BN · rank #2 · 2026-10-21
BESI
AMSTERDAM · EUR · $13.82B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | 1.12 |
|---|---|
| Forward revenue growth Consensus forward revenue growth. | +33.1% |
| Forward net margin Consensus forward net margin. | +31.5% |
| Net margin TTM Trailing twelve month net margin. | +28.4% |
| Margin expansion Forward minus trailing net margin (percentage points). | +3.1% |
| 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. | +72.0% |
| Last EPS surprise Most recent reported EPS versus consensus. | -3% |
| Market cap (USD) | $13.82B |
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 NV (Besi) develops and manufactures high-precision assembly and packaging equipment, specializing in advanced die attach and hybrid bonding systems for 3D chiplet integration and AI applications.
Rationale
Besi directly resolves the 3D packaging bottleneck critical for next-generation AI and HBM chips, supported by a 116.5% YoY H1-26 order increase and hybrid bonding customer adoption expanding from 15 to 21 accounts.
Material risks
- 1Encroachment by competing hybrid-bonding suppliers (ASMPT, EV Group, SUSS MicroTec, Semes) or major customers developing packaging capabilities in-house could commoditize Besi's process technology or reduce its market share.
- 2Heavy exposure to Asian customers (~76% of 2025 revenue) creates vulnerability to trade friction, semiconductor export controls, and capital expenditure pullbacks by major foundries.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 2 of 3 voted to proceed.