BE Semiconductor Industries NV

BESI: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Besi Earnings: Two Overhangs Fade While Upside Remains; Reiterating EUR 265 Fair Value Estimate

Javier Correonero

Oct 22, 2026

We see Besi’s third-quarter results as a clearing event that addressed the two key concerns we highlighted in our Oct. 7 note. Orders of EUR 343 million were ahead of our expectations, giving visibility into a strong 2027.

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BE Semiconductor Industries NV

Besi Earnings: Two Overhangs Fade While Upside Remains; Reiterating EUR 265 Fair Value Estimate

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