BELLSYSTEM24 Holdings (B24) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of BELLSYSTEM24 Holdings stock €11.30, price €7.95, upside +42.2%, quality 64 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?Yes
Good quality?Yes
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Price vs Fair Value
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 €6.39 – €11.17 · fair‑value band €7.89 – €16.30 · the €7.95 price screens below the €11.30 fair value. Dashed = 300-day average. As of Oct 27, 2026.
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BELLSYSTEM24 Holdings, Inc. provides outsourcing, technology, and consulting services related to customer relationship management solutions (CRM) primarily in Japan. The company offers temporary staffing, paid job placement, and CRO services related to CRM solutions.
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It also engages in the planning, production, and sale of various contents using the Internet and other media, and other operation related services. BELLSYSTEM24 Holdings, Inc. was founded in 1982 and is headquartered in Minato, Japan.
Stock analysis
BELLSYSTEM24 Holdings (B24) currently trades at €7.95, while our model-based Fair Value estimate is €11.30, implying the stock looks roughly 29.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €13.12 per share, and 16 of the 22 models we run sit above the €7.95 price.
Bear case: the Dividend Discount group reads lowest at €2.98, and 6 of the 22 models stay below the price. Data coverage for this calculation is high.
Scenario range: €7.89 (bear) to €16.30 (bull), the price of €7.95 sits inside 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 64/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
BELLSYSTEM24 Holdings reported revenue of ¥146B in FY2026 versus ¥146B in FY2022, a compound −0.1%/yr. Reported net income was ¥8.2B in FY2026, compounding −2.2%/yr from FY2022.
Key figures
Market cap €591M Small · P/E ratio 13.0 · P/S ratio 0.73 · EPS (TTM) €0.6100 · Dividend yield 4.3% · Net margin 5.6% · Return on equity 12.1% · Return on assets (EBIT) 7.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 2% above its previous 52-week high, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −9% fair-value upside, at 42%, B24 screens cheaper than that median.
Fair Value models
Bear€7.89Fair Value €11.30Bull€16.30
Price €7.95 · Upside +42.2%
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 8 months old). Earnings retained since then (€0.1778 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.
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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.5%
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.
−2.2%
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in JPY ⓘ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. 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.
+2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.0%
Dividend (yield on the price)4.3%
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.9% → 9%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −6.3% a year for the price and +2.3% for the forecasts.
Price, fair value, quality and upside side by side.
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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 Business Services · 236 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside+42.2% · Above median
Profitability
Return on equity (12 months)12.1% · Above median
Return on assets4.8% · Above median
Net margin (12 months)5.9% · Above median
Operating margin (12 months)8.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.3% · Below median
Dividend yield (12 months)4.3% · Above median
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
P/E (12 months)13.0× · Cheaper than median
P/B1.37× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "BELLSYSTEM24 Holdings Fair Value". https://www.fairvalue-calculator.com/stock/B24
Frequently asked questions
Is BELLSYSTEM24 Holdings (B24) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of €11.30 versus a price of €7.95, about +42% upside (undervalued).
What is the fair value of B24?
Our model-based fair value for BELLSYSTEM24 Holdings is €11.30 (as of Oct 27, 2026), built from audited fundamentals. The current price: €7.95.
What is the quality score of B24?
BELLSYSTEM24 Holdings has a Quality Score of 64/100. 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 BELLSYSTEM24 Holdings (B24)?
Our model-based price target is the fair value of €11.30 (as of Oct 27, 2026) from 22 valuation models. Cautious scenario €7.89, optimistic scenario €16.30. It is a calculation from audited fundamentals, not an analyst target.
What is the BELLSYSTEM24 Holdings stock forecast for 2026?
Our models put fair value at €11.30, about +42% upside versus a price of €7.95 (undervalued). Cautious scenario €7.89, optimistic scenario €16.30. The calculation is refreshed regularly with new filings.
What is the revenue of BELLSYSTEM24 Holdings (B24)?
BELLSYSTEM24 Holdings reported trailing-twelve-month revenue of about ¥146B (latest available figure, as of Oct 27, 2026).
Does BELLSYSTEM24 Holdings pay a dividend?
BELLSYSTEM24 Holdings currently shows a dividend yield of 4.29% relative to its recent price (as of Oct 27, 2026).
What growth is priced into BELLSYSTEM24 Holdings (B24)?
For today's price to be fair in a discounted-cash-flow model, BELLSYSTEM24 Holdings would have to grow free cash flow by -4.4 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew -0.1 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of B24 use?
Our models discount BELLSYSTEM24 Holdings at 9.6 %: a base by market capitalisation (small), damped by beta 0.23, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BELLSYSTEM24 Holdings that is -4.4 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has BELLSYSTEM24 Holdings (B24) delivered so far?
Over the past 4 years revenue at BELLSYSTEM24 Holdings grew -0.1 % a year. The price currently implies -4.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BELLSYSTEM24 Holdings (B24) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into BELLSYSTEM24 Holdings (-4.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BELLSYSTEM24 Holdings (B24)?
The free-cash-flow yield on the price is 14.91 %: that much free cash flow BELLSYSTEM24 Holdings produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BELLSYSTEM24 Holdings (B24)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BELLSYSTEM24 Holdings it is €11.30 per share (as of Oct 27, 2026), against a price of €7.95. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is BELLSYSTEM24 Holdings stock overvalued or undervalued in 2026?
As of Oct 27, 2026, B24 trades below its calculated fair value: price €7.95, fair value €11.30, a gap of about +42% (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 B24?
No. The price is what the market pays today (€7.95); the fair value is what the company's own numbers justify (€11.30). For BELLSYSTEM24 Holdings the two are €3.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is BELLSYSTEM24 Holdings worth?
The market values BELLSYSTEM24 Holdings at about €591M (market capitalisation, as of Oct 27, 2026). Per share that is €7.95; our models calculate a fair value of €11.30 per share.
What do the bullish and bearish scenarios say about B24?
Our models span a range for BELLSYSTEM24 Holdings: cautious scenario €7.89, base €11.30, optimistic €16.30 per share (as of Oct 27, 2026, price €7.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of B24?
BELLSYSTEM24 Holdings trades at a price-to-earnings ratio of 13.0 (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 €11.30 is built from several models across several years. Other multiples: P/B 1.4, P/S 0.7, EV/EBITDA 5.8.
How solid is the balance sheet of BELLSYSTEM24 Holdings (B24)?
Balance-sheet figures for BELLSYSTEM24 Holdings (as of Oct 27, 2026): return on equity 12.1%, debt of 0.43 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is B24 from its 52-week high?
BELLSYSTEM24 Holdings trades at €7.95, about 2% above its previous 52-week high of €7.83 and 18% above the low of €6.76 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of €11.30 is for.
Which stocks are comparable to BELLSYSTEM24 Holdings?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments 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 BELLSYSTEM24 Holdings stock attractive at the current price?
The data as of Oct 27, 2026: price €7.95, calculated fair value €11.30 (+42%), Quality Score 64/100, from 22 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 B24 calculated?
We run BELLSYSTEM24 Holdings through 22 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 €11.30, 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. BELLSYSTEM24 Holdings currently trades 30 % 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 BELLSYSTEM24 Holdings (B24)?
The closing price on Oct 23, 2026 was €7.95. Our model-based fair value is €11.30, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BELLSYSTEM24 Holdings right now?
Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€7.89 to €16.30) leaves room in how you read the outcome.
Key figures of BELLSYSTEM24 Holdings
How large is the market capitalisation of BELLSYSTEM24 Holdings (B24)?
The market capitalisation of BELLSYSTEM24 Holdings is €591M. 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 BELLSYSTEM24 Holdings (B24)?
The price-to-sales ratio of BELLSYSTEM24 Holdings is 0.73 (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 BELLSYSTEM24 Holdings (B24)?
Earnings per share at BELLSYSTEM24 Holdings are €0.6100 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BELLSYSTEM24 Holdings (B24)?
The dividend yield of BELLSYSTEM24 Holdings is 4.3% (payout 55.8%). 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 BELLSYSTEM24 Holdings (B24)?
The net margin of BELLSYSTEM24 Holdings is 5.6% (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 BELLSYSTEM24 Holdings (B24)?
The return on equity (ROE) of BELLSYSTEM24 Holdings is 12.1% (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 BELLSYSTEM24 Holdings (B24)?
On an EBIT basis the return on assets of BELLSYSTEM24 Holdings is 7.3% (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 BELLSYSTEM24 Holdings (B24)?
The operating margin of BELLSYSTEM24 Holdings is 8.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BELLSYSTEM24 Holdings (B24)?
Revenue at BELLSYSTEM24 Holdings is growing +0.3% versus a year earlier (3y avg −2.2%). 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 BELLSYSTEM24 Holdings (B24)?
Earnings per share at BELLSYSTEM24 Holdings are growing +21.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BELLSYSTEM24 Holdings (B24) carry?
The net debt of BELLSYSTEM24 Holdings is ¥41.5B (fiscal year 2026, ≈ 2.7 yrs of FCF). 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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Broad data
Oct 27, 2026