BE Semiconductor Industries NV

BESI: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€291.00	Pkvjtl	Qsdctzwq

BE Semiconductor Industries: Raising Valuation Due to Stronger Hybrid Bonding Sales, Higher Margins

Javier Correonero

Feb 22, 2024

Business Strategy and Outlook

BE Semiconductor Industries 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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