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Belluna Co (73L) fair value: what the stock is really worth

As of Oct 26, 2026: fair value (intrinsic value) of Belluna Co stock €7.56, price €5.76, upside +31.2%, quality 51 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Consumer Cyclical · DE · Home Japan · ISIN JP3835650007

BC Belluna Co logo Broad data Oct 27, 2026

Belluna Co

73L · F

UndervaluedThe stock appears undervalued with acceptable quality.

The stock costs 24% less than our calculation considers fair.

Fair value €7.56 · Undervalued (24%)
Ranks above peers (9/13)
Broad data
Quality 51/100
Thin margins · 5.4% net margin (TTM)
Moderate debt
3.7% dividend yield · Watch coverage
Weak Growth (revenue 3y +0.9 %/yr in JPY)
Negative free cash flow
Narrow moat 35/100 · thin data
Price via web search⚠ Thinly traded
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

€6.01 €3.42 Fair Value €7.56 Aug 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 27, 2026.

How to read this chart

60‑month range €3.42 – €6.01 · fair‑value band €7.16 – €8.31 · the €5.76 price screens below the €7.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 27, 2026.

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Company profile

Belluna Co., Ltd., together with its subsidiaries, operates in the mail order industry.

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It operates through eight segments: Apparel and Miscellaneous Goods Business, Cosmetics and Health Food Business, Gourmet Business, Nursing-related Business, Database Utilization Business, Kimono-related Business, Property Business, and Other Business.

The Apparel and Miscellaneous Goods Business segment provides clothing, household items, furniture, and personal and hobby goods through catalogs, internet, and other media, as well as engages in apparel and general merchandise business.

The Cosmetics and Health Food Business segment sells cosmetics and health foods. The Gourmet Business segment engages in the sale of food, sake, wine, prepared foods, marine products, sweets, and alcoholic beverages.

The Nursing-related Business segment operates mail-order business for nurses, and nurse recruitment business.

The Database Utilization Business segment involved in corporate business, enclosure and bundling, and mail order agent services; financing business mainly for mail order customers; and logistics. The Kimono-related Business segments sells and rents Japanese clothing related products.

The Property Business segment engages in the hotel accommodation services and related services; real estate revitalization and development; leasing office buildings and commercial facilities; power generation; restaurant businesses; and golf course management.

The Other segment is involved in the wholesale business of clothing. Belluna Co., Ltd. was incorporated in 1947 and is headquartered in Ageo, Japan.

Stock analysis

Belluna Co (73L) currently trades at €5.76, while our model-based Fair Value estimate is €7.56, implying the stock looks roughly 23.8% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €11.32 per share, and 9 of the 14 models we run sit above the €5.76 price.

Bear case: the Dividend Discount group reads lowest at €1.56, and 5 of the 14 models stay below the price. Data coverage for this calculation is high.

Scenario range: €7.16 (bear) to €8.31 (bull), the price of €5.76 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Belluna Co reported revenue of ¥218B in FY2026 versus ¥220B in FY2022, a compound −0.2%/yr. Reported net income was ¥11.5B in FY2026, compounding +3.1%/yr from FY2022.

Key figures

Market cap €554M Small · P/E ratio 8.6 · P/S ratio 0.46 · EPS (TTM) €0.6700 · Dividend yield 3.7% · Net margin 5.3% · Return on equity 8.0% · Return on assets (EBIT) 4.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 37% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at 31%, 73L screens cheaper than that median.

Fair Value models

Bear €7.16 Fair Value €7.56 Bull €8.31
Price €5.76 · Upside +31.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (€0.2613 per share) are deliberately not added. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income €7.16 €7.56 €8.25 73
EPV €0.9800 €1.91 €2.69 68
Gordon GGM €1.36 €1.56 €1.78 67
All 14 models by family
Earnings-Based
Graham-Dodd €4.63 €7.09 €8.46 64
EPV €0.9800 €1.91 €2.69 68
Dividend Discount
Gordon GGM €1.36 €1.56 €1.78 67
DDM Multi-Stage €1.36 €1.72 €2.14 65
Multiples
P/E Multiple €11.24 €14.99 €18.74 63
P/S Multiple €8.69 €11.58 €14.48 58
P/B Multiple €24.93 €33.25 €41.56 55
EV/EBIT €6.56 €10.94 €15.32 64
EV/EBITDA €6.28 €10.57 €14.85 65
EV/Revenue €2.28 €6.08 €9.87 50
Asset-Based
NCAV (Graham) €4.16 €5.57 €8.31 54
Economic Profit
Residual Income €7.16 €7.56 €8.25 73
ROIC Compounder €0.9800 €1.91 €2.69 67
Growth Earnings
Growth-Adj P/E €7.93 €11.32 €14.72 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 51/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 44
How much profit the company makes from its sales and capital
Quality Growth 51
Are margins and returns getting better?
Cashflow 28
Do the profits arrive as real cash?
Financial strength 55
Debt, balance sheet and risk of trouble
Investment 55
Does it invest with discipline instead of growing at any price?
Low Volatility 71
How calm the share price moves, does not count
Momentum 54
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 61
Distance to the 52-week high, does not count
New shares 83
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 27/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+3.4%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+9.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)3.7%
Profit margin 2022 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 8%
2026 sits 57% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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Peer Groupⓘ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.Specialty Retail · 206 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside +31.2% · Above median
Profitability
Return on equity (12 months) 8.0% · Above median
Return on assets 3.4% · Above median
Net margin (12 months) 5.4% · Above median
Operating margin (12 months) 2.4% · Below median
Growth and dividend
Revenue growth (quarter YoY) 2.7% · Below median
Dividend yield (12 months) 3.7% · Above median
Balance sheet
Debt / equity 0.84× · Highest 25%

Valuation Multiplesvs Specialty Retail median · lower = cheaper

P/E (12 months) 8.6× · Cheapest 25%
P/B 0.62× · Cheapest 25%
P/S (12 months) 0.43× · Cheaper than median
EV/EBITDA 7.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)75 · sector 48
FUTURE (revenue growth)14 · sector 24
PAST (return on equity)32 · sector 30
HEALTH (low debt)58 · sector 93
DIVIDEND (yield)75 · sector 63

Context: sector, industry, market

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 Specialty Retail stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
DICK'S Sporting Goods, Inc DKS $144.67 $201.62 +39% vs 73L
Alimentation Couche-Tard Inc ATD C$84.58 C$105.10 +24% vs 73L
Tractor Supply Company TSCO $33.42 $36.33 +9% vs 73L
Ulta Beauty, Inc ULTA $624.46 $650.56 +4% vs 73L
China Tourism Group 601888 ¥48.92 ¥48.19 −1% vs 73L
Best Buy Co BBY $99.87 $94.70 −5% vs 73L
Five Below, Inc FIVE $224.10 $184.99 −17% vs 73L
Williams-Sonoma, Inc WSM $252.47 $164.11 −35% vs 73L
Casey's General Stores, Inc CASY $699.26 $405.93 −42% vs 73L
GameStop Corp GME $26.29 $13.96 −47% vs 73L

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Belluna Co · Fair Value
€7.56 +24%Fair Value
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Cite: Fair Value Calculator (2026). "Belluna Co Fair Value". https://www.fairvalue-calculator.com/stock/73L

Frequently asked questions

Is Belluna Co (73L) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of €7.56 versus a price of €5.76, about +31% upside (undervalued).
What is the fair value of 73L?
Our model-based fair value for Belluna Co is €7.56 (as of Oct 27, 2026), built from audited fundamentals. The current price: €5.76.
What is the quality score of 73L?
Belluna Co has a Quality Score of 51/100. 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 price target for Belluna Co (73L)?
Our model-based price target is the fair value of €7.56 (as of Oct 27, 2026) from 14 valuation models. Cautious scenario €7.16, optimistic scenario €8.31. It is a calculation from audited fundamentals, not an analyst target.
What is the Belluna Co stock forecast for 2026?
Our models put fair value at €7.56, about +31% upside versus a price of €5.76 (undervalued). Cautious scenario €7.16, optimistic scenario €8.31. The calculation is refreshed regularly with new filings.
What is the revenue of Belluna Co (73L)?
Belluna Co reported trailing-twelve-month revenue of about ¥219B (latest available figure, as of Oct 27, 2026).
Does Belluna Co pay a dividend?
Belluna Co currently shows a dividend yield of 3.75% relative to its recent price (as of Oct 27, 2026).
What is the intrinsic value of Belluna Co (73L)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Belluna Co it is €7.56 per share (as of Oct 27, 2026), against a price of €5.76. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Belluna Co stock overvalued or undervalued in 2026?
As of Oct 27, 2026, 73L trades below its calculated fair value: price €5.76, fair value €7.56, a gap of about +31% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 73L?
No. The price is what the market pays today (€5.76); the fair value is what the company's own numbers justify (€7.56). For Belluna Co the two are €1.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Belluna Co worth?
The market values Belluna Co at about €554M (market capitalisation, as of Oct 27, 2026). Per share that is €5.76; our models calculate a fair value of €7.56 per share.
What do the bullish and bearish scenarios say about 73L?
Our models span a range for Belluna Co: cautious scenario €7.16, base €7.56, optimistic €8.31 per share (as of Oct 27, 2026, price €5.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 73L?
Belluna Co trades at a price-to-earnings ratio of 8.6 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €7.56 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.4, EV/EBITDA 7.7.
How solid is the balance sheet of Belluna Co (73L)?
Balance-sheet figures for Belluna Co (as of Oct 27, 2026): return on equity 8.0%, debt of 0.84 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 73L from its 52-week high?
Belluna Co trades at €5.76, at its 52-week high of €5.74 and 37% above the low of €4.20 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of €7.56 is for.
Which stocks are comparable to Belluna Co?
From the same area (Consumer Cyclical) we also value Alimentation Couche-Tard Inc, Williams-Sonoma, Inc, Ulta Beauty, Inc, Casey's General Stores, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Belluna Co stock attractive at the current price?
The data as of Oct 27, 2026: price €5.76, calculated fair value €7.56 (+31%), Quality Score 51/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 73L calculated?
We run Belluna Co through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €7.56, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7 % above its aggregate fair value. Belluna Co currently trades 24 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Belluna Co (73L)?
The closing price on Oct 26, 2026 was €5.76. Our model-based fair value is €7.56, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Belluna Co right now?
The price is below even our cautious bear case (€7.16). The market is more pessimistic than our downside scenario. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Belluna Co

How large is the market capitalisation of Belluna Co (73L)?
The market capitalisation of Belluna Co is €554M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Belluna Co (73L)?
The price-to-sales ratio of Belluna Co is 0.46 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Belluna Co (73L)?
Earnings per share at Belluna Co are €0.6700 (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Belluna Co (73L)?
The dividend yield of Belluna Co is 3.7% (payout 32.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Belluna Co (73L)?
The net margin of Belluna Co is 5.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Belluna Co (73L)?
The return on equity (ROE) of Belluna Co is 8.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Belluna Co (73L)?
On an EBIT basis the return on assets of Belluna Co is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Belluna Co (73L)?
The operating margin of Belluna Co is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Belluna Co (73L)?
Revenue at Belluna Co is growing +2.7% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Belluna Co (73L)?
Earnings per share at Belluna Co are growing +27.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Belluna Co (73L) generate?
The free cash flow of Belluna Co is −¥15.0B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Belluna Co (73L) carry?
The net debt of Belluna Co is ¥111B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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