BE Semiconductor Industries NV

BESI: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€617.00	Sdhtc	Drqmskdvym

Raising Besi's Fair Value Estimate to EUR 120; Higher Growth Expected in H2 2024

Javier Correonero

Apr 25, 2024

Business Strategy and Outlook

BE Semiconductor Industries understands well how to operate in a cyclical industry like semiconductors. Supply/demand balances can change rapidly in the chip industry, so equipment suppliers need flexibility to adapt. Besi runs a very flexible business model by (1) multisourcing from different suppliers to rapidly adapt capacity to demand changes, (2)

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