BESI NA

BE Semiconductor Industries NV BESI

TMT


Presented:01/29/2024
Price:€141.55
Cap:$12.16B
Current Price:€101.15
Cap:$8.98B

Presented

Date01/29/2024
Price€141.55
Market Cap$12.16B
Ent Value$8.46B
P/E Ratio67.98x
Book Value€4.86
Div Yield2.01%
Shares O/S77.15M
Ave Daily Vol386,855
Short IntN/A

Current

Price€101.15
Market Cap$8.98B
BE Semiconductor Industries NV engages in the development, manufacturing, marketing, sales, and service of semiconductor assembly equipment for the global semiconductor and electronics industries. Its products and services include machines conversion kits and upgrades; installation, start-up, and training services; spare parts; and extended warranty. The company was founded in May 1995 and is headquartered in Duiven, the Netherlands.

Publicly traded companies mentioned herein: ASMPT Ltd (522 HK), BE Semiconductor Industries NV (BESI NA), Citigroup Inc (C), Morgan Stanley (MS), Samsung Electronics Co Ltd (005930 KS), SK Hynix Inc (000660 KS), Taiwan Semiconductor Manufacturing Co Ltd (TSM)

Highlights

The presenter is long shares of BE Semiconductor Industries NV (BESI NA), a semiconductor equipment manufacturer that should benefit from its advancements in hybrid bonding. BESI’s revenue mix breaks out to 79% die attach and 21% packaging & plating. Its end market exposure is 30% computing (GenAI, data centers, gaming, edge computing), 28% mobile internet (camera innovation, 5G/6G, wearables, on-device AI), 16% automotive (electrification, autonomous driving, connectivity), 9% industrial/other (clean energy, smart grid, industrial IoT), and 17% spare parts & service. He views BESI as an attractive way to be levered towards high bandwidth memory (HBM) and the ongoing shift to hybrid bonding, as BESI has a multiyear head start in the space. Modeling above-consensus out-year earnings and discounting that back, he reaches a price target of €200+ per share by year-end.

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