BE Semiconductor Industries (BESI.AS): Raises mid-term targets on AI demand;largely reflected in consensus

研报英文原文证据摘录

BE Semiconductor Industries (BESI.AS): Raises mid-term targets on AI demand;largely reflected in consensus

BE Semiconductor Industries (BESI.AS)

18 June 2026 Citi Research

BE Semiconductor Industries

Valuation

We value BESI using a ~40x P/E based on our FY27 earnings estimate, which leads to our TP of EUR260. This multiple is inline

with other strong growth stocks in our coverage, and close to its historical 5-year average.

Risks

From a fundamental viewpoint, we see three key risks to our rating and target price: (a) Technological: pace of innovation along

targeted roadmap; (b) Competitive: competes with regional as well as global vendors across different segments; and (C)

Customer adoption: slower / faster than expected adoption of the BESI technology. We also see macroeconomic environment

& geopolitics as relevant risk for the semiconductor industry and BESI. More tactically, we see crowding as a potential headwind.

Technological risk — We see BESI as one of the primary beneficiaries of the expected growth outperformance in advanced

packaging solutions. BESI is currently involved in various technology / tool developments across different stages of maturity

with customers as well as other ecosystem partners. Evolution of BESI’s roadmap as well as ecosystem technology could

present upside or downside risk to our estimates. A successful execution along technology roadmap (development /

introduction of tools with desired specification / performance) is critical for the group to maintain / build on its leadership. And,

ecosystem technology evolution in terms of chip architecture and transistor cost could be a driver for higher or lower demand

for new assembly solutions.