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BE Semiconductor Industries ENXTAM:BESI Stock Report

Last Price


Market Cap







05 Oct, 2022


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

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
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

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

19951,686Richard Blickman

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


P/E Ratio


P/S Ratio

Earnings & Revenue

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

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



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


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

Valuation Score


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
300861 Yangling Metron New Material
605358 Hangzhou Lion ElectronicsLtd
BESI BE Semiconductor Industries

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


Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


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


Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


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


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

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


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


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


Average management tenure


Richard Blickman (68 yo)





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


Mar 31 2022n/an/a


Dec 31 2021€9m€600k


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020€7m€600k


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019€5m€600k


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019n/an/a


Dec 31 2018€7m€600k


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018n/an/a


Dec 31 2017€4m€1m


Sep 30 2017n/an/a


Jun 30 2017n/an/a


Mar 31 2017n/an/a


Dec 31 2016€3m€1m


Sep 30 2016n/an/a


Jun 30 2016n/an/a


Mar 31 2016n/an/a


Dec 31 2015€3m€1m


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).


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%

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 %
BlackRock, Inc.
Invesco Ltd.
The Vanguard Group, Inc.
2,628,607€125.1m3.1%no data
Acadian Asset Management LLC
Janus Henderson Group plc
Sylebra Capital Limited
Norges Bank Investment Management
Kempen Capital Management N.V.
Oddo Bhf Asset Management SAS
Richard Blickman
1,516,837€72.2m7.9%no data
Goldman Sachs Asset Management, L.P.
Credit Suisse Asset Management (Switzerland)
BMO Asset Management Corp.
Degroof Petercam Asset Management
Dimensional Fund Advisors LP
Groupama Asset Management
JPMorgan Chase & Co, Brokerage and Securities Investments
Union Asset Management Holding AG
abrdn plc
Premier Fund Managers Limited
Swedbank Robur Fonder AB
UBS Asset Management
Goldman Sachs Group, Investment Banking and Securities Investments
WCM Investment Management, LLC

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:

Number of Employees


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


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
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
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.