BN · rank #1 · 2026-09-08
BESI
AMSTERDAM · EUR · $18.63B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | 1.52 |
|---|---|
| Forward revenue growth Consensus forward revenue growth. | +34.2% |
| Forward net margin Consensus forward net margin. | +31.4% |
| Net margin TTM Trailing twelve month net margin. | +28.4% |
| Margin expansion Forward minus trailing net margin (percentage points). | +3.0% |
| Forward PEG Forward P/E to growth. Below 1 is cheap for the growth. | 0.64 |
| Debt / FCF Net debt relative to free cash flow. Lower is safer. | 1.48× |
| Analyst upside Spread between the consensus 12m target and the current price. | +46.5% |
| Last EPS surprise Most recent reported EPS versus consensus. | -3% |
| Market cap (USD) | $18.63B |
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
Besi is a Dutch semiconductor packaging equipment maker whose hybrid bonding and advanced packaging tools serve as a critical bottleneck-solving layer for AI, datacenter, and photonics chip architectures.
Rationale
The bottleneck-solver thesis is directly reinforced by Besi's record Q2-26 orders of €292.9m (+128.8% YoY), 65.7% gross margin, raised long-term targets, and a specialized hybrid bonding moat with named backlog providing concrete revenue visibility rather than pure sentiment.
Material risks
- 1Leading foundries, IDMs, or OSATs internalizing hybrid bonding tool development would directly dismantle Besi's sole-supplier bottleneck position — the exact disqualifier this strategy guards against, and one management has not yet flagged as imminent but which intensifies as the technology matures.
- 2Export controls or geopolitical restrictions on advanced packaging equipment shipments to China could abruptly remove a meaningful demand pool precisely when Besi's order book is at record levels and capacity is being scaled to meet it.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.