BE Semiconductor Industries Besi Enables Semiconductor Innovation
In this company note we remodelled our business case for Besi. Given the importance of Hybrid bonding, we highlight how it solves the current limitations, followed by our market outlook. This combined with the other segments, results in a revenue CAGR of 13.4% (2022-2030), largely driven by the total revenue growth of Hybrid bonding with a CAGR of 45%. Our valuation is based on an explicit 8-year forecast period 2023E-2030E and results in a fair value of € 115. Therefor having a Hold recommendation. While we are positive on Besi's long-term potential, based on the current market outlook, the upside over the next 12 months is limited.BE Semiconductor Industries N.V. (Besi) is a holding company. The Company is engaged in the development, manufacturing, marketing, sales and service of semiconductor assembly equipment for the global semiconductor and electronics industries. It operates through three segments: Die Attach, Packaging and Plating. It develops assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a range of end user markets, including electronics, computer, automotive, industrial and solar energy. The Company offers products, such as Die attach equipment, which include single chip, multi-chip, multi module, flip chip, thermo-compression bonding (TCB) and enhanced wafer level ball grid array (eWLB) die bonding systems, and die sorting systems; Packaging equipment, which include wafer level molding and singulation systems, and Plating equipment, which include metal plating systems and related process chemicals.
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