BN · rank #1 · 2026-09-10
BESI
AMSTERDAM · EUR · $17.40B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | 1.57 |
|---|---|
| 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. | 0.66 |
| 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. | +56.0% |
| Last EPS surprise Most recent reported EPS versus consensus. | -3% |
| Market cap (USD) | $17.40B |
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 assembly 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 record Q2-26 orders of €292.9m (+128.8% YoY), a 65.7% gross margin, raised long-term targets, and a specialized hybrid bonding moat with named backlog providing genuine revenue visibility rather than sentiment-only momentum.
Material risks
- 1Leading foundries, IDMs, or OSATs developing hybrid bonding capability in-house or qualifying a competing tool vendor would directly dismantle Besi's sole-supplier bottleneck position — the core thesis disqualifier to monitor.
- 2Export controls or sanctions tightening on advanced packaging equipment shipments to China could abruptly remove a meaningful demand pool mid-upcycle, compressing the order book faster than management guidance implies.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.