BE SEMICONDUCTOR INDUSTRIES (BESI.AS)
NL0012866412 - Common Stock
We assign a fundamental rating of 7 out of 10 to BESI. BESI was compared to 56 industry peers in the Semiconductors & Semiconductor Equipment industry. Both the health and profitability get an excellent rating, making BESI a very profitable company, without any liquidiy or solvency issues. While showing a medium growth rate, BESI is valued expensive at the moment. These ratings could make BESI a good candidate for quality investing.
1. Profitability
1.1 Basic Checks
BESI had positive earnings in the past year.
BESI had a positive operating cash flow in the past year.
In the past 5 years BESI has always been profitable.
Each year in the past 5 years BESI had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 19.75%, BESI belongs to the top of the industry, outperforming 87.50% of the companies in the same industry.
With an excellent Return On Equity value of 42.02%, BESI belongs to the best of the industry, outperforming 82.14% of the companies in the same industry.
BESI's Return On Invested Capital of 24.26% is fine compared to the rest of the industry. BESI outperforms 76.79% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BESI is significantly above the industry average of 16.08%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 19.75% | ||
| ROE | 42.02% | ||
| ROIC | 24.26% |
ROA(3y)21.88%
ROA(5y)18.36%
ROE(3y)41.97%
ROE(5y)37.76%
ROIC(3y)26.17%
ROIC(5y)21.51%
1.3 Margins
BESI has a better Profit Margin (30.59%) than 94.64% of its industry peers.
BESI's Profit Margin has improved in the last couple of years.
With an excellent Operating Margin value of 36.86%, BESI belongs to the best of the industry, outperforming 89.29% of the companies in the same industry.
BESI's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 64.92%, BESI belongs to the top of the industry, outperforming 83.93% of the companies in the same industry.
In the last couple of years the Gross Margin of BESI has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 36.86% | ||
| PM (TTM) | 30.59% | ||
| GM | 64.92% |
OM growth 3Y2.17%
OM growth 5Y2.15%
PM growth 3Y0.1%
PM growth 5Y3.35%
GM growth 3Y2.87%
GM growth 5Y2.67%
2. Health
2.1 Basic Checks
BESI has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
Compared to 1 year ago, BESI has less shares outstanding
The number of shares outstanding for BESI has been increased compared to 5 years ago.
Compared to 1 year ago, BESI has a worse debt to assets ratio.
2.2 Solvency
BESI has an Altman-Z score of 15.46. This indicates that BESI is financially healthy and has little risk of bankruptcy at the moment.
BESI has a Altman-Z score of 15.46. This is amongst the best in the industry. BESI outperforms 89.29% of its industry peers.
BESI has a debt to FCF ratio of 1.58. This is a very positive value and a sign of high solvency as it would only need 1.58 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 1.58, BESI is in the better half of the industry, outperforming 69.64% of the companies in the same industry.
BESI has a Debt/Equity ratio of 0.74. This is a neutral value indicating BESI is somewhat dependend on debt financing.
BESI's Debt to Equity ratio of 0.74 is on the low side compared to the rest of the industry. BESI is outperformed by 83.93% of its industry peers.
Even though the debt/equity ratio score it not favorable for BESI, it has very limited outstanding debt, so we won't put too much weight on the DE evaluation.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.74 | ||
| Debt/FCF | 1.58 | ||
| Altman-Z | 15.46 |
ROIC/WACC2.45
WACC9.91%
2.3 Liquidity
A Current Ratio of 5.02 indicates that BESI has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 5.02, BESI belongs to the top of the industry, outperforming 96.43% of the companies in the same industry.
A Quick Ratio of 4.34 indicates that BESI has no problem at all paying its short term obligations.
BESI's Quick ratio of 4.34 is amongst the best of the industry. BESI outperforms 98.21% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 5.02 | ||
| Quick Ratio | 4.34 |
3. Growth
3.1 Past
BESI shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -23.10%.
Measured over the past 5 years, BESI shows a small growth in Earnings Per Share. The EPS has been growing by 5.64% on average per year.
Looking at the last year, BESI shows a very negative growth in Revenue. The Revenue has decreased by -19.92% in the last year.
The Revenue has been growing slightly by 1.96% on average over the past years.
EPS 1Y (TTM)-23.1%
EPS 3Y10.12%
EPS 5Y5.64%
EPS growth Q2Q36%
Revenue 1Y (TTM)-19.92%
Revenue growth 3Y10.11%
Revenue growth 5Y1.96%
Revenue growth Q2Q15.91%
3.2 Future
BESI is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 26.94% yearly.
BESI is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 20.29% yearly.
EPS Next Y50.81%
EPS Next 2Y52.48%
EPS Next 3Y42.91%
EPS Next 5Y26.94%
Revenue Next Year34.89%
Revenue Next 2Y37.29%
Revenue Next 3Y32.39%
Revenue Next 5Y20.29%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 59.89, which means the current valuation is very expensive for BESI.
Based on the Price/Earnings ratio, BESI is valued a bit more expensive than the industry average as 73.21% of the companies are valued more cheaply.
BESI is valuated expensively when we compare the Price/Earnings ratio to 24.95, which is the current average of the S&P500 Index.
BESI is valuated quite expensively with a Price/Forward Earnings ratio of 39.71.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BESI indicates a slightly more expensive valuation: BESI is more expensive than 66.07% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.40, BESI is valued quite expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 59.89 | ||
| Fwd PE | 39.71 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BESI is valued more expensive than 82.14% of the companies in the same industry.
67.86% of the companies in the same industry are more expensive than BESI, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 51 | ||
| EV/EBITDA | 41.07 |
4.3 Compensation for Growth
The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
BESI has an outstanding profitability rating, which may justify a higher PE ratio.
BESI's earnings are expected to grow with 42.91% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.18
PEG (5Y)10.62
EPS Next 2Y52.48%
EPS Next 3Y42.91%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 1.55%, BESI has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 1.21, BESI pays a better dividend. On top of this BESI pays more dividend than 82.14% of the companies listed in the same industry.
Compared to the average S&P500 Dividend Yield of 2.45, BESI is paying slightly less dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.55% |
5.2 History
The dividend of BESI has a limited annual growth rate of 3.98%.
Dividend Growth(5Y)3.98%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
BESI pays out 125.43% of its income as dividend. This is not a sustainable payout ratio.
The dividend of BESI is growing, but earnings are growing more, so the dividend growth is sustainable.
DP125.43%
EPS Next 2Y52.48%
EPS Next 3Y42.91%
BE SEMICONDUCTOR INDUSTRIES
AMS:BESI (4/23/2024, 5:35:15 PM)
133.55
+1.9 (+1.44%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
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Inst Owner Change
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Market Cap10.29B
Analysts
Price Target
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.55% |
Dividend Growth(5Y)
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Surprises & Revisions
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Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 59.89 | ||
| Fwd PE | 39.71 | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
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EPS(NY)
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OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)1.18
PEG (5Y)10.62
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 19.75% | ||
| ROE | 42.02% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | 36.86% | ||
| PM (TTM) | 30.59% | ||
| GM | 64.92% | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.65
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.74 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | 5.02 | ||
| Quick Ratio | 4.34 | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
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Profit Quality(3y)
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Growth
EPS 1Y (TTM)-23.1%
EPS 3Y10.12%
EPS 5Y
EPS growth Q2Q
EPS Next Y50.81%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)-19.92%
Revenue growth 3Y10.11%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
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EBIT growth 3Y
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