BE Semiconductor: Analyst Meeting feedback: A return from disgrace for Besi?
BE Semiconductor: (BUY, Fair Value EUR45.5 (+52%))Analyst Meeting feedback: A return from disgrace for Besi?
Yesterday, Besi held an analyst meeting in order to regain confidence from the market following the fuzzy communication from the Q1 results. We have always been confident in the quality of Besi and we appreciate the consistency and transparency of the management which does not intend to overstate the visibility it has. However the management further detailed its business and we believe Besi has well used the opportunity to clarify its leading position in the assembly market and the attractive opportunities the group sees. We reiterate our Buy rating and our FV at EUR45.5.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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