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1. Company Snapshot

1.a. Company Description

Bell Food Group AG engages in the processing of meat and convenience products in Europe.Its products include meat, poultry, charcuterie, and seafood; and convenience products, such as salads, sandwiches, fresh meals, pasta, sauces, dressings, and spices, as well as soups, bouillons, seasoning mixes, dips, functional foods, desserts, chilled herb products, menu components, and vegetarian and vegan products.The company offers its products primarily under the Bell, Eisberg, Hilcona, and Hügli brands.


Its customers include the retail trade and food service sectors, as well as the food processing industry.The company was founded in 1869 and is headquartered in Basel, Switzerland.Bell Food Group AG operates as a subsidiary of Coop-Gruppe Genossenschaft.

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1.b. Last Insights on BELL

Bell Food Group AG's recent momentum is driven by its strategic investments in meat-free and cell-based alternatives, as highlighted in a recent report on August 30, 2024. The company's diversification efforts are expected to pay off as consumers increasingly seek plant-based options. Additionally, Bell Food Group's recent earnings release showed a strong revenue growth, driven by its international business and a solid performance in its Convenience segment. The company's focus on innovation and expansion into new markets is likely to support its growth prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Declining Stock and Decent Financials: Is The Market Wrong About Bell Food Group AG (VTX:BELL)?

Sep -18

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Bell Food Group First Half 2025 Earnings: EPS: CHF7.29 (vs CHF7.22 in 1H 2024)

Aug -15

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Bell Food’s Eisberg unit sells three Eastern Europe plants

May -20

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Eyeing alternatives – meat companies with stakes in meat-free and cell-based meat

Aug -30

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Is Bell Food Group AG's (VTX:BELL) Stock's Recent Performance A Reflection Of Its Financial Health?

Apr -04

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Positive earnings growth hasn't been enough to get Swatch Group (VTX:UHR) shareholders a favorable return over the last year

Mar -31

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Does APG|SGA (VTX:APGN) Deserve A Spot On Your Watchlist?

Mar -17

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Is Bell Food Group AG (VTX:BELL) Worth CHF267 Based On Its Intrinsic Value?

Mar -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.72%)

6. Segments

Bell Switzerland

Expected Growth: 2.0%

Bell Switzerland's 2.0% growth is driven by increasing demand for premium meat products, expansion of online sales channels, and strategic partnerships with local farmers. Additionally, the company's focus on sustainability and animal welfare resonates with environmentally conscious consumers, contributing to its growth momentum.

Bell International

Expected Growth: 1.8%

Bell International's 1.8% growth is driven by increasing demand for premium meat products, expansion into new markets, and strategic acquisitions. The segment benefits from a strong brand reputation, efficient supply chain management, and a focus on sustainability, which appeals to environmentally conscious consumers. Additionally, Bell International's diversified product portfolio and geographic presence mitigate risks and support steady growth.

Hilcona

Expected Growth: 1.5%

Hilcona's 1.5% growth is driven by increasing demand for premium meat products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on sustainability, animal welfare, and innovative products resonates with consumers, leading to market share gains. Operational efficiencies and cost savings initiatives also contribute to the growth.

Hugli

Expected Growth: 1.2%

Hugli's 1.2% growth is driven by increasing demand for premium meat products, expansion into Eastern European markets, and strategic partnerships with local farmers. Additionally, the company's focus on sustainable and organic offerings resonates with environmentally conscious consumers, contributing to its steady growth.

Eisberg

Expected Growth: 1.0%

Eisberg's 1.0% growth is driven by increasing demand for healthy and sustainable food options, expansion into new markets, and successful product innovations. Additionally, the brand's strong distribution network and efficient supply chain management contribute to its steady growth.

Consolidation

Expected Growth: 0.5%

Consolidation with Bell Food Group AG driven by strategic expansion into European markets, leveraging synergies and cost savings. The 0.5% growth rate is attributed to increased market share, improved operational efficiency, and a focus on high-margin product offerings, resulting in enhanced profitability and competitiveness.

7. Detailed Products

Meat Products

Bell Food Group AG offers a wide range of meat products, including beef, pork, poultry, and lamb, as well as processed meats such as sausages and ham.

Dairy Products

The company provides a variety of dairy products, including cheese, butter, milk, and whey, catering to different customer needs and preferences.

Egg Products

Bell Food Group AG offers egg products, including liquid eggs, frozen eggs, and dried eggs, suitable for various applications.

Seafood Products

The company provides a range of seafood products, including fish, shellfish, and crustaceans, sourced from sustainable and responsible fisheries.

Convenience Products

Bell Food Group AG offers convenience products, including ready-to-eat meals, snacks, and other prepared foods, catering to busy lifestyles.

8. Bell Food Group AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bell Food Group AG operates in the food processing industry, which has a moderate threat of substitutes. While there are some substitutes available, they are not a significant threat to the company's business.

Bargaining Power Of Customers

Bell Food Group AG has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are essential to its customers, making it difficult for them to switch to alternative suppliers.

Bargaining Power Of Suppliers

Bell Food Group AG relies on a few large suppliers for its raw materials, which gives them some bargaining power. However, the company's size and scale of operations also give it some negotiating power.

Threat Of New Entrants

The food processing industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to enter the market and compete with established players like Bell Food Group AG.

Intensity Of Rivalry

The food processing industry is highly competitive, with many established players competing for market share. Bell Food Group AG faces intense competition from both domestic and international players, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.90%
Debt Cost 3.95%
Equity Weight 55.10%
Equity Cost 5.09%
WACC 4.58%
Leverage 81.48%

11. Quality Control: Bell Food Group AG passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

222.0$

Current Price

222$

Potential

-0.00%

Expected Cash-Flows