BN · rank #1 · 2026-09-11
BESI
AMSTERDAM · EUR · $16.91B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | 1.58 |
|---|---|
| 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. | 0.63 |
| 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. | +60.1% |
| Last EPS surprise Most recent reported EPS versus consensus. | -3% |
| Market cap (USD) | $16.91B |
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 integration at leading foundries and IDMs.
Rationale
The bottleneck-solver thesis is directly reinforced by record Q2-26 orders of €292.9m (+128.8% YoY), a 65.7% gross margin, management-raised long-term targets, and a specialized hybrid bonding moat with named backlog providing real revenue visibility rather than pure sentiment rotation.
Material risks
- 1Key customers (leading foundries, IDMs, OSATs) internalizing hybrid bonding capability or consolidating tool spend around a competing vendor would directly disqualify Besi's sole-supplier bottleneck position — the most structurally thesis-breaking outcome.
- 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 before domestic alternatives mature.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.