BE Semiconductor Industries : One of the best investment vehicles in Europe to play acceleration in AI
>Outperform rating maintained, target price raised to € 180 (vs € 125) - Based on a solid Q4 23 for all indicators, BESI’s comments on the cyclical recovery in 2024-26 and the ongoing adoption of hybrid bonding, we have upgraded our EPS estimates by 4%, 9% and 20% for 2024/25/26e. We are leaving our forecasts for hybrid bonding unchanged for 2024 (€ 120m) but have raised them for 2025 (€ 260m vs € 240m) and 2026 (€ 500m vs € 430m) given the increased number of adoptio...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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