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 Analysis

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




NL Semiconductor


NL Market

1 Year Return




NL Semiconductor


NL Market

Return vs Industry: BESI underperformed the Dutch Semiconductor industry which returned 9.7% over the past year.

Return vs Market: BESI exceeded the Dutch Market which returned -22.3% over the past year.

Shareholder returns

7 Day-1.7%-0.8%1.5%
30 Day-26.7%-16.5%-15.8%
90 Day-27.0%-21.2%-24.7%
1 Year4.7%-1.7%9.4%7.1%-20.8%-24.0%
3 Year60.7%34.6%35.6%28.8%-4.3%-14.8%
5 Year123.5%68.1%83.8%68.5%7.3%-13.3%

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


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


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: BESI (€25.84) is trading below our estimate of fair value (€56.41)

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

Price To Earnings Ratio

PE vs Industry: BESI is poor value based on its PE Ratio (23.1x) compared to the Semiconductor industry average (22.8x).

PE vs Market: BESI is poor value based on its PE Ratio (23.1x) compared to the Dutch market (14.7x).

Price to Earnings Growth Ratio

PEG Ratio: BESI is poor value based on its PEG Ratio (1.1x)

Price to Book Ratio

PB vs Industry: BESI is overvalued based on its PB Ratio (6.3x) compared to the XE Semiconductor industry average (1.9x).

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?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BESI's forecast earnings growth (20.8% per year) is above the savings rate (-0.2%).

Earnings vs Market: BESI's earnings (20.8% per year) are forecast to grow faster than the Dutch market (13.2% per year).

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

Revenue vs Market: BESI's revenue (16.3% per year) is forecast to grow faster than the Dutch market (5.1% per year).

High Growth Revenue: BESI's revenue (16.3% 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 (40.1%).

Next Steps

Past Performance

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


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BESI has high quality earnings.

Growing Profit Margin: BESI's current net profit margins (22.8%) are lower than last year (25.9%).

Past Earnings Growth Analysis

Earnings Trend: BESI's earnings have grown by 14.4% 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 (-40.3%) over the past year, making it difficult to compare to the Semiconductor industry average (-30.8%).

Return on Equity

High ROE: BESI's Return on Equity (27.2%) 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 (€550.3M) exceed its short term liabilities (€86.6M).

Long Term Liabilities: BESI's short term assets (€550.3M) exceed its long term liabilities (€311.7M).

Debt to Equity History and Analysis

Debt Level: BESI's debt to equity ratio (93.1%) is considered high.

Reducing Debt: BESI's debt to equity ratio has increased from 5.3% to 93.1% over the past 5 years.

Debt Coverage: BESI's debt is well covered by operating cash flow (43.2%).

Interest Coverage: BESI's interest payments on its debt are well covered by EBIT (9.2x 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


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


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: BESI's dividend (3.91%) is higher than the bottom 25% of dividend payers in the Dutch market (2.78%).

High Dividend: BESI's dividend (3.91%) is low compared to the top 25% of dividend payers in the Dutch market (8%).

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 high payout ratio (90.4%), BESI's dividend payments are not well 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 (94.1% payout ratio).

Next Steps


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


Average management tenure


Richard Blickman (65yo)





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 ($USD4.89M) is above average for companies of similar size in the Dutch market ($USD2.02M).

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

Leadership Team

Richard Blickman
Chairman of Management Board & CEO24.42yrs€4.53m2.28% 42.6m
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 Besi6.25yrsno 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 Attach2yrsno datano data
Andrea Kopp-Battaglia
Senior Vice President of Finance - Asia & Die Attachno datano datano data


Average Tenure


Average Age

Experienced Management: BESI's management team is seasoned and experienced (6.3 years average tenure).

Board Members

Carlo Bozotti
Member of Supervisory Board1.75yrs€62.70kno data
Douglas Dunn
Vice Chairman of Supervisory Boardno data€66.00kno data
Nicolaas Hoek
Member of Supervisory Board2yrs€66.00kno data
Mona ElNaggar
Member of Supervisory Board8yrs€70.70kno data
Lodewijk van den Bergh
Chairman of the Supervisory Board1.25yrs€53.90kno data


Average Tenure


Average Age

Experienced Board: BESI's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


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

Insider Trading Volume

Insider Buying: BESI insiders have only sold shares 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: €1.866b
  • Shares outstanding: 72.21m
  • Website: https://www.besi.com

Number of Employees


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


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
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


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 chips, multi chips, multi modules, flip chips, TCB and eWLB die bonding systems, and die sorting systems; and packaging equipment comprising conventional, ultra thin, and wafer level molding, as well as trim and form, and singulation systems. Its principal products also comprise plating equipment consisting of tin, copper, and precious metal plating systems, as well as related process chemicals; and tooling, conversion kits, spare parts, and other services. The company provides its products primarily to chip manufacturers, assembly subcontractors, and electronics and industrial companies. BE Semiconductor Industries N.V. was founded in 1995 and is headquartered in Duiven, the Netherlands. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/04 21:41
End of Day Share Price2020/04/03 00:00
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.