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BESI

BE Semiconductor Industries ENXTAM:BESI Stock Report

Last Price

€47.61

Market Cap

€3.8b

7D

3.1%

1Y

-26.3%

Updated

05 Oct, 2022

Data

Company Financials +
BESI fundamental analysis
Snowflake Score
Valuation5/6
Future Growth4/6
Past Performance5/6
Financial Health5/6
Dividends4/6

BESI Stock Overview

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

BE Semiconductor Industries Competitors

Price History & Performance

Summary of all time highs, changes and price drops for BE Semiconductor Industries
Historical stock prices
Current Share Price€47.61
52 Week High€89.20
52 Week Low€39.82
Beta1.5
1 Month Change1.86%
3 Month Change3.37%
1 Year Change-26.30%
3 Year Change65.77%
5 Year Change56.43%
Change since IPO809.38%

Recent News & Updates

Oct 02
Is BE Semiconductor Industries N.V. (AMS:BESI) Potentially Undervalued?

Is BE Semiconductor Industries N.V. (AMS:BESI) Potentially Undervalued?

BE Semiconductor Industries N.V. ( AMS:BESI ), might not be a large cap stock, but it received a lot of attention from...

Sep 21
Is BE Semiconductor Industries (AMS:BESI) Using Too Much Debt?

Is BE Semiconductor Industries (AMS:BESI) Using Too Much Debt?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

Aug 30
BE Semiconductor Industries N.V.'s (AMS:BESI) Intrinsic Value Is Potentially 65% Above Its Share Price

BE Semiconductor Industries N.V.'s (AMS:BESI) Intrinsic Value Is Potentially 65% Above Its Share Price

Today we will run through one way of estimating the intrinsic value of BE Semiconductor Industries N.V. ( AMS:BESI ) by...

Aug 19
Investors Should Be Encouraged By BE Semiconductor Industries' (AMS:BESI) Returns On Capital

Investors Should Be Encouraged By BE Semiconductor Industries' (AMS:BESI) Returns On Capital

What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...

Shareholder Returns

BESINL SemiconductorNL Market
7D3.1%3.9%4.1%
1Y-26.3%-25.1%-21.2%

Return vs Industry: BESI underperformed the Dutch Semiconductor industry which returned -25.1% over the past year.

Return vs Market: BESI underperformed the Dutch Market which returned -21.2% over the past year.

Price Volatility

Is BESI's price volatile compared to industry and market?
BESI volatility
BESI Average Weekly Movement7.1%
Semiconductor Industry Average Movement7.1%
Market Average Movement4.7%
10% most volatile stocks in NL Market7.9%
10% least volatile stocks in NL Market2.7%

Stable Share Price: BESI is more volatile than 75% of Dutch stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: BESI's weekly volatility (7%) has been stable over the past year, but is still higher than 75% of Dutch stocks.

About the Company

FoundedEmployeesCEOWebsite
19951,686Richard Blickmanhttps://www.besi.com

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 products include die attach equipment, such as single chip, multi chip, multi module, flip chip, thermal compression bonding, fan out wafer level packaging, hybrid and embedded bridge die bonding, and die sorting systems; and packaging equipment, including conventional, ultra thin, and wafer level molding, as well as trim and form, and singulation systems. Its principal products also comprise plating equipment comprising tin, copper, and precious metal and solar plating systems, as well as related process chemicals; and tooling, conversion kits, spare parts, and other services.

BE Semiconductor Industries Fundamentals Summary

How do BE Semiconductor Industries's earnings and revenue compare to its market cap?
BESI fundamental statistics
Market Cap€3.84b
Earnings (TTM)€294.53m
Revenue (TTM)€796.40m

13.0x

P/E Ratio

4.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BESI income statement (TTM)
Revenue€796.40m
Cost of Revenue€321.11m
Gross Profit€475.30m
Other Expenses€180.76m
Earnings€294.53m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 20, 2022

Earnings per share (EPS)3.65
Gross Margin59.68%
Net Profit Margin36.98%
Debt/Equity Ratio50.1%

How did BESI perform over the long term?

See historical performance and comparison

Dividends

7.0%

Current Dividend Yield

89%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is BESI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BESI?

Other financial metrics that can be useful for relative valuation.

BESI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue4.5x
Enterprise Value/EBITDA10.4x
PEG Ratio1.1x

Price to Earnings Ratio vs Peers

How does BESI's PE Ratio compare to its peers?

BESI PE Ratio vs Peers
The above table shows the PE ratio for BESI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average28.8x
ASM ASM International
22.2x13.8%€12.6b
ASML ASML Holding
33.1x21.3%€186.1b
300861 Yangling Metron New Material
25.6x21.5%CN¥27.2b
605358 Hangzhou Lion ElectronicsLtd
34.4x22.4%CN¥30.8b
BESI BE Semiconductor Industries
13x11.5%€3.8b

Price-To-Earnings vs Peers: BESI is good value based on its Price-To-Earnings Ratio (13x) compared to the peer average (28.8x).


Price to Earnings Ratio vs Industry

How does BESI's PE Ratio compare vs other companies in the European Semiconductor Industry?

Price-To-Earnings vs Industry: BESI is good value based on its Price-To-Earnings Ratio (13x) compared to the European Semiconductor industry average (22.1x)


Price to Earnings Ratio vs Fair Ratio

What is BESI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BESI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13x
Fair PE Ratio24.5x

Price-To-Earnings vs Fair Ratio: BESI is good value based on its Price-To-Earnings Ratio (13x) compared to the estimated Fair Price-To-Earnings Ratio (24.5x).


Share Price vs Fair Value

What is the Fair Price of BESI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BESI (€47.61) is trading below our estimate of fair value (€80.04)

Significantly Below Fair Value: BESI is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is BE Semiconductor Industries forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


11.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BESI's forecast earnings growth (11.5% per year) is above the savings rate (0.1%).

Earnings vs Market: BESI's earnings (11.5% per year) are forecast to grow faster than the Dutch market (4.3% per year).

High Growth Earnings: BESI's earnings are forecast to grow, but not significantly.

Revenue vs Market: BESI's revenue (9.8% per year) is forecast to grow faster than the Dutch market (9.1% per year).

High Growth Revenue: BESI's revenue (9.8% 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 (51.2%).


Discover growth companies

Past Performance

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

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


16.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BESI has high quality earnings.

Growing Profit Margin: BESI's current net profit margins (37%) are higher than last year (35.7%).


Past Earnings Growth Analysis

Earnings Trend: BESI's earnings have grown by 16.1% per year over the past 5 years.

Accelerating Growth: BESI's earnings growth over the past year (40.5%) exceeds its 5-year average (16.1% per year).

Earnings vs Industry: BESI earnings growth over the past year (40.5%) underperformed the Semiconductor industry 65.6%.


Return on Equity

High ROE: BESI's Return on Equity (46.5%) is considered outstanding.


Discover strong past performing companies

Financial Health

How is BE Semiconductor Industries's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BESI's short term assets (€946.2M) exceed its short term liabilities (€169.4M).

Long Term Liabilities: BESI's short term assets (€946.2M) exceed its long term liabilities (€362.8M).


Debt to Equity History and Analysis

Debt Level: BESI has more cash than its total debt.

Reducing Debt: BESI's debt to equity ratio has increased from 38.2% to 50.1% over the past 5 years.

Debt Coverage: BESI's debt is well covered by operating cash flow (85.9%).

Interest Coverage: BESI's interest payments on its debt are well covered by EBIT (26x coverage).


Balance Sheet


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Dividend

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

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


6.99%

Current Dividend Yield

Dividend Yield vs Market

BE Semiconductor Industries Dividend Yield vs Market
How does BE Semiconductor Industries dividend yield compare to the market?
SegmentDividend Yield
Company (BE Semiconductor Industries)7.0%
Market Bottom 25% (NL)2.3%
Market Top 25% (NL)6.5%
Industry Average (Semiconductor)1.2%
Analyst forecast in 3 Years (BE Semiconductor Industries)7.3%

Notable Dividend: BESI's dividend (6.99%) is higher than the bottom 25% of dividend payers in the Dutch market (2.34%).

High Dividend: BESI's dividend (6.99%) is in the top 25% of dividend payers in the Dutch market (6.53%)


Stability and Growth of Payments

Stable Dividend: BESI's dividend payments have been volatile in the past 10 years.

Growing Dividend: BESI's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (88.8%), BESI's payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (109.4%), BESI's dividend payments are not well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.5yrs

Average management tenure


CEO

Richard Blickman (68 yo)

26.92yrs

Tenure

€8,805,417

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 serves as its President. Mr. Blickman served as th...


CEO Compensation Analysis

Richard Blickman's Compensation vs BE Semiconductor Industries Earnings
How has Richard Blickman's remuneration changed compared to BE Semiconductor Industries's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

€295m

Mar 31 2022n/an/a

€312m

Dec 31 2021€9m€600k

€282m

Sep 30 2021n/an/a

€260m

Jun 30 2021n/an/a

€210m

Mar 31 2021n/an/a

€156m

Dec 31 2020€7m€600k

€132m

Sep 30 2020n/an/a

€121m

Jun 30 2020n/an/a

€107m

Mar 31 2020n/an/a

€86m

Dec 31 2019€5m€600k

€81m

Sep 30 2019n/an/a

€70m

Jun 30 2019n/an/a

€80m

Mar 31 2019n/an/a

€109m

Dec 31 2018€7m€600k

€136m

Sep 30 2018n/an/a

€157m

Jun 30 2018n/an/a

€181m

Mar 31 2018n/an/a

€186m

Dec 31 2017€4m€1m

€173m

Sep 30 2017n/an/a

€146m

Jun 30 2017n/an/a

€110m

Mar 31 2017n/an/a

€81m

Dec 31 2016€3m€1m

€65m

Sep 30 2016n/an/a

€58m

Jun 30 2016n/an/a

€48m

Mar 31 2016n/an/a

€39m

Dec 31 2015€3m€1m

€49m

Compensation vs Market: Richard's total compensation ($USD8.68M) is above average for companies of similar size in the Dutch market ($USD2.70M).

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


Leadership Team

Experienced Management: BESI's management team is considered experienced (4.5 years average tenure).


Board Members

Experienced Board: BESI's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Recent Insider Transactions

ENXTAM:BESI Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
27 Oct 21Sell€7,416,000Richard BlickmanIndividual100,000€74.16

Ownership Breakdown

What is the ownership structure of BESI?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,516,8371.9%
General Public30,397,41237.7%
Institutions48,678,30360.4%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.8%.


Top Shareholders

Top 25 shareholders own 54.53% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.52%
BlackRock, Inc.
7,674,835€365.4m-7%0.01%
5.13%
Invesco Ltd.
4,136,596€196.9m48.96%0.06%
3.26%
The Vanguard Group, Inc.
2,628,607€125.1m3.1%no data
3%
Acadian Asset Management LLC
2,416,644€115.1m2.02%0.42%
2.96%
Janus Henderson Group plc
2,387,464€113.7m0%0.06%
2.96%
Sylebra Capital Limited
2,387,405€113.7m0%5.26%
2.91%
Norges Bank Investment Management
2,349,037€111.8m0%0.01%
2.87%
Kempen Capital Management N.V.
2,314,965€110.2m0%2.09%
2.7%
FMR LLC
2,178,446€103.7m0%0.01%
2.07%
Oddo Bhf Asset Management SAS
1,665,237€79.3m1.05%1.37%
1.88%
Richard Blickman
1,516,837€72.2m7.9%no data
1.6%
Goldman Sachs Asset Management, L.P.
1,287,814€61.3m0%0.03%
1.46%
Credit Suisse Asset Management (Switzerland)
1,173,871€55.9m0.08%0.05%
1.39%
BMO Asset Management Corp.
1,117,856€53.2m0%0.03%
1.29%
Degroof Petercam Asset Management
1,040,290€49.5m-0.01%0.3%
1.27%
Dimensional Fund Advisors LP
1,023,832€48.7m0.96%0.01%
1.16%
Groupama Asset Management
938,661€44.7m0%0.91%
1.06%
JPMorgan Chase & Co, Brokerage and Securities Investments
854,629€40.7m589.26%0.04%
1.04%
Union Asset Management Holding AG
836,146€39.8m0%0.04%
0.97%
abrdn plc
780,857€37.2m-1.55%0.04%
0.97%
Premier Fund Managers Limited
780,581€37.2m27%0.41%
0.87%
Swedbank Robur Fonder AB
700,000€33.3m100%0.05%
0.86%
UBS Asset Management
695,792€33.1m0%0.01%
0.81%
Goldman Sachs Group, Investment Banking and Securities Investments
653,949€31.1m0%0.02%
0.5%
WCM Investment Management, LLC
405,506€19.3m-24.8%0.04%

Company Information

BE Semiconductor Industries N.V.'s 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
  • Implied Market Cap: €3.837b
  • Shares outstanding: 80.59m
  • 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)ORD EUR0.91 (NY REG SHARES)USUSDDec 1995
BSIADB (Deutsche Boerse AG)ORD EUR0.91 (NY REG SHARES)DEEURDec 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
BESI NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNDec 1995

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/05 00:00
End of Day Share Price2022/10/05 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.