BN · rank #1 · 2026-07-24
BESI
AMSTERDAM · EUR · $20.71B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | 1.43 |
|---|---|
| Forward revenue growth Consensus forward revenue growth. | +36.6% |
| Forward net margin Consensus forward net margin. | +26.7% |
| Net margin TTM Trailing twelve month net margin. | +24.0% |
| Margin expansion Forward minus trailing net margin (percentage points). | +2.7% |
| Forward PEG Forward P/E to growth. Below 1 is cheap for the growth. | 1.44 |
| Debt / FCF Net debt relative to free cash flow. Lower is safer. | 2.54× |
| Analyst upside Spread between the consensus 12m target and the current price. | +28.4% |
| Last EPS surprise Most recent reported EPS versus consensus. | -3% |
| Market cap (USD) | $20.71B |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
BE Semiconductor Industries (BESI) is a Dutch manufacturer of advanced semiconductor assembly and hybrid bonding equipment, serving AI infrastructure, high-end mobile, and 2.5D/3D packaging customers from its Amsterdam-listed platform.
Rationale
The bottleneck-solver thesis is strongly reinforced — Q2 2026 orders of €292.9M (+128.8% YoY) and record hybrid bonding demand confirm Besi is a genuine capacity chokepoint in AI packaging, not merely a sentiment beneficiary, with a rising backlog providing revenue visibility.
Material risks
- 1Margin guidance softened even amid record orders, suggesting Besi itself sees near-term margin compression from rising development and customer-support spend — a direct threat to the 26.7% forward net margin assumption underpinning the fwd-PEG of 1.44.
- 2Concentrated end-market exposure to AI infrastructure and high-end mobile means any capex pause by hyperscalers or a smartphone cycle downturn could rapidly reverse the order trajectory that drives the entire thesis.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.