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Bell AG (BELL) Fair Value & Analysis

Consumer Defensive · CH · Market cap CHF 1.1B · ISIN CH0315966322

What is Bell AG really worth?

BA Bell AG BELL · SW
PriceCHF 233.00
Fair ValueCHF 289.61
Upside+24.3%
Quality55/100

A solid business, trading 20% below our fair value of CHF 289.61.

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Strengths

Moderate debt · generates free cash flow

Risks

!Expensive Growth (revenue 5y +4.0 %/yr)
!Thin margins · 1.4% net margin
!Mixed vs. peers (6/14)
!Narrow moat 30/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 15 out of 100
!Weak on past: 17 out of 100

For context

·3.00% dividend yield
Evidence: Medium Range CHF 217.22 – CHF 289.61

Fair value as of: Aug 30, 2026

From 22 valuation models · updated 6 days ago

Fair value updated Aug 30, 2026, revised from CHF 188.90 to CHF 289.61 (+53.3%) since Aug 27, 2026. Share price +27.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

CHF 288.72 CHF 171.60 Fair Value CHF 289.61 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range CHF 171.60 – CHF 288.72 · fair‑value band CHF 217.22 – CHF 289.61 · the CHF 233.00 price screens below the CHF 289.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

Bell AG (BELL) currently trades at CHF 233.00, while our model-based Fair Value estimate is CHF 289.61, implying the stock looks roughly 19.5% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of CHF 195.62 per share, and 3 of the 19 models we run sit above the CHF 233.00 price. Bear case: the Earnings-Based group reads lowest at CHF 54.34, and 16 of the 19 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Bell AG generated revenue of CHF 4.9B at a net margin of 1.4%. Revenue grew 2.9% year over year. It earns a return on equity of 4.3%. Net debt stands at CHF 866M. Fundamentals as of Aug 30, 2026

Our scenario range runs from CHF 217.22 (bear case) to CHF 289.61 (bull case); at CHF 233.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 24%, BELL screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 2.78 per share, which is 1.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence CHF 183.76 CHF 181.37 CHF 156.88 76
Owner Earnings CHF 26.12 73
5Y EBITDA Exit CHF 188.48 CHF 431.05 CHF 710.41 72
All 22 models by family
DCF Models
Owner Earnings CHF 26.12 73
5Y Revenue Exit CHF 61.87 CHF 160.59 69
5Y EBITDA Exit CHF 188.48 CHF 431.05 CHF 710.41 72
5Y P/E Exit CHF 53.32 CHF 128.75 68
10Y Revenue Exit CHF 74.48 64
10Y EBITDA Exit CHF 62.63 CHF 228.41 CHF 446.34 63
10Y P/E Exit CHF 52.95 61
Earnings-Based
Graham-Dodd CHF 75.56 CHF 198.61 CHF 259.30 65
PEG = 1.0 CHF 38.04 CHF 54.34 CHF 70.64 57
EPV CHF 1.88 CHF 17.51 CHF 30.53 65
Dividend Discount
Gordon GGM CHF 54.45 CHF 96.60 CHF 135.08 68
DDM Multi-Stage CHF 54.45 CHF 79.16 CHF 102.09 67
Multiples
P/E Multiple CHF 175.01 CHF 233.35 CHF 291.69 63
P/S Multiple CHF 141.68 CHF 188.90 CHF 236.13 58
P/B Multiple CHF 141.68 CHF 188.90 CHF 236.13 55
EV/EBIT CHF 128.13 CHF 208.40 CHF 288.67 64
EV/EBITDA CHF 465.76 CHF 658.57 CHF 851.39 67
EV/Revenue CHF 59.19 CHF 132.85 CHF 206.51 51
Asset-Based
NCAV (Graham) CHF 128.87 CHF 172.69 CHF 257.75 54
Economic Profit
Residual Income best evidence CHF 183.76 CHF 181.37 CHF 156.88 76
ROIC Compounder CHF 1.88 CHF 17.51 CHF 30.53 65
Growth Earnings
Growth-Adj P/E CHF 136.93 CHF 195.62 CHF 254.31 67

Widest divergence: Growth Earnings (CHF 195.62) versus Economic Profit (CHF 17.51). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 21.0
P/S ratio 0.30 P/E × margin
EPS (TTM) CHF 11.11 price ÷ EPS = P/E 21.0
Dividend yield 3.0% payout 63.0%
Net margin 1.4% FY2025
Return on equity 4.3% TTM
More key figures
Profitability
Return on assets (EBIT) 5.0% avg 5y
Operating margin 2.1% TTM
Growth
Revenue (TTM) CHF 4.9B TTM
Revenue growth (YoY) +2.9% 3y avg +4.2%
EPS growth (YoY) −69.5%
Balance sheet & cash flow
Free cash flow CHF 3.3M FY2025
Net debt CHF 866M FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 64

Profitability 41
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Bell Food Group AG engages in the processing of meat and convenience products for the retail, food service, and food industries in Switzerland.

Full company description

Bell Food Group AG engages in the processing of meat and convenience products for the retail, food service, and food industries in Switzerland. The company offers meat products, such as beef, veal, pork, and lamb; charcuterie consisting of dried ham and cured sausage specialties; chicken and turkey poultry products; and seafood, crustaceans, and frozen products. It also provides convenience products, such as meals, chilled pasta, ready-to-serve pizzas, and sauces; to-go products, which includes salad meals, sandwiches, muesli, fruit cups and wraps; vegetarian and vegan products that includes ready-cut salads, fruit and vegetables, vegetarian sauces, soups and menu components, tofu, and hummus, as well as plant-based meat alternatives, such as burgers, sausages, steaks, and schnitzels; and non-perishable convenience products comprising soups, sauces, bouillons, seasoning mixes, dressings and dips, desserts, functional foods, chilled herb products, canned vegetables, and menu components. The company sells its products under the Bell, Abraham, Cher-Mignon, Geiser, Gourmet Naturel, Hubers, Le Buron des Puys, Maison de Savoie, Mossieur Polette, and Sanchez Alcaraz brands; and convenience brands that include Bresc, Eden, Erntesegen, Eisberg, Hilcona, Hügli, It's Vegic, La Pasteria, Vogeley, Stein's BEST, Nature Company, Green Mountain, tellofix, and Tutto Gusto. The company was founded in 1869 and is headquartered in Basel, Switzerland. Bell Food Group AG is a subsidiary of Coop Group Cooperative.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bell AG reported revenue of CHF 4.9B in FY2025 versus CHF 4.2B in FY2021, a compound +4.1%/yr. Reported net income was CHF 69.6M in FY2025, compounding −14.0%/yr from FY2021.

Growth Quality 46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
CHF 4.9B
Latest YoY
+3.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.0%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
−2.3% (−5.3 + 3.0)
Revenue +4.1%/yr
FY21 CHF 4.2B
FY22 CHF 4.3B
FY23 CHF 4.5B
FY24 CHF 4.7B
FY25 CHF 4.9B
Net income −14.0%/yr
FY21 CHF 127M
FY22 CHF 128M
FY23 CHF 130M
FY24 CHF 124M
FY25 CHF 69.6M
Character of growth · EPS growth decomposed (2014-2025) −3.5 % p.a.
Revenue per share +0.4 %

of which total revenue +5.6 % · buybacks/dilution −4.9 %

EBIT margin −4.0 %
Tax rate −0.1 %
Residual (interest, one-offs) +0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Bell AG Fair Value". https://www.fairvalue-calculator.com/stock/BELL

Peer Group

Packaged Foods · 648 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +24% · Above median
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth 3% · Below median
Dividend yield (TTM) 3.0% · Above median
Debt / equity 0.52× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 21.0× · Pricier than median
P/B 0.85× · Cheaper than median
P/S (TTM) 0.28× · Cheaper than 75% of peers
P/FCF 416.2× · Pricier than 75% of peers
EV/EBITDA 5.8× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE66 · sector 25
FUTURE15 · sector 21
PAST17 · sector 28
HEALTH74 · sector 96
DIVIDEND60 · sector 53

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.62 CHF 57.26 −27%
Danone S.A BN €64.28 €48.41 −25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 −83%
The Kraft Heinz Company KHC $25.13 $24.59 −2%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 −37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 −61%
General Mills, Inc GIS $40.44 $28.32 −30%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 −68%

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Frequently asked questions

Is Bell AG (BELL) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of CHF 289.61 versus a price of CHF 233.00, about +24% upside (undervalued).
What is the fair value of BELL?
Our model-based fair value for Bell AG is CHF 289.61 (as of Aug 30, 2026), built from audited fundamentals. The current price: CHF 233.00.
What is the quality score of BELL?
Bell AG has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bell AG (BELL)?
Bell AG reported trailing-twelve-month revenue of about CHF 4.9B (latest available figure, as of Aug 30, 2026).
What is the net profit margin of BELL?
The net profit margin of Bell AG is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does Bell AG pay a dividend?
Bell AG currently shows a dividend yield of about 3.00% relative to its recent price (as of Aug 30, 2026).
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