BELFB
Bel Fuse Inc.
$207.72
Platform & Compounding FCF
50%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 41.1% below fair value
You pay
$207.72
Bear
$161.92
Fair
$352.59
Bull
$619.02
Bear
$161.92
-22.1%
15% stage 1 growth, 12% discount
Fair
$352.59
+69.7%
25% stage 1 growth, 12% discount
Bull
$619.02
+198.0%
33% stage 1 growth, 12% discount
Adjust Assumptions
25.0%
12.0%
3.0%
Key Value Driver
FCF growth rate (25% base case)
Terminal Value % of EV
45%
Implied Market Multiple
34.3x
Market is pricing in (growth)
18.2%
vs 25.0% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (8 analysts)
$311.33
Divergence from AlphaVal
13%
Summary
Using a two-stage FCF DCF with 25% growth decelerating over 15 years, discounted at 12%, the base-case intrinsic value is $352.59 per share.
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