ENXTAM:BESI

Stock Analysis Report

BE Semiconductor Industries

Executive Summary

BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries worldwide.

Snowflake

Fundamentals

High growth potential with adequate balance sheet.


Similar Companies

Share Price & News

How has BE Semiconductor Industries's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BESI's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-0.9%

BESI

-0.1%

NL Semiconductor

1.7%

NL Market


1 Year Return

80.0%

BESI

51.7%

NL Semiconductor

9.0%

NL Market

Return vs Industry: BESI exceeded the Dutch Semiconductor industry which returned 51.7% over the past year.

Return vs Market: BESI exceeded the Dutch Market which returned 9% over the past year.


Shareholder returns

BESIIndustryMarket
7 Day-0.9%-0.1%1.7%
30 Day8.0%5.4%1.7%
90 Day29.3%22.2%7.2%
1 Year91.6%80.0%54.2%51.7%13.9%9.0%
3 Year165.9%122.7%115.9%107.3%48.2%32.0%
5 Year448.0%312.3%163.0%144.5%66.5%33.7%

Price Volatility Vs. Market

How volatile is BE Semiconductor Industries's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is BE Semiconductor Industries undervalued compared to its fair value and its price relative to the market?

34.43x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BESI (€33.13) is trading above our estimate of fair value (€22.5)

Significantly Below Fair Value: BESI is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BESI is poor value based on its PE Ratio (34.4x) compared to the Semiconductor industry average (26.9x).

PE vs Market: BESI is poor value based on its PE Ratio (34.4x) compared to the Dutch market (20.5x).


Price to Earnings Growth Ratio

PEG Ratio: BESI is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: BESI is overvalued based on its PB Ratio (8.9x) compared to the XE Semiconductor industry average (2.3x).


Next Steps

Future Growth

How is BE Semiconductor Industries forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

29.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BESI's forecast earnings growth (29% per year) is above the savings rate (0.4%).

Earnings vs Market: BESI's earnings (29% per year) are forecast to grow faster than the Dutch market (11.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BESI's revenue (16.8% per year) is forecast to grow faster than the Dutch market (5.3% per year).

High Growth Revenue: BESI's revenue (16.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BESI's Return on Equity is forecast to be very high in 3 years time (60%).


Next Steps

Past Performance

How has BE Semiconductor Industries performed over the past 5 years?

18.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BESI has high quality earnings.

Growing Profit Margin: BESI's current net profit margins (19.7%) are lower than last year (26.8%).


Past Earnings Growth Analysis

Earnings Trend: BESI's earnings have grown by 18% per year over the past 5 years.

Accelerating Growth: BESI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BESI had negative earnings growth (-55.2%) over the past year, making it difficult to compare to the Semiconductor industry average (-17.8%).


Return on Equity

High ROE: Whilst BESI's Return on Equity (25.97%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is BE Semiconductor Industries's financial position?


Financial Position Analysis

Short Term Liabilities: BESI's short term assets (€535.2M) exceeds its short term liabilities (€90.5M)

Long Term Liabilities: BESI's short term assets (535.2M) exceeds its long term liabilities (310.9M)


Debt to Equity History and Analysis

Debt Level: BESI's debt to equity ratio (101%) is considered high

Reducing Debt: BESI's debt to equity ratio has increased from 5.9% to 101% over the past 5 years.

Debt Coverage: BESI's debt is well covered by operating cash flow (51.4%).

Interest Coverage: BESI's interest payments on its debt are well covered by EBIT (9.3x coverage).


Balance Sheet

Inventory Level: BESI has a low level of unsold assets or inventory.

Debt Coverage by Assets: BESI's debt is covered by short term assets (assets are 2x debt).


Next Steps

Dividend

What is BE Semiconductor Industries's current dividend yield, its reliability and sustainability?

5.04%

Current Dividend Yield


Dividend Yield vs Market

company5.0%marketbottom25%2.1%markettop25%5.6%industryaverage1.2%forecastin3Years3.9%

Current dividend yield vs market & industry

Notable Dividend: BESI's dividend (5.04%) is higher than the bottom 25% of dividend payers in the Dutch market (2.14%).

High Dividend: BESI's dividend (5.04%) is low compared to the top 25% of dividend payers in the Dutch market (5.56%).


Stability and Growth of Payments

Stable Dividend: BESI has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BESI's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (173.6%), BESI's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BESI's dividends in 3 years are forecast to be covered by earnings (86.7% payout ratio).


Next Steps

Management

What is the CEO of BE Semiconductor Industries's salary, the management and board of directors tenure and is there insider trading?

3.7yrs

Average management tenure


CEO

Richard Blickman (65yo)

24yrs

Tenure

€6,808,460

Compensation

Mr. Richard W. Blickman has been the Chairman of Management Board and Chief Executive Officer at BE Semiconductor Industries N.V., since November 1995 and served as its President since November 1995 until  ...


CEO Compensation Analysis

Compensation vs Market: Richard's total compensation ($USD7.51M) is above average for companies of similar size in the Dutch market ($USD2.37M).

Compensation vs Earnings: Richard's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Management Age and Tenure

3.7yrs

Average Tenure

56yo

Average Age

Experienced Management: BESI's management team is considered experienced (3.7 years average tenure).


Board Age and Tenure

1.5yrs

Average Tenure

63yo

Average Age

Experienced Board: BESI's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Sell€2,246,00021 Feb 19
Richard Blickman
EntityIndividual
Role
Chief Executive Officer
Chairman of Management Board & CEO
Shares100,000
Max Price€22.46

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Hans Wunderl (68yo)

    Senior Vice President of Strategic Development

    • Tenure: 0yrs
  • Richard Blickman (65yo)

    Chairman of Management Board & CEO

    • Tenure: 24yrs
    • Compensation: €6.81m
  • René Hendriks (58yo)

    Senior Vice President of Sales - North America & Europe

    • Tenure: 0yrs
  • J. te Hennepe (61yo)

    Senior Vice President of Finance

    • Tenure: 0yrs
  • J. Park (54yo)

    Senior Vice President of Sales & Customer Support - APAC

    • Tenure: 0yrs
  • Henk-Jan Poerink (49yo)

    Senior Vice President of Global Operations

    • Tenure: 0yrs
  • Ruurd Boomsma (63yo)

    Chief Technology Officer of Besi

    • Tenure: 5.8yrs
  • Jeroen Kleijburg (45yo)

    Senior Vice President of Packaging

    • Tenure: 0yrs
  • Christoph Scheiring (49yo)

    Senior Vice President of Die Attach

    • Tenure: 1.6yrs
  • René Betschart (46yo)

    Senior Vice President of Besi Products for Asia

    • Tenure: 1.6yrs

Board Members

  • Carlo Bozotti (67yo)

    Member of Supervisory Board

    • Tenure: 1.3yrs
  • Doug Dunn (75yo)

    Vice Chairman of Supervisory Board

    • Tenure: 0yrs
  • Niek Hoek (63yo)

    Member of Supervisory Board

    • Tenure: 1.6yrs
  • Mona ElNaggar (52yo)

    Member of Supervisory Board

    • Tenure: 7.6yrs
  • Lodewijk van den Bergh (56yo)

    Chairman of the Supervisory Board

    • Tenure: 0.8yrs

Company Information

BE Semiconductor Industries N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: BE Semiconductor Industries N.V.
  • Ticker: BESI
  • Exchange: ENXTAM
  • Founded: 1995
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: €2.402b
  • Shares outstanding: 72.49m
  • Website: https://www.besi.com

Number of Employees


Location

  • BE Semiconductor Industries N.V.
  • Ratio 6
  • Duiven
  • Gelderland
  • 6921 RW
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BESI.YOTCPK (Pink Sheets LLC)NY REGSTRY SHSUSUSDDec 1995
BESIENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURDec 1995
0XVELSE (London Stock Exchange)YesOrdinary SharesGBEURDec 1995
BSIDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 1995
BESIABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 1995
BESV.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 1995
BSIDB (Deutsche Boerse AG)EUR0.01DEEURMay 2018
BESIENXTAM (Euronext Amsterdam)EUR0.01NLEURMay 2018

Biography

BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries worldwide. The company’s principal pr ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/11 20:36
End of Day Share Price2019/11/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.