BE Semiconductor Industries NV (BESI) fair value: what the stock is really worth
As of Oct 12, 2026: fair value of BE Semiconductor Industries NV €36.67, price €176, upside -79.1%, quality 79 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 10, 2026.
How to read this chart
60‑month range €38.15 – €320.30 · fair‑value band €23.84 – €51.42 · the €175.60 price screens above the €36.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 10, 2026.
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BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally. It operates through three segments: Die Attach, Packaging, and Plating.
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BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally. It operates through three segments: Die Attach, Packaging, and Plating. The company offers single chip, multi chip, multi module, flip chip, epoxy and soft solder die bonding systems, hybrid, TCB and embedded bridge die bonding, die lid attach, and fan out wafer level packaging systems; and conventional, ultra-thin and wafer level molding, trim and form, and singulation systems. It also provides tin, copper, precious metal and solar plating systems, and related process chemicals; and tooling, conversion kits, spare parts, and other services. The company sells its products under the Fico, Meco, Datacon, and Esec brands. It serves multinational chip manufacturers, foundries, assembly subcontractors and electronics, and industrial companies. BE Semiconductor Industries N.V. was incorporated in 1995 and is headquartered in Duiven, the Netherlands.
Stock analysis
BE Semiconductor Industries NV (BESI) currently trades at €175.60, while our model-based Fair Value estimate is €36.67, 79.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €37.93 per share, and 0 of the 25 models we run sit above the €175.60 price.
Bear case: the Economic Profit group reads lowest at €11.30, and 25 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: €23.84 (bear) to €51.42 (bull), the price of €175.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 79/100 (high quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
BE Semiconductor Industries NV reported revenue of €591M in FY2025 versus €749M in FY2021, a compound −5.7%/yr. Reported net income was €132M in FY2025, compounding −17.4%/yr from FY2021.
Key figures
Market cap €14.2B · P/E ratio 67.0 · P/S ratio 14.9 · EPS (TTM) €2.62 · Dividend yield 0.9% · Net margin 22.3% · Return on equity 44.9% · Return on assets (EBIT) 21.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 45% below its 52-week high and 44% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at −79%, BESI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (€3.53 to €50.79). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €23.84Fair Value €36.67Bull €51.42
Price €175.60 · Upside -79.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.8121 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF€22.82€34.43€51.2877
Growth DCF€23.46€34.10€48.8276
Owner Earnings€21.07€31.85€47.5074
All 25 models by family
DCF Models
FCF DCF€22.82€34.43€51.2877
Owner Earnings€21.07€31.85€47.5074
5Y Revenue Exit€19.12€29.61€42.5570
5Y EBITDA Exit€26.99€43.79€62.7672
5Y P/E Exit€26.80€43.44€60.2568
10Y Revenue Exit€19.69€29.39€41.5165
10Y EBITDA Exit€25.21€39.04€56.4266
10Y P/E Exit€25.09€38.80€54.5762
Earnings-Based
Graham-Dodd€11.31€28.86€37.5463
PEG = 1.0€5.38€7.69€9.9955
EPV€16.45€19.47€22.1274
Dividend Discount
Gordon GGM€20.05€38.86€66.1463
DDM Multi-Stage€20.05€30.58€41.9564
Multiples
P/E Multiple€34.94€46.58€58.2363
P/S Multiple€21.21€28.28€35.3558
P/B Multiple€21.21€28.28€35.3555
EV/EBIT€37.67€50.79€63.9266
EV/EBITDA€33.58€45.34€57.1067
EV/Revenue€18.21€26.74€35.2753
Asset-Based
NCAV (Graham)€2.63€3.53€5.2654
Growth DCF
Growth DCF€23.46€34.10€48.8276
Rev-Margin DCF€19.12€29.86€41.6470
Economic Profit
Residual Income€9.35€11.30€18.1872
ROIC Compounder€17.32€21.63€26.2670
Growth Earnings
Growth-Adj P/E€26.55€37.93€49.3065
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
Start year 2020 (pandemic). Over 10 years: +5.4% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+1.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.9%
Dividend (yield on the price)0.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.9% vs 6.9%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.35% → 29%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+38.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+36.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +35.4% a year for the price and +33.2% for the forecasts.
AI conclusion: Moderate moat from strong margins and ROE in assembly equipment forms the core strength, while high debt to equity and limited signals on human and governance factors mark the main weakness.
Main risk: Delays in high-bandwidth memory adoption combined with emerging competition in bonding technology create uncertainty for future orders and would directly reduce demand for assembly equipment.
Besi's recent expansion of its partnership with Applied Materials puts the company deeper into next-generation hybrid bonding and photonics for AI scaling, building on their Singapore center since 2020. At the same time, delays in high-bandwidth memory adoption and emerging competition in bonding technology create clear uncertainty for future orders. Does closer integration with a key player strengthen its position in advanced packaging or heighten exposure to the sector's cyclical swings?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 222 stocks
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Is BE Semiconductor Industries NV (BESI) overvalued or undervalued?
As of Oct 10, 2026, our model estimates a fair value of €36.67 versus a price of €175.60, about −79% upside (overvalued).
What is the fair value of BESI?
Our model-based fair value for BE Semiconductor Industries NV is €36.67 (as of Oct 10, 2026), built from audited fundamentals. The current price: €175.60.
What is the quality score of BESI?
BE Semiconductor Industries NV has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BE Semiconductor Industries NV (BESI)?
Our model-based price target is the fair value of €36.67 (as of Oct 10, 2026) from 25 valuation models. Cautious scenario €23.84, optimistic scenario €51.42. It is a calculation from audited fundamentals, not an analyst target.
What is the BE Semiconductor Industries NV stock forecast for 2026?
Our models put fair value at €36.67, about −79% upside versus a price of €175.60 (overvalued). Cautious scenario €23.84, optimistic scenario €51.42. The calculation is refreshed regularly with new filings.
What is the revenue of BE Semiconductor Industries NV (BESI)?
BE Semiconductor Industries NV reported trailing-twelve-month revenue of about €734M (latest available figure, as of Oct 10, 2026).
Does BE Semiconductor Industries NV pay a dividend?
BE Semiconductor Industries NV currently shows a dividend yield of about 0.90% relative to its recent price (as of Oct 10, 2026).
What growth is priced into BE Semiconductor Industries NV (BESI)?
For today's price to be fair in a discounted-cash-flow model, BE Semiconductor Industries NV would have to grow free cash flow by +38.3 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.4 % per year. As of Oct 10, 2026.
What discount rate (WACC) does the fair value of BESI use?
Our models discount BE Semiconductor Industries NV at 9.7 %: a base by market capitalisation (large), damped by beta 1.33, country premium for Netherlands. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BE Semiconductor Industries NV that is +38.3 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has BE Semiconductor Industries NV (BESI) delivered so far?
Over the past 5 years revenue at BE Semiconductor Industries NV grew +6.4 % a year. The price currently implies +38.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BE Semiconductor Industries NV (BESI) growing?
The median revenue growth in the sector is +10.5 % a year. That is the yardstick for the growth priced into BE Semiconductor Industries NV (+38.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BE Semiconductor Industries NV (BESI)?
The free-cash-flow yield on the price is 1.14 %: that much free cash flow BE Semiconductor Industries NV produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BE Semiconductor Industries NV (BESI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BE Semiconductor Industries NV it is €36.67 per share (as of Oct 10, 2026), against a price of €175.60. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is BE Semiconductor Industries NV stock overvalued or undervalued in 2026?
As of Oct 10, 2026, BESI trades above its calculated fair value: price €175.60, fair value €36.67, a gap of about −79% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BESI?
No. The price is what the market pays today (€175.60); the fair value is what the company's own numbers justify (€36.67). For BE Semiconductor Industries NV the two are €138.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is BE Semiconductor Industries NV worth?
The market values BE Semiconductor Industries NV at about €14.2B (market capitalisation, as of Oct 10, 2026). Per share that is €175.60; our models calculate a fair value of €36.67 per share.
What do the bullish and bearish scenarios say about BESI?
Our models span a range for BE Semiconductor Industries NV: cautious scenario €23.84, base €36.67, optimistic €51.42 per share (as of Oct 10, 2026, price €175.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BESI?
BE Semiconductor Industries NV trades at a price-to-earnings ratio of 67.0 (as of Oct 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €36.67 is built from several models across several years. Other multiples: PEG 0.6, P/B 34.1, P/S 19.4, EV/EBITDA 51.5.
What is the PEG ratio of BESI?
The PEG ratio of BE Semiconductor Industries NV is 0.64 (P/E divided by earnings growth, as of Oct 10, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of BE Semiconductor Industries NV (BESI)?
Balance-sheet figures for BE Semiconductor Industries NV (as of Oct 10, 2026): return on equity 44.9%, debt of 1.22 per unit of equity. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is BESI from its 52-week high?
BE Semiconductor Industries NV trades at €175.60, about 45% below its 52-week high of €320.30 and 44% above the low of €122.03 (as of Oct 12, 2026). Distance from the high says nothing about value: that is what the fair value of €36.67 is for.
Which stocks are comparable to BE Semiconductor Industries NV?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BE Semiconductor Industries NV stock attractive at the current price?
The data as of Oct 10, 2026: price €175.60, calculated fair value €36.67 (−79%), Quality Score 79/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BESI calculated?
We run BE Semiconductor Industries NV through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €36.67, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. BE Semiconductor Industries NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BE Semiconductor Industries NV (BESI)?
The closing price on Oct 12, 2026 was €175.60. Our model-based fair value is €36.67, about −79% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BE Semiconductor Industries NV right now?
A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (€51.42). The favourable scenario is already priced in. A fairly wide model range (€23.84 to €51.42) leaves room in how you read the outcome.
Where does the earnings growth of BE Semiconductor Industries NV (BESI) come from?
Earnings per share at BE Semiconductor Industries NV grew +10.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.7 %, EBIT margin +6.5 %, tax rate −0.3 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of BE Semiconductor Industries NV
How large is the market capitalisation of BE Semiconductor Industries NV (BESI)?
The market capitalisation of BE Semiconductor Industries NV is €14.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BE Semiconductor Industries NV (BESI)?
The price-to-sales ratio of BE Semiconductor Industries NV is 14.9 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BE Semiconductor Industries NV (BESI)?
Earnings per share at BE Semiconductor Industries NV are €2.62 (price ÷ EPS = P/E 67.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BE Semiconductor Industries NV (BESI)?
The dividend yield of BE Semiconductor Industries NV is 0.9% (payout 60.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of BE Semiconductor Industries NV (BESI)?
The net margin of BE Semiconductor Industries NV is 22.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BE Semiconductor Industries NV (BESI)?
The return on equity (ROE) of BE Semiconductor Industries NV is 44.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BE Semiconductor Industries NV (BESI)?
On an EBIT basis the return on assets of BE Semiconductor Industries NV is 21.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BE Semiconductor Industries NV (BESI)?
The operating margin of BE Semiconductor Industries NV is 43.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BE Semiconductor Industries NV (BESI)?
Revenue at BE Semiconductor Industries NV is growing +68.7% versus a year earlier (3y avg −6.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BE Semiconductor Industries NV (BESI)?
Earnings per share at BE Semiconductor Industries NV are growing +178% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BE Semiconductor Industries NV (BESI) carry?
The net debt of BE Semiconductor Industries NV is €157M (fiscal year 2025, ≈ 1.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 10, 2026