BN · rank #2 · 2026-10-22
BESI
AMSTERDAM · EUR · $14.44B (USD)
The exact numbers the algorithm saw.
| Composite score Z-score blend of the factors below; drives the rank. | 1.09 |
|---|---|
| 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. | +64.8% |
| Last EPS surprise Most recent reported EPS versus consensus. | -3% |
| Market cap (USD) | $14.44B |
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) supplies precision assembly equipment, specializing in copper-to-copper hybrid bonding and die attach tools essential for 3D AI logic, memory, and optical packaging.
Rationale
Besi's advanced packaging tools directly solve high-density interconnect bottlenecks for AI processors, driving H1-26 order growth of 116.5% to €562.6 million and expanding customer adoption to 21 major accounts at an attractive 0.64 forward PEG.
Material risks
- 1Qualification shifts or technological commoditization from competing hybrid bonding toolmakers (e.g., ASMPT, EV Group, SUSS MicroTec, and Samsung's Semes) could erode Besi's market share and pricing power.
- 2Heavy revenue exposure to Asia (76%) and top-ten customers (44%) leaves order visibility vulnerable to semiconductor trade export restrictions and customer capex timing.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 2 of 3 voted to proceed.