BE Semiconductor Industries Model update
After the strong results we update our model. We increase our revenue forecasts driven by higher ASP's for Hybrid Bonding. Due to these higher ASP's combined with the current margins, the outlook, improved sourcing network result in higher gross profit margins. While our forecasted operating expenses increase for 2024, due to share based compensation, we anticipate more operational leverage in the long run, mainly for SG&A. Combined with our valuation parameters, does this result in a new DCF based valuation of € 143, coming from € 115. In our view Besi has a fantastic product offering and is very well positioned to gain from the current market dynamics. Nevertheless, as expectations are very high, most of it is anticipated. Therefore we maintain our Hold Recommendation.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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