BE Semiconductor Industries: Expanding TAM Supports Premium Valuation

Research evidence excerpt

BE Semiconductor Industries: Expanding TAM Supports Premium Valuation

Global Research

19 June 2026ab

BE Semiconductor Industries Equities

NetherlandsExpanding TAM Supports Premium Valuation

Semiconductors

12-month rating Buy

We reiterate our Buy rating

Against a backdrop of strong demand—primarily driven by datacenter AI through hybrid 12m price target €370.00

bonding for both logic and memory, and increasingly supported by applications such as Prior : €280.00

optical—we see a compelling growth outlook. While we acknowledge the stock’s rich

Price (18 Jun 2026) €317.80

valuation, we believe Besi represents a rare asset to capture the structural opportunity in

advanced packaging across the short, medium, and long term, supported by best-in- RIC: BESI.AS BBG: BESI NA

class profitability and returns. In this context, we reiterate our Buy rating.

Trading data and key metrics

52-wk range €317.80-105.80

1. Hybrid bonding adoption widening and creating significant boost to

revenues Market cap. €24.5b/US$28.1b

Shares o/s 77.1m (ORD)

Besi has increased its 2030 cumulative hybrid bonding unit forecast from 960–2,000

Free float 99%

units to approximately 1,150–2,000 (low-to-high case), which we view as a clear signal

of accelerating adoption across both memory and logic applications. The upgrade is Avg. daily volume ('000) 454

primarily driven by a meaningful acceleration in co-packaged optics (CPO), with Avg. daily value (m) €111.4

products already available from players such as Nvidia and Marvell, and, to a lesser Common s/h equity (12/26E) €0.55b

extent, by increased visibility on memory adoption, including the expected insertion of P/BV (12/26E) 45.7x

HBM4E from 2027. As a result, Besi has raised its submicron accuracy revenue target by Net debt to EBITDA (12/26E) NM