ENXTAM:BESI

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

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 Analysis

Outstanding track record with reasonable growth potential.


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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

6.5%

BESI

3.5%

NL Semiconductor

1.3%

NL Market


1 Year Return

59.3%

BESI

51.7%

NL Semiconductor

-5.0%

NL Market

Return vs Industry: BESI exceeded the Dutch Semiconductor industry which returned 50% over the past year.

Return vs Market: BESI exceeded the Dutch Market which returned -5% over the past year.


Shareholder returns

BESIIndustryMarket
7 Day6.5%3.5%1.3%
30 Day0.6%-4.0%-1.3%
90 Day21.6%20.8%12.3%
1 Year64.0%59.3%57.0%51.7%-2.4%-5.0%
3 Year69.4%42.9%72.8%59.2%6.2%-4.4%
5 Year451.4%327.9%173.9%194.6%32.5%8.0%

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?

22.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BESI (€39.3) is trading below our estimate of fair value (€50.56)

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


Price To Earnings Ratio

PE vs Industry: BESI is good value based on its PE Ratio (26.7x) compared to the XE Semiconductor industry average (30.1x).

PE vs Market: BESI is poor value based on its PE Ratio (26.7x) compared to the Dutch market (19.4x).


Price to Earnings Growth Ratio

PEG Ratio: BESI is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: BESI is overvalued based on its PB Ratio (9.9x) compared to the XE Semiconductor industry average (2.7x).


Next Steps

Future Growth

How is BE Semiconductor Industries forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

20.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BESI's forecast earnings growth (20.9% per year) is above the savings rate (0.4%).

Earnings vs Market: BESI's earnings (20.9% per year) are forecast to grow slower than the Dutch market (25.9% per year).

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

Revenue vs Market: BESI's revenue (15.9% per year) is forecast to grow faster than the Dutch market (7.6% per year).

High Growth Revenue: BESI's revenue (15.9% 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 (56.1%).


Next Steps

Past Performance

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

11.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BESI has high quality earnings.

Growing Profit Margin: BESI's current net profit margins (26.8%) are higher than last year (21%).


Past Earnings Growth Analysis

Earnings Trend: BESI's earnings have grown by 11.4% per year over the past 5 years.

Accelerating Growth: BESI's earnings growth over the past year (32.7%) exceeds its 5-year average (11.4% per year).

Earnings vs Industry: BESI earnings growth over the past year (32.7%) exceeded the Semiconductor industry -19.2%.


Return on Equity

High ROE: BESI's Return on Equity (37%) is considered high.


Next Steps

Financial Health

How is BE Semiconductor Industries's financial position?


Financial Position Analysis

Short Term Liabilities: BESI's short term assets (€548.7M) exceed its short term liabilities (€97.4M).

Long Term Liabilities: BESI's short term assets (€548.7M) exceed its long term liabilities (€306.1M).


Debt to Equity History and Analysis

Debt Level: BESI's debt to equity ratio (93.8%) is considered high.

Reducing Debt: BESI's debt to equity ratio has increased from 6.8% to 93.8% over the past 5 years.

Debt Coverage: BESI's debt is well covered by operating cash flow (46.1%).

Interest Coverage: BESI's interest payments on its debt are well covered by EBIT (14.7x coverage).


Balance Sheet


Next Steps

Dividend

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

2.57%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BESI's dividend (2.57%) is higher than the bottom 25% of dividend payers in the Dutch market (2.14%).

High Dividend: BESI's dividend (2.57%) is low compared to the top 25% of dividend payers in the Dutch market (5.95%).


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 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (68.6%), BESI's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BESI's dividends in 3 years are not forecast to be well covered by earnings (125.8% payout ratio).


Next Steps

Management

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

6.6yrs

Average management tenure


CEO

Richard Blickman (66 yo)

24.75yrs

Tenure

€4,534,603

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 ($USD5.35M) is above average for companies of similar size in the Dutch market ($USD2.23M).

Compensation vs Earnings: Richard's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Blickman
Chairman of Management Board & CEO24.75yrs€4.53m2.46%
€ 70.3m
J. te Hennepe
Senior Vice President of Financeno datano datano data
Henk-Jan Poerink
Senior Vice President of Global Operationsno datano datano data
Ruurd Boomsma
Chief Technology Officer of Besi6.58yrsno datano data
René Hendriks
Senior Vice President of Sales - North America & Europeno datano datano data
Hans Wunderl
Senior Vice President of Strategic Developmentno datano datano data
J. Park
Senior Vice President of Sales & Customer Support - APACno datano datano data
Jeroen Kleijburg
Senior Vice President of Packagingno datano datano data
Christoph Scheiring
Senior Vice President of Die Attach2.33yrsno datano data
Andrea Kopp-Battaglia
Senior Vice President of Finance - Asia & Die Attachno datano datano data
Joseph Johnson
Chief Executive Officer of Laurier Inc.no datano datano data
Claudia Vissers
Executive Secretaryno datano datano data

6.6yrs

Average Tenure

59yo

Average Age

Experienced Management: BESI's management team is seasoned and experienced (6.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Carlo Bozotti
Member of Supervisory Board2.08yrs€62.70kno data
Douglas Dunn
Vice Chairman of Supervisory Boardno data€66.00kno data
Nicolaas Hoek
Member of Supervisory Board2.33yrs€66.00kno data
Mona ElNaggar
Member of Supervisory Board8.33yrs€70.70kno data
Lodewijk van den Bergh
Chairman of the Supervisory Board1.58yrs€53.90kno data

2.2yrs

Average Tenure

64yo

Average Age

Experienced Board: BESI's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


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

Ownership Breakdown

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


Top Shareholders

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: €2.859b
  • Shares outstanding: 72.75m
  • 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

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 Analysis2020/08/13 22:37
End of Day Share Price2020/08/13 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.