BE Semiconductor Industries NV
BESI: XAMS (NLD)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€178.00 | Tlpgpf | Lkwsldcs |
Besi: Initiate Coverage With Narrow Moat; Revenue Tailwinds, but Shares Priced for Perfection
We are initiating on BE Semiconductor Industries, or Besi, with a narrow moat supported by intangible assets and switching costs, an Exemplary Morningstar Capital Allocation Rating, and EUR 82 fair value estimate, with shares overvalued by 20% as of the last trading session. Its Capital Allocation Rating comes from accretive organic investments and research and development, cost discipline, appropriate dividends and buybacks, and a clean balance sheet.