NasdaqGS:BELF.B

Stock Analysis Report

Executive Summary

Bel Fuse Inc. designs, manufactures, markets, and sells products that are used in the networking, telecommunication, high-speed data transmission, commercial aerospace, military, broadcasting, transportation, and consumer electronic industries in North America, Asia, and Europe.

Rewards

Earnings are forecast to grow 187.72% per year

Became profitable this year

Risk Analysis

Has a high level of debt

Dividend of 1.46% is not well covered by earnings

Highly volatile share price over past 3 months

Large one-off items impacting financial results



Snowflake Analysis

Excellent balance sheet with moderate growth potential.


Similar Companies

Share Price & News

How has Bel Fuse's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BELF.B's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

12.9%

BELF.B

1.8%

US Electronic

0.8%

US Market


1 Year Return

-3.9%

BELF.B

23.7%

US Electronic

17.8%

US Market

Return vs Industry: BELF.B underperformed the US Electronic industry which returned 23.7% over the past year.

Return vs Market: BELF.B underperformed the US Market which returned 17.8% over the past year.


Shareholder returns

BELF.BIndustryMarket
7 Day12.9%1.8%0.8%
30 Day13.7%0.9%1.8%
90 Day31.3%6.2%4.1%
1 Year-2.3%-3.9%25.0%23.7%20.4%17.8%
3 Year-33.1%-35.7%47.0%42.9%45.9%36.4%
5 Year-21.4%-26.6%83.2%74.2%68.1%49.6%

Price Volatility Vs. Market

How volatile is Bel Fuse's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Bel Fuse undervalued compared to its fair value and its price relative to the market?

143.77x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BELF.B ($19.13) is trading above our estimate of fair value ($13.37)

Significantly Below Fair Value: BELF.B is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BELF.B is poor value based on its PE Ratio (143.8x) compared to the Electronic industry average (20.9x).

PE vs Market: BELF.B is poor value based on its PE Ratio (143.8x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: BELF.B is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: BELF.B is good value based on its PB Ratio (1.4x) compared to the US Electronic industry average (2.1x).


Next Steps

Future Growth

How is Bel Fuse forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

187.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BELF.B's forecast earnings growth (187.7% per year) is above the savings rate (1.7%).

Earnings vs Market: BELF.B's earnings (187.7% per year) are forecast to grow faster than the US market (14.2% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BELF.B's revenue is expected to decline over the next 3 years (-0.02% per year).

High Growth Revenue: BELF.B's revenue is forecast to decline over the next 3 years (-0.02% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if BELF.B's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Bel Fuse performed over the past 5 years?

10.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BELF.B has a large one-off loss of $6.4M impacting its September 30 2019 financial results.

Growing Profit Margin: BELF.B became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BELF.B has become profitable over the past 5 years, growing earnings by 10.6% per year.

Accelerating Growth: BELF.B has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BELF.B has become profitable in the last year, making it difficult to compare its past year earnings growth to the Electronic industry (53.7%).


Return on Equity

High ROE: BELF.B's Return on Equity (1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Bel Fuse's financial position?


Financial Position Analysis

Short Term Liabilities: BELF.B's short term assets ($278.1M) exceed its short term liabilities ($86.5M).

Long Term Liabilities: BELF.B's short term assets ($278.1M) exceed its long term liabilities ($177.2M).


Debt to Equity History and Analysis

Debt Level: BELF.B's debt to equity ratio (65.8%) is considered high.

Reducing Debt: BELF.B's debt to equity ratio has reduced from 102.7% to 65.8% over the past 5 years.

Debt Coverage: BELF.B's debt is well covered by operating cash flow (22.1%).

Interest Coverage: BELF.B's interest payments on its debt are well covered by EBIT (3.1x coverage).


Balance Sheet

Inventory Level: BELF.B has a high level of physical assets or inventory.

Debt Coverage by Assets: BELF.B's debt is covered by short term assets (assets are 2.5x debt).


Next Steps

Dividend

What is Bel Fuse's current dividend yield, its reliability and sustainability?

1.46%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Bel Fuse before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.5%marketbottom25%1.4%markettop25%3.7%industryaverage1.5%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: BELF.B's dividend (1.46%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: BELF.B's dividend (1.46%) is low compared to the top 25% of dividend payers in the US market (3.72%).


Stability and Growth of Payments

Stable Dividend: BELF.B's dividends per share have been stable in the past 10 years.

Growing Dividend: BELF.B's dividend payments have not increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (210.4%), BELF.B's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Bel Fuse's salary, the management and board of directors tenure and is there insider trading?

11.6yrs

Average management tenure


CEO

Daniel Bernstein (65yo)

18.6yrs

Tenure

US$704,884

Compensation

Mr. Daniel Bernstein has been the Chief Executive Officer and President of Bel Fuse Inc. since May 2001 and June 1992 respectively. Mr. Bernstein has been the Managing Director of Macau, a subsidiary of Be ...


CEO Compensation Analysis

Compensation vs Market: Daniel's total compensation ($USD704.88K) is below average for companies of similar size in the US market ($USD1.12M).

Compensation vs Earnings: Daniel's compensation has been consistent with company performance over the past year.


Management Age and Tenure

11.6yrs

Average Tenure

59yo

Average Age

Experienced Management: BELF.B's management team is seasoned and experienced (11.6 years average tenure).


Board Age and Tenure

12.0yrs

Average Tenure

69yo

Average Age

Experienced Board: BELF.B's board of directors are seasoned and experienced ( 12 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$52,60014 Aug 19
Peter Gilbert
EntityIndividual
Role
Lead Director
Independent Lead Director
Shares5,000
Max PriceUS$10.52
SellUS$19,56022 May 19
Avi Eden
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,000
Max PriceUS$19.56
SellUS$8,02822 May 19
Craig Brosious
EntityIndividual
Role
Chief Financial Officer
VP of Finance
Shares400
Max PriceUS$20.07

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Daniel Bernstein (65yo)

    President

    • Tenure: 18.6yrs
    • Compensation: US$704.88k
  • Dennis Ackerman (56yo)

    President of Bel Power Solutions & VP of Operations

    • Tenure: 18.9yrs
    • Compensation: US$561.53k
  • Craig Brosious (62yo)

    VP of Finance

    • Tenure: 2.6yrs
    • Compensation: US$601.00k
  • Pete Bittner (49yo)

    President of Bel Connectivity Solutions

    • Tenure: 4.6yrs
    • Compensation: US$516.01k

Board Members

  • Daniel Bernstein (65yo)

    President

    • Tenure: 18.6yrs
    • Compensation: US$704.88k
  • Robert Simandl (90yo)

    Independent Director

    • Tenure: 52.9yrs
    • Compensation: US$32.20k
  • Eric Nowling (62yo)

    Independent Director

    • Tenure: 5.4yrs
    • Compensation: US$139.37k
  • Avi Eden (71yo)

    Independent Director

    • Tenure: 15.6yrs
    • Compensation: US$32.20k
  • Peter Gilbert (71yo)

    Independent Lead Director

    • Tenure: 0yrs
    • Compensation: US$46.45k
  • John Tweedy (73yo)

    Independent Director

    • Tenure: 23.9yrs
    • Compensation: US$45.95k
  • Mark Segall (57yo)

    Independent Director

    • Tenure: 8.3yrs
    • Compensation: US$34.48k
  • Vinnie Vellucci (69yo)

    Independent Director

    • Tenure: 3.2yrs
    • Compensation: US$32.62k
  • Norman Yeung (65yo)

    Independent Director

    • Tenure: 6.4yrs
    • Compensation: US$127.87k

Company Information

Bel Fuse Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bel Fuse Inc.
  • Ticker: BELF.B
  • Exchange: NasdaqGS
  • Founded: 1949
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: US$222.589m
  • Shares outstanding: 12.27m
  • Website: https://www.belfuse.com

Number of Employees


Location

  • Bel Fuse Inc.
  • 206 Van Vorst Street
  • Jersey City
  • New Jersey
  • 7302
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BELF.ANasdaqGS (Nasdaq Global Select)Class A Common SharesUSUSDJul 1998
BELF.BNasdaqGS (Nasdaq Global Select)YesClass B Common SharesUSUSDJul 1998

Biography

Bel Fuse Inc. designs, manufactures, markets, and sells products that are used in the networking, telecommunication, high-speed data transmission, commercial aerospace, military, broadcasting, transportati ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/11 23:32
End of Day Share Price2019/12/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.