BE Semiconductor Industries NV

BESI: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Besi: The Strong Story Remains, but the Valuation Bar Is Now Much Higher; Fair Value EUR 265

Javier Correonero

Jun 19, 2026

We attended Besi’s investor day on June 18, where Besi raised its long-term sales targets from EUR 1.5 billion-EUR 1.9 billion to EUR 1.7 billion-EUR 2.2 billion, and its operating margin target from 40%-55% to 45%-55%.

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BE Semiconductor Industries NV

Besi: The Strong Story Remains, but the Valuation Bar Is Now Much Higher; Fair Value EUR 265

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