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Bell Food Group (BELL) Fair Value & Analysis

Consumer Defensive · CH · Market cap CHF 1.1B

BF Bell Food Group BELL · SW
PriceCHF 182.00
Fair ValueCHF 188.90
Upside+3.8%
Quality55/100
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Expensive Growth
Thin margins · 1.4% net margin
Moderate debt · generates free cash flow
3.91% dividend yield
Mixed vs. peers (7/14)
Narrow moat 30/100
Evidence: High Range CHF 141.68 – CHF 188.90 Share as image

Fair value as of: Jul 13, 2026

From 22 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from CHF 191.50 to CHF 188.90 (−1.4%) since Jun 24, 2026. Share price +1.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from CHF 141.68 (bear) to CHF 188.90 (bull), base CHF 188.90. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

CHF 288.72 CHF 171.60 Fair Value CHF 188.90 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range CHF 171.60 – CHF 288.72 · fair‑value band CHF 141.68 – CHF 188.90 · the CHF 182.00 price screens below the CHF 188.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Bell Food Group (BELL) currently trades at CHF 182.00, while our model-based Fair Value estimate is CHF 188.90, implying the stock looks roughly 3.8% fairly valued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Bell Food Group 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 Jul 13, 2026

Our scenario range runs from CHF 141.68 (bear case) to CHF 188.90 (bull case); at CHF 182.00, 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 31% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 4%, BELL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Model BearBaseBull Evidence
Highest evidence
Residual Income CHF 183.76 CHF 181.37 CHF 156.88 76
ROIC Compounder CHF 1.88 CHF 17.51 CHF 30.53 72
Gordon GGM CHF 54.45 CHF 96.60 CHF 135.08 70
All 22 models by family
DCF Models
Owner Earnings CHF 26.12 31
5Y Revenue Exit CHF 61.87 CHF 160.59 39
5Y EBITDA Exit CHF 188.48 CHF 431.05 CHF 710.41 41
5Y P/E Exit CHF 53.32 CHF 128.75 38
10Y Revenue Exit CHF 74.48 36
10Y EBITDA Exit CHF 62.63 CHF 228.41 CHF 446.34 37
10Y P/E Exit CHF 52.95 35
Earnings-Based
Graham-Dodd CHF 75.56 CHF 198.61 CHF 259.30 54
PEG = 1.0 CHF 38.04 CHF 54.34 CHF 70.64 46
EPV CHF 1.88 CHF 17.51 CHF 30.53 59
Dividend Discount
Gordon GGM CHF 54.45 CHF 96.60 CHF 135.08 70
DDM Multi-Stage CHF 54.45 CHF 79.16 CHF 102.09 61
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 53
EV/EBITDA CHF 465.76 CHF 658.57 CHF 851.39 54
EV/Revenue CHF 59.19 CHF 132.85 CHF 206.51 43
Asset-Based
NCAV (Graham) CHF 128.87 CHF 172.69 CHF 257.75 50
Economic Profit
Residual Income CHF 183.76 CHF 181.37 CHF 156.88 76
ROIC Compounder CHF 1.88 CHF 17.51 CHF 30.53 72
Growth Earnings
Growth-Adj P/E CHF 136.93 CHF 195.62 CHF 254.31 68

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

Key figures & financial health

Revenue (TTM) CHF 4.9B
Revenue growth (YoY) +2.9%
Net margin 1.4%
Return on equity 4.3%
Free cash flow CHF 3.3M FY2025
P/E ratio 15.8
More key figures
Operating margin 2.1%
EPS (TTM) CHF 11.11
Dividend yield 3.9%
EPS growth (YoY) -69.5%
Net debt CHF 866M FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 42

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 99
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 8
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.

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 Food Group 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. growth/yr (3Y)
+4.2%
Avg. growth/yr (5Y)
+4.0%
Avg. growth/yr (23Y)
+5.2%
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

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

Peer Group

Packaged Foods · 653 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 +4% · 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) 3.9% · Above median
Debt / equity 0.52× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 16.0× · Cheaper than median
P/B 0.85× · Cheaper than median
P/S (TTM) 0.28× · Cheaper than median
P/FCF 417.0× · Pricier than 75% of peers
EV/EBITDA 5.8× · Cheaper than median

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.

VALUE 38 · sector 29
FUTURE 15 · sector 19
PAST 17 · sector 27
HEALTH 74 · sector 96
DIVIDEND 78 · sector 47

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Bell Food Group (BELL) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of CHF 188.90 versus a price of CHF 182.00, about +4% (fairly valued).
What is the fair value of BELL?
Our model-based fair value for Bell Food Group is CHF 188.90 (as of Jul 13, 2026), built from audited fundamentals. The current price is CHF 182.00.
What is the quality score of BELL?
Bell Food Group 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 Food Group (BELL)?
Bell Food Group reported trailing-twelve-month revenue of about CHF 4.9B (latest available figure, as of Jul 13, 2026).
What is the net profit margin of BELL?
The net profit margin of Bell Food Group is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does Bell Food Group pay a dividend?
Bell Food Group currently shows a dividend yield of about 3.88% relative to its recent price (as of Jul 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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