Belden Inc (BDC.N): Improving Orders and Solutions Mix Should Support Better Growth/EPS Setup

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Belden Inc (BDC.N): Improving Orders and Solutions Mix Should Support Better Growth/EPS Setup

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30 Jul 2026 22:49:26 ET │ 14 pages

Belden Inc (BDC.N)

Improving Orders and Solutions Mix Should Support Better Growth/EPS

Setup

CITI'S TAKE Buy

Price (30 Jul 26 16:00) US$117.11 We view BDC’s 2Q26 results and end market commentary as suggestive of

Target price US$150.00 an improving demand environment as well as progressing its solutions-

based strategy, which coupled with RUCKUS coming into the mix, should Expected share price return 28.1%

support improved profitability over time. Overall order activity appears Expected dividend yield 0.0%

solid (+19% y/y growth; 1.11x book-to-bill) driven by strength across BDC’s Expected total return 28.1%

Automation vertical (27% q/q order growth;1.14x book-to-bill) that we Market Cap US$4,561M

think should continue to be a strong contributor to BDC’s topline growth.

While growth in 2Q across Smart Buildings and Broadband verticals was

somewhat lackluster (~flattish), improving order activity – Smart Buildings

up 11% q/q and Broadband up 22% q/q – should manifest to improving Piyush AvasthyAC

growth over time. Overall, BDC’s exposure to several secular themes +1-212-816-9159

(including Physical AI, upgrades, data centers) as well as a broadening piyush.avasthy@citi.com

shorter-cycle recovery should continue to support solid topline growth, Andrew Kaplowitz

which coupled with healthy operating leverage and accretive RUCKUS +1-212-816-0642

contribution should drive sustainable double-digit EPS growth. andrew.kaplowitz@citi.com

2Q26 Snapshot — BDC reported 2Q26 sales of $750mn (8% y/y organic) above

Street estimate of $746mn and mostly inline with our $753mn expectations

(company’s guidance range of $735mn-$750mn). Reported adj.