BE Semiconductor Industries N.V: BESI CMD: HB inflection accelerates; LT model pulled forward to 2028

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BE Semiconductor Industries N.V: BESI CMD: HB inflection accelerates; LT model pulled forward to 2028

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BE Semiconductor Industries N.V

BESI CMD: HB inflection accelerates; LT

model pulled forward to 2028

Reiterate Rating: BUY | PO: 401.00 EUR | Price: 317.80 EUR

Raising estimates and PO to €401; Buy 18 June 2026

We see BESI as best positioned in our coverage to take advantage of two substantial Equity

TAMs, namely 3D stacking and chiplet architecture in both logic and memory markets.

Our key takeaways are (A) BESI are about to see an acceleration in HB adoption in logic

Key Changeswith Nvidia and Broadcom AI chips adding to existing momentum with AMD, Intel and

Apple (Mac), (B) HBM adoption confirmed: initial insertion of HB with HBM4e in 2027 (EUR) Previous Current

(Samsung) followed by other DRAM makers in 2028/2029 with HBM5, (C) HB being Price Obj. 345.00 401.00

adopted in optical (CPO) and longer-term in other consumer markets like smartphones 2028E Rev (m) 1,738.4 1,944.7

and VR glasses. We expect BESI to achieve its long-term financial target as early as 2026E EPS 4.28 4.31

2028 vs 2030 prior. We raise our CY28E EPS estimate from €9.07 to €10.69 on €1.94bn, 2027E EPS 7.10 7.21

66% GM and 52% EBIT margin. We reiterate our Buy rating and raise our PO from €345 2028E EPS 9.07 10.69

to €401 on same 30x EV/CY28E EV/EBITDA, at the upper-end of its historical range of

10x to 35x given earnings acceleration (72% EBITDA CAGR 2025-28E) and broadening Didier Scemama >>

Research Analyst

of adoption of HB in logic and memory. MLI (UK)

+44 20 7995 6751

Hybrid bonding shipments increased didier.scemama@bofa.com

Oliver Wong >>

BESI has increased its long-term cumulative HB shipments range from 960-2,000 units Research Analyst