BE Semiconductor Industries "Expanding TAM Supports Premium Valuation" (Buy)

研报英文原文证据摘录

BE Semiconductor Industries "Expanding TAM Supports Premium Valuation" (Buy)

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