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1. Company Snapshot

1.a. Company Description

BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries worldwide.The company's principal products include die attach equipment, such as single chip, multi chip, multi module, flip chip, thermal compression bonding, fan out wafer level packaging, hybrid and embedded bridge die bonding, and die sorting systems; and packaging equipment, including conventional, ultra thin, and wafer level molding, as well as trim and form, and singulation systems.Its principal products also comprise plating equipment comprising tin, copper, and precious metal and solar plating systems, as well as related process chemicals; and tooling, conversion kits, spare parts, and other services.


The company's principal brand names include Datacon, Esec, Fico, and Meco.It offers its products primarily to multinational chip manufacturers, assembly subcontractors, and electronics and industrial companies.The company was incorporated in 1995 and is headquartered in Duiven, the Netherlands.

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1.b. Last Insights on BESI

BE Semiconductor Industries N.V.'s recent performance was positively driven by robust Q3-25 results, with orders surging 36.5% sequentially and revenue reaching €132.7 million. A new €60 million share repurchase program was initiated, signaling confidence in the company's prospects. The company's year-to-date revenue and net income stood at €425.0 million and €88.8 million, respectively. Insider confidence was also evident, with an insider upping their holding during the year. The estimated fair value of the company is €147, suggesting potential for appreciation.

1.c. Company Highlights

2. Besi's Q3 Earnings: Strong Bookings Growth Amidst Revenue Decline

Besi reported a revenue decline of 10.4% and 15.3% compared to Q2 '25 and Q3 '24, respectively, with revenue coming in at EUR 134 million. However, bookings increased by 36.5% compared to Q2 '25 and 15.1% compared to Q3 '24. Operating income was at the high end of guidance, driven by higher-than-anticipated gross margins and operating expense developments. The actual EPS came out at '0.32', below estimates of '0.4934'. Gross margin was well above 62%, but below the target range of 64-68% due to order mix and new developments with lower margins.

Publication Date: Oct -27

📋 Highlights
  • Bookings Growth vs Revenue Decline:: Q3 bookings rose 36.5% YoY (€134M) but revenue fell 15.3% YoY (-€134M to -€150M).
  • Liquidity Strength:: Cash reserves hit €518.6M (+5.8% from June) post-€100M share buyback program completion.
  • Market Growth Projections:: TechInsights forecasts 1.8% 2025 growth in assembly market and 42% cumulative growth (2026–2029) driven by AI/data centers.
  • Hybrid Bonding Expansion:: New foundry customer orders, 80% market share in hybrid bonding, and 2.5D tool lead times of 12–16 weeks.
  • Q4 Guidance:: Revenue up 15–25% QoQ, gross margin 61–63%, and operating expenses up 5–10% due to higher bookings and margin improvements.

Guidance and Outlook

Besi expects revenue to increase by approximately 15% to 25% in Q4 '25, driven by increased bookings levels. Gross margin is expected to range between 61% and 63%, and operating expenses are expected to increase by 5% to 10% versus Q3 '25. The company is optimistic about its growth prospects, driven by the adoption of hybrid bonding and its strong position in the AI and data center logic and memory applications market.

Valuation and Growth Prospects

With a P/E Ratio of 68.65 and an expected revenue growth of 41.9% next year, Besi's valuation appears to be pricing in significant growth. The company's ROE of 36.94% and ROIC of 19.76% indicate strong profitability. Analysts should monitor whether Besi can sustain its growth momentum and achieve its targets, given the current valuation multiples.

Customer Developments and Market Trends

Besi is seeing significant traction in hybrid bonding adoption, particularly in logic and HBM stacking. The company has shipped a hybrid bonding tool to a new foundry customer, and expects this trend to continue in the short term. Besi's business is shifting towards the high-growth AI arena, driven by major growth in computing and data centers.

Competitive Landscape and Risk Factors

Besi has a market share of over 80% in hybrid bonding, and has not seen any significant change in the competitive landscape. However, the company will face evaluations in Korea at two major customers, which will provide a better understanding of the competitive landscape. Besi is also exposed to risks such as adverse FX moves, which can impact its margins.

3. NewsRoom

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European Equity Bargains Valued Below Estimated Worth In December 2025

Dec -01

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Chip Stocks Drop Globally on Renewed AI Bubble Fears

Nov -21

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Calculating The Intrinsic Value Of BE Semiconductor Industries N.V. (AMS:BESI)

Nov -06

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BE Semiconductor Industries N.V. Announces Q3-25 Results

Oct -23

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BE Semiconductor Industries Insider Ups Holding During Year

Sep -24

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New Strong Sell Stocks for September 18th

Sep -18

Source: zacks.com

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European Stocks That Might Be Trading Below Their Estimated Value

Sep -10

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The total return for BE Semiconductor Industries (AMS:BESI) investors has risen faster than earnings growth over the last five years

Sep -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.40%)

6. Segments

Die Attach

Expected Growth: 8.32%

The 8.32% growth in Die Attach from BE Semiconductor Industries N.V. is driven by increasing demand for semiconductor devices, particularly in the automotive and IoT sectors. Additionally, the trend towards miniaturization and higher performance in electronics is fueling growth. Furthermore, BE Semiconductor's strong market position, innovative products, and strategic partnerships are contributing to its growth momentum.

Packaging

Expected Growth: 8.78%

BE Semiconductor Industries N.V.'s packaging growth is driven by increasing demand for advanced packaging technologies, such as flip chip and wafer-level packaging, in high-growth markets like 5G, IoT, and automotive. Additionally, the company's strong relationships with leading semiconductor companies and its ability to provide customized packaging solutions contribute to its growth.

Plating

Expected Growth: 8.32%

BE Semiconductor Industries N.V.'s plating segment growth of 8.32% is driven by increasing demand for advanced packaging technologies, rising adoption of 5G and IoT devices, and growing need for miniaturization and connectivity in the semiconductor industry. Additionally, the company's strategic investments in R&D and capacity expansion have enabled it to capitalize on emerging trends and opportunities.

7. Detailed Products

Die Products

BE Semiconductor Industries N.V. offers a wide range of die products, including discrete semiconductor devices, integrated circuits, and optoelectronic devices.

Wafer Products

The company provides wafer products, including silicon wafers, silicon-on-insulator (SOI) wafers, and epitaxial wafers.

Assembly and Test Services

BE Semiconductor Industries N.V. offers assembly and test services for semiconductor devices, including wire bonding, flip chip, and wafer level packaging.

Module and Sub-Assembly Services

The company provides module and sub-assembly services, including the assembly of semiconductor devices into modules and sub-assemblies.

Design and Manufacturing Services

BE Semiconductor Industries N.V. offers design and manufacturing services, including design, development, and manufacturing of semiconductor devices.

8. BE Semiconductor Industries N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for BE Semiconductor Industries N.V. is medium due to the presence of alternative semiconductor manufacturers, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong relationships with its customers and the customized nature of its products, making it difficult for customers to switch suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few key suppliers, but the company's strong relationships with these suppliers and its ability to negotiate prices mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the semiconductor industry, including the need for significant capital investment and technological expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the semiconductor industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.10%
Debt Cost 4.29%
Equity Weight 56.90%
Equity Cost 11.58%
WACC 8.43%
Leverage 75.74%

11. Quality Control: BE Semiconductor Industries N.V. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 4.2/10

Value: 0.0

Growth: 4.7

Quality: 7.6

Yield: 5.0

Momentum: 6.5

Volatility: 1.7

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A-Score: 4.2/10

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Growth: 5.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

139.55$

Current Price

139.55$

Potential

-0.00%

Expected Cash-Flows