BDC Belden Inc.
$107.44
Platform & Compounding FCF 50%
Two-stage FCF DCF
Mild · Conviction

Overvalued

Trading 10.6% above fair value

You pay $107.44
Bear $67.92
Fair $97.12
Bull $125.16
Bear $67.92 -36.8% 5% stage 1 growth, 11% discount
Fair $97.12 -9.6% 9% stage 1 growth, 11% discount
Bull $125.16 +16.5% 12% stage 1 growth, 11% discount

Adjust Assumptions

9.2%
11.0%
3.0%

Key Value Driver

FCF growth rate (9% base case)

Terminal Value % of EV 38%
Implied Market Multiple 21.9x
Market is pricing in (growth) 10.2% vs 9.2% base

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (14 analysts) $155.00
Divergence from AlphaVal 37%

Summary

Using a two-stage FCF DCF with 9% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $97.12 per share.

Warnings

ℹ Wall Street's average price target is $155.00 (from 14 analysts). Our estimate is 37% below the consensus -- consider that gap carefully.

Key Risks

  • P/E alone misleads — earnings depressed by growth investment
  • Cyclical or commodity businesses may be misclassified as platforms
  • Terminal value dominance suggests sensitivity to long-run assumptions