BE Semiconductor Industries : The next enabler of Moore’s Law, as were ASML/ASMi
In our view, BESI will be the equipment manufacturer showing the strongest growth in Europe (EPS multiplied by 4x in 4 years). With ~90% market share in hybrid bonding, it is ideally positioned on what is perhaps the most promising technology in the sector since ASML introduced EUV. The buy-side consensus now seems (too) cautious to us on the pace of the adoption of hybrid bonding, leaving room for positive surprises. Moreover, the cyclical upturn is approaching on the back-end (Q2/Q3 2025 in our view) and its extent is historically underestimated. Our 2025-2026 estimates are 15% above the consensus. We raise our target price to € 170 and reiterate our Outperform rating.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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