Our opinion on the current state of BELL(BEL)
Bell, a key player in the manufacture and distribution of heavy equipment for industries like mining, construction, agriculture, and waste management, has faced challenges stemming from the construction slowdown since 2008 and the collapse of the mining industry. Despite these setbacks, Bell's articulated dump trucks enjoy a global export market from its production bases in South Africa and Germany. The company’s extensive dealership network for various global manufacturers expands its product range to over 120 items. Notably, a significant portion of its business, approximately 60%, is derived from international markets.
Bell employs around 3,200 individuals, with a substantial 88.6% based in South Africa. In a strategic move, Gary Bell, the CEO of Bell, expressed to Business Day the company's openness to delisting, with 1A Bell proposing to make an offer to minority shareholders, though the potential offer price was not disclosed. This suggestion has sparked discussions among minority shareholders about the board’s fiduciary responsibilities, especially concerning the possibility of selling the company to the highest bidder.
On 18th February 2021, Bell announced a significant transaction where 1A Bell agreed to acquire an additional 31.4% stake in the company, resulting in a 70% ownership at R10 per share. This acquisition price represented a 13% discount to the share price at the time. For the fiscal year ending 31st December 2023, Bell reported a robust financial performance with a 32% increase in revenue and a 69% rise in headline earnings per share (HEPS). Additionally, the company’s net asset value (NAV) saw a 21% increase to 5527c per share.
Bell's shares are actively traded, with over R1 million worth of shares changing hands daily, positioning it as a viable option for private investors. A notable on-balance-volume (OBV) buy signal was recorded on 7th September 2023 when the share price was at 1752c. Following this signal, the share price experienced a significant increase, climbing to 2480c.
Bell employs around 3,200 individuals, with a substantial 88.6% based in South Africa. In a strategic move, Gary Bell, the CEO of Bell, expressed to Business Day the company's openness to delisting, with 1A Bell proposing to make an offer to minority shareholders, though the potential offer price was not disclosed. This suggestion has sparked discussions among minority shareholders about the board’s fiduciary responsibilities, especially concerning the possibility of selling the company to the highest bidder.
On 18th February 2021, Bell announced a significant transaction where 1A Bell agreed to acquire an additional 31.4% stake in the company, resulting in a 70% ownership at R10 per share. This acquisition price represented a 13% discount to the share price at the time. For the fiscal year ending 31st December 2023, Bell reported a robust financial performance with a 32% increase in revenue and a 69% rise in headline earnings per share (HEPS). Additionally, the company’s net asset value (NAV) saw a 21% increase to 5527c per share.
Bell's shares are actively traded, with over R1 million worth of shares changing hands daily, positioning it as a viable option for private investors. A notable on-balance-volume (OBV) buy signal was recorded on 7th September 2023 when the share price was at 1752c. Following this signal, the share price experienced a significant increase, climbing to 2480c.
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