BE Semiconductor Industries NV

BESI: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€532.00	Dqhkhqx	Nvdqfgsw

Initiating on Besi With Narrow Moat, Exemplary Capital Allocation Rating, and EUR 82 Fair Value

Javier Correonero

Jun 27, 2023

Business Strategy and Outlook

BE Semiconductor Industries, or Besi, understands well how to operate in a cyclical industry like semiconductors. Supply/demand balances can change rapidly in the chip industry, so equipment suppliers need flexibility to adapt. Besi runs a very flexible business model by 1) multisourcing from different suppliers to rapidly adapt capacity to demand changes, 2)

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