Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.28, read 2026-11-03
Ethical does not pass the values gate
Price105.15 USD
Fair value170.00
Ethical score70.0/100
Value readUndervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-02Read Distribution108.28-2.9% to today ✓Markup gives way to Distribution after an 18% slide in 6 weeks
2026-08-22Read Markup132.82-20.8% to today Distribution gives way to Markup after a 15% rise in 7 weeks
2026-07-02Read Distribution115.04-8.6% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Belden Inc. holds its Distribution at $105.15. The statistical read favours the buyers, held for 45 days.
As held on the ledger · 2026-11-04
Phase
Distribution · caution
Quantitative state
The statistical read favours the buyers, held for 45 days
Price at the screen
$105.15
Valuation
23.63 trailing · 10.49 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.16
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
39.57%
Below 33%
Interest-bearing debt is 39.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
24.06%
Below 49%
Money owed to the company is 24.1% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Belden's business is in a permissible area, but its interest-bearing debt is about 40% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BDC's ethical verdict changes
Today BDC does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 4 Nov 2026: it trades at roughly a 38% discount to our $170.00 fair value, 38.30% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 38.1% discount to the base estimate.
Where our models see it going: fair-value estimate $170.00, with a range of $170.00 to $210.30, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Cables keep networks alive yet trade at a discount
Every office, factory and data room depends on the copper and fibre links that carry signals without fuss. Belden supplies those exact pieces, from cables to racks, and the numbers show steady 11% revenue growth, an 8% profit margin and 19% return on equity at a forward multiple of just 10.5 times.
We pass despite the 53% gap to our fair value and a clean ethical screen. The moat sits at unknown, so the low multiple could simply reflect ordinary competition rather than a bargain, and five analysts already price the shares near our own level.
Cyclical demand for industrial kit adds the usual swings in volumes and margins that a low multiple rarely rewards. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BDC trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Distribution$105.15-2.2%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151.
2026-10-29Distribution$107.48+2.0%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Distribution$105.35+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Distribution$105.35+0.0%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Distribution$105.35+0.0%Entry 13
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$105.35+0.0%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Distribution$105.35+0.0%Entry 11
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Distribution$105.35+0.0%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Distribution$105.35+1.1%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 1.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Distribution$104.22-4.5%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (3 analysts) rates it none, with a mean price target of $151.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
