Bel Fuse Inc (BELFB.O): Broad Based Strength Drives Revenue And Profit Acceleration; Maintain Buy

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Bel Fuse Inc (BELFB.O): Broad Based Strength Drives Revenue And Profit Acceleration; Maintain Buy

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30 Jul 2026 14:11:46 ET │ 11 pages

Bel Fuse Inc (BELFB.O)

Broad Based Strength Drives Revenue And Profit Acceleration; Maintain

Buy

CITI'S TAKE Buy

Price (29 Jul 26 16:00) US$242.43 We are updating our model post C2Q results. Sales/Gross Margins came

Target price US$325.00 in towards the high end of guidance with growth led by defense and data

solutions, while industrial and consumer applications also showed Expected share price return 34.1%

momentum via distribution channels. Gross Margins also benefitted from Expected dividend yield 0.1%

operating levels on higher volume despite unfavorable currency impacts. Expected total return 34.2%

Book to Bill remains above 1 for the sixth consecutive quarter, reflecting Market Cap US$2,935M

strong momentum ahead with notable mentions in European defense

program booking and wins and inflection points with key customers in

data solutions / high performance compute. Margins are expected to

show improvement on sustained operating leverage, improved pricing to Asiya Merchant, CFAAC

reflect increased component/logistic costs as well as stabilizing +1-415-951-1752

currency. We maintain our Buy rating on BELF shares given attractive end asiya.merchant@citi.com

market exposure, strong execution and M&A potential. Our estimates

undergo positive estimate revisions. Target Price unchanged at $325 (20x

EV/EBIITDA NTM vs prior 21x) reflects peer/market multiple moves.

Fundamentals — Sales of $210.7 mln (+25% yy) vs guide of $195-215 mln. Gross

profit margin of 39.9% vs guide of 38-40%. Operating profit dollars of $42 mln

representing operating profit margins of 20% and incremental margins of 31.5%. By