BE Semiconductor Industries N.V. (BESI.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-80.1%

€29.96

vs €150.85 price

Levered DCF

€26.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

14.35

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	80.57×	57.27×	59.45×	18.67×	20.28×	27.24×	30.77×	11×
P/B	25.42×	20.82×	24.93×	7.14×	9.24×	9.68×	8.4×	4.02×
P/S	17.9×	17.18×	18.15×	6.21×	7.64×	8.29×	7.04×	2.85×
EV / EBITDA	51.94×	47.45×	43.4×	13.96×	16.81×	21.47×	22.55×	8.21×
Gross margin	63.3%	65.2%	64.9%	61.3%	59.6%	59.6%	55.8%	56.8%
Operating margin	29.3%	32.2%	36.9%	40.7%	42.4%	34.6%	25.8%	32.9%
Net margin	22.3%	30.0%	30.6%	33.3%	37.7%	30.5%	22.8%	25.9%
Current ratio	5.55×	5.98×	5.02×	6.51×	4.99×	7.44×	6.35×	5.98×
Debt / equity	1.27×	1.09×	0.76×	0.55×	0.5×	1.1×	0.97×	0.74×
Interest coverage	9.06×	27.66×	18.29×	24.1×	28.97×	12.62×	9.03×	17.68×
Dividend yield	1.6%	1.6%	2.1%	6.0%	2.3%	2.0%	4.9%	11.6%
Payout ratio	131.3%	94.3%	125.4%	112.0%	45.8%	55.6%	150.5%	127.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.6%	36.3%	42.0%	38.3%	45.6%	35.6%	27.2%	36.6%
Return on invested capital	15.4%	17.6%	23.7%	25.8%	30.8%	17.7%	15.0%	22.5%
Return on assets	11.8%	14.7%	19.8%	21.2%	24.7%	14.5%	11.7%	17.6%
Free cash flow yield	1.5%	1.6%	1.7%	5.4%	4.4%	3.9%	4.2%	11.1%
Earnings yield	1.2%	1.7%	1.7%	5.4%	4.9%	3.7%	3.2%	9.1%
Enterprise value	€10.7B	€10.6B	€10.6B	€4.3B	€5.6B	€3.6B	€2.5B	€1.5B
Net debt / EBITDA	0.76×	0.9×	0.53×	-0.48×	-0.42×	0.2×	0.1×	-0.11×
Cash conversion cycle (days)	207	211	182	146	112	98	127	120