Raises long-term targets ahead of investor day

研报英文原文证据摘录

Raises long-term targets ahead of investor day

Update

June 18, 2026 06:18 AM GMT

Morgan Stanley & Co. International plc+MBE Semiconductor Industries NV | Europe Nigel van Putten

Equity Analyst

Raises long-term targets ahead Nigel.Putten@morganstanley.comShawn Kim +44 20 7425-2803

Shawn.Kim@morganstanley.com +44 20 7677-1018

of investor day Lee Simpson

Lee.Simpson@morganstanley.com +44 20 7425-3378

Besi raises its long-term financial model ahead of its investor day (see details

Amelia M Scicluna

below). The company states improving market conditions due to demand for 2.5D Research Associate

AI-related datacenter and photonics applications as well as new use cases for hybrid Amelia.Scicluna@morganstanley.com +44 20 7425-6694

bonding in logic, memory and co-packaged optics have significantly improved its BE Semiconductor Industries NV (BESI.AS, BESI NA)

business outlook. Technology - European Semiconductors | Netherlands

Stock Rating Overweight

Besi now sees revenue of €1.7-2.2bn and an operating margin range of 45%-55%, up Industry View In-Line

from €1.5-1.9bn and an operating margin range of 40-55% previous. We previewed Price target €300.00

Shr price, close (Jun 17, 2026) €310.10

that there may be upside to the company's long-term financial model as MSe/Css 52-Week Range €328.40-105.40

estimates for FY28 were already at c.€1.6bn for 2028. With the shares more than Mkt cap, curr (mn) €24,593

Net debt (12/26e) (mn)* €(209)

doubling from last year's investor day though, some of this increase may have EV, curr (mn)* €24,551

already been embedded in the company's valuation. We look for more detail on * = GAAP or approximated based on GAAP

broadening opportunities for Besi's tool portfolio in fast growing (AI-related)

verticals across logic, memory and networking.