Besi: risk of a 2025 miss; secular growth story intact. Maintain Buy rating. €160 TP.
In 2025, consensus expects 44% revenue growth for Besi. We see downside risk in both mainstream packaging and hybrid bonding and expect growth of only 26%. Beyond 2025, we maintain our positive view. Across the cycle, Besi can grow its mainstream packaging business 5% p.a. while the hybrid bonding outlook is still wide open, but strong.We maintain our Buy rating and €160 Target Price. Valuation is already attractive, and could become even more so as expectations for 2025 come down.
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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