BE Semiconductor Industries NV

BESI: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€475.00	Jmdry	Fbbqmftjx

Besi: Initiate Coverage With Narrow Moat; Revenue Tailwinds, but Shares Priced for Perfection

Javier Correonero

Jun 27, 2023

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.

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