy
TEL TE Connectivit 88.08 77.26  hold

COMPANY NEWS

▶ ETFs with exposure to Bel Fuse, Inc. : October 9, 2017   [Oct-09-17 11:19AM  Capital Cube]
▶ ETFs with exposure to Bel Fuse, Inc. : September 26, 2017   [Sep-26-17 10:43AM  Capital Cube]
▶ Bel Fuse posts 2Q profit   [Aug-04-17 01:42AM  Associated Press]
▶ Bel Reports Second Quarter 2017 Results   [Aug-03-17 07:30AM  GlobeNewswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ ETFs with exposure to Bel Fuse, Inc. : May 31, 2017   [May-31-17 12:22PM  Capital Cube]
▶ Bel Fuse posts 1Q profit   [07:50AM  Associated Press]
▶ Bel Reports First Quarter 2017 Results   [07:30AM  Marketwired]
▶ ETFs with exposure to Bel Fuse, Inc. : April 5, 2017   [Apr-05-17 04:23PM  Capital Cube]
▶ Bel Announces Retirement of Colin Dunn, VP of Finance   [Feb-17-17 09:00AM  Marketwired]
▶ Bel Fuse posts 4Q profit   [08:02AM  Associated Press]
▶ Bel Fuse posts 4Q profit   [07:58AM  AP]
▶ Bel Will Participate in Needham Growth Conference   [Dec-29-16 09:01AM  Marketwired]
▶ Bel Reports Third Quarter 2016 Results   [07:30AM  Marketwired]
▶ Bel Announces New Power Solutions Facility in Taiwan   [Aug-14-16 09:01PM  Marketwired]
▶ Bel Fuse posts 2Q profit   [Jul-27-16 08:28AM  AP]
▶ Bel Reports Second Quarter 2016 Results   [07:30AM  Marketwired]
▶ Bel Reports First Quarter 2016 Results   [07:30AM  Marketwired]
▶ Workiva Helps Bel Fuse Save Over $500,000 With Wdesk   [Mar-15-16 09:00AM  PR Newswire]
▶ Bel Fuse posts 4Q profit   [Feb-18-16 08:47AM  AP]
▶ Bel Fuse posts 3Q profit   [Oct-28  08:51AM  AP]
▶ Bel Reports Third Quarter Results   [08:30AM  Business Wire]
▶ 10-Q for Bel Fuse, Inc.   [Aug-10  08:13PM  at Company Spotlight]
▶ Bel Announces Senior Management Promotions   [May-19  04:10PM  Business Wire]
▶ 10-Q for Bel Fuse, Inc.   [May-11  08:12PM  at Company Spotlight]
▶ 10-K for Bel Fuse, Inc.   [May-05  08:12PM  at Company Spotlight]
Financial statements of BELFB
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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