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General information

Sector: Industrials

The company is not available at Interactive Brokers

Bell Equipment Limited (JSE:BEL) is a leading global manufacturer, distributor and exporter of a wide range of heavy equipment for the construction, mining, quarrying, sugar, forestry and waste handling industries worldwide.

The Articulated Dump Truck (ADT) is the group’s core product and Bell is acknowledged globally as an ADT specialist for its ongoing innovations and the class leading performance of its ADTs.

Machines are marketed, distributed and supported, both locally and internationally, through a wide network of branches and independent dealers.

The group has also strengthened its trading base through strategic alliance agreements with other global companies and is an appointed distributor in selected African territories representing several leading international brands with almost 200 products well suited to all applications.

As a South African company that employs locally, Bell Equipment is an integral part of the communities in which it operates and takes its responsibilities as a corporate citizen seriously. The group purchases from local suppliers wherever possible and invests in meaningful outreach opportunities with a particular focus on education, training and development both internally and externally.

Bell manufactures and operates globally with machines in over 80 different countries worldwide. The company values its global support network, which supplies equipment solutions, ancillary products and after sales services. This network is, in turn, supported by a robust OEM structure to ensure efficient lines of communication between end users of the product and the group globally.



  • Good financial results growth rate 43.6% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (0.7%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -9.9% (LTM)
  • Share price is 207.8% higher than minimum and 2.1% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (2.9x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)26.93
Share price, USD: 1.4368
Common stocks: 95 803 936

Dividend Yield:  0.0%
FCF Yield LTM: -9.9%
EV / LTM EBITDA: 2.9x
Last revenue growth (y/y):  +20.1%
Last growth of EBITDA (y/y):  +67.0%
Historical revenue growth:  +17.4%
Historical growth of EBITDA:  +114.1%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 138
Net Debt ($m): 108
EV (Enterprise Value): 245
EBITDA LTM ($m): 85
EV / LTM EBITDA: 2.9x
Price to Book: 0.53x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

More information for subscribed users:
detailed calculation of
Potential and Created Value,
website traffic data

Releases

2022-06-01
Correction to the Results of the Annual General Meeting of Bell Equipment Limited held on 31 May 2022
2022-05-31
Results of the Annual General Meeting of Bell Equipment Limited held on 31 May 2022
2022-04-29
Broad-Based Black Economic Empowerment Act (“The Act”): Compliance Report
2022-04-28
Integrated Annual Report, No Change Statement and Notice of Annual General Meeting
2022-04-07
Dealings in securities by a Director’s Associate
2022-03-28
Provisional Audited Results for the year ended 31 December 2021
2022-03-25
Appointment of non-executive directors and member of audit committee
2022-03-23
Further Trading Statement
2022-02-17
Changes to the board and board committees
2021-11-23
Failure of Certain Conditions Precedent to Scheme of Arrangement
2021-11-12
Trading Statement
2021-10-25
Clarification Announcement: Withdrawal of Cautionary in the Firm Intention Announcement
2021-10-22
Joint Firm Intention Announcement and Withdrawal of Cautionary
2021-10-18
Renewal of Cautionary Announcement
2021-09-29
TRP121.1: Notification of changes in beneficial interest in securities

SENS Announcements

2024-04-26
Integrated Annual Report and Notice of Annual General Meeting
2024-04-24
TRP121.1: Notification of Acquisition of a Beneficial Interest in Securities
2024-03-28
Broad-based Black Economic Empowerment Act: Compliance Report
2024-03-28
Audited Results For The Year Ended 31 December 2023
2024-03-22
Further Trading Statement
2023-11-30
Appointment of Chief Executive Officer and Board and Committee Changes
2023-11-07
Trading Statement
2023-11-06
Dealings in Securities by a Director of a Major Subsidiary of the Company
2023-10-27
Dealings in Securities by a Director of a Major Subsidiary of the Company
2023-10-23
Dealings in Securities by a Director of a Major Subsidiary of the Company
2023-10-16
Dealings in Securities by a Director
2023-09-11
Unaudited Interim Results for the period ended 30 June 2023
2023-09-07
Updated Trading Statement for the six months ended 30 June 2023
2023-07-12
Trading Statement for the six months ended 30 June 2023
2023-07-10
Changes to the Board: Resignation of the Chief Executive Officer
2023-06-01
Results of the Annual General Meeting of Bell Equipment Limited held on 31 May 2023
2023-04-28
Integrated Annual Report, No Change Statement, Notice of AGM and BEE Compliance Report
2023-03-31
Summarised Audited Results for the year ended 31 December 2022 and Dividend Declaration
2023-03-23
Further Trading Statement
2022-12-19
Trading Statement
2022-10-11
Dealings in Securities by a Director
2022-09-09
Unaudited Interim Results for the period ended 30 June 2022
2022-09-08
Mandatory Rotation of External Auditor
2022-06-01
Correction to the Results of the Annual General Meeting of Bell Equipment Limited held on 31 May 2022
2022-05-31
Results of the Annual General Meeting of Bell Equipment Limited held on 31 May 2022