Analyse BE Semiconductor Industries NV

Fundamentele Analyse : Q1 2018

 Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

 

“Besi’s Q1-18 results were positively influenced by a continuation of many favorable trends from 2017. Our financial performance benefited from an extended industry upturn, ongoing customer investment in advanced packaging applications and Besi’s favorable market position with key customers and supply chains. As such, revenue and net income increased by 40.5% and 52.7%, respectively, vs. Q1-17. In addition, gross and net margins showed further steady improvement vs. last year due to increased production efficiencies and the strategic execution of cost reduction initiatives despite adverse forex influences from the significant decline in the US dollar vs. the euro.”

Revenue growth this quarter was broad based across Besi’s die bonding and packaging portfolio and reflected increased demand by Asian customers for smart phone and high performance computing applications and by North American and European IDMs for automotive and cloud server applications. In addition, Q1-18 orders grew by 37.8% vs. Q4-17 to reach € 205.8 million due primarily to capacity additions for smart phone applications by both IDMs and Asian subcontractors.

Besi’s cash generation was also strong in Q1-18 with net cash and deposits expanding to € 290.1 million, an increase of € 114.4 million, or 65.1%, compared to the end of Q1-17. We utilized € 6.0 million of excess cash flow this quarter to enhance shareholder value via regular share repurchase activities.

For Q2-18, we estimate that Besi’s revenue will grow by 10-15% vs. Q1-18 and that H1-18 revenue will rise by approximately 17% vs. H1-17 at the midpoint of Q2-18 revenue guidance. We also expect significantly higher operating profit both on a sequential quarterly and half year comparative basis given anticipated revenue growth and the efficiency of our business model. Looking forward, leading industry analysts expect continued growth of the assembly equipment market into 2018. However, subsequent to quarter end, VLSI Research downwardly revised its 2018 market growth estimate from 18.1% in January to 12.5% based on announcements by several semiconductor manufacturers indicating a softening of demand trends from 2017.“

 

Source : Press Release BE Semiconductor Industries N.V. - Duiven, the Netherlands, April 26, 2018


Fundamentele Analyse : FY 2017

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“Besi achieved new corporate benchmark levels of performance in 2017 underscoring the strength and market position of our advanced packaging portfolio and continued efforts to enhance the profitability of our business model. Revenue and net income this year reached € 592.8 million and € 173.2 million, respectively, increases of 57.9% and 165.2% over 2016. Similarly, orders grew by 82.2% versus 2016 to reach € 680.9 million. Our gross margin rose to 57.1% highlighting the success of Besi’s product strategy and technological leadership position. Increased revenue and gross margin combined with ongoing initiatives to further reduce European overhead and optimize our Asian production resulted in sector leading net margins of 29.2% in 2017, up 11.8 points versus 2016.

Besi’s substantial revenue and order growth this year was supported by a variety of favorable trends. Assembly equipment industry conditions continued to improve in 2017 from their start in the second half of 2016 against the backdrop of a global economic recovery. In addition, improving consumer confidence levels and new device introductions encouraged our global IDM customers to significantly expand and upgrade their advanced packaging capacity for a variety of leading edge applications such as mobile internet, automotive, cloud server, memory and high performance computing.

Customer demand in 2017 was broad based across Besi’s product platforms but was skewed toward our core die bonding and packaging systems. In addition, we gained market share versus competitors as customers accelerated investment in advanced applications such as 3D, facial recognition and block chain software which play to the strength of our leading edge assembly technology.

Besi’s Q4-17 results continued the trend of outperformance versus 2016. Revenue and net income rose by 64.6% and 161.1%, respectively, versus Q4-16 while gross and net margins increased by 3.1 points and 10.4 points, respectively. Similarly, orders of € 149.4 million rose by 63.5% reflecting a continuation of the current industry upturn as well as ongoing customer investment in advanced packaging applications.

Our cash generation improved significantly this year with cash flow from operations growing by 70.4% to reach € 168.2 million and net cash increasing by € 79.5 million to reach € 247.6 million. In addition, total cash and deposits expanded to € 527.8 million at year end aided by the December 2017 issuance of € 175 million of 0.5% Convertible Notes due 2024. Given continued strong cash flow generation and our solid liquidity position, we propose to pay a cash dividend of € 4.64 per share over fiscal 2017 for approval at our April 2018 AGM which represents an annual increase of 166.7% and a pay-out ratio relative to net income of 100%. In addition, Besi further enhanced shareholder value this year through the purchase of 480,241 shares (€ 22.8 million) under our current 1.0 million share repurchase authorization.

Leading industry analysts estimate that the current assembly equipment industry uptrend will extend into 2018. VLSI currently forecasts market growth of 18.1% versus 2017. Besi’s second half 2017 order trends, year-end backlog and bookings to date in Q1-18 confirm the continuation of the current industry upcycle into 2018. For Q1-18, we forecast that revenue growth will range between +5% to -5% versus Q4-17 in what is typically our weakest quarter of the year but will grow by 32% to 46% versus Q1-17 as favorable demand trends continue.”

 

Source : Press Release BE Semiconductor Industries N.V., Duiven, the Netherlands, February 15, 2018 

 


Fundamentele Analyse : K3 2017

27-10 Afgezet tegen zijn sector genoten presteert Besi ruim boven gemiddeld. Met een ytd rend% van +111.6% staat het boven in de sector Technology Hardware & Equipment. Alleen ams AG presteert nog beter. In totaal zijn er 17 technologie bedrijven in deze sector ingedeeld.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “Besi’s financial performance continued to improve in Q3-17 due to the strength and market position of our advanced packaging portfolio and the achievement of new benchmark levels of revenue and net income. For the quarter, revenue and net income reached € 159.3 million and € 52.9 million, respectively, up 68.9% and 219% vs. Q3-16. Similarly, for the nine months ended September 30, 2017, Besi’s revenue and net income reached € 439.5 million and € 129.6 million, respectively, up 55.7% and 167% vs. YTD-16. The nine month 2017 net income level was almost double that recorded for all of 2016.

Orders for semiconductor assembly equipment continued to develop positively in Q3-17 reflecting an uptrend which first commenced in H2-16. Besi’s orders grew strongly, reaching € 161.5 million in Q3-17 and € 531.5 million for the first nine months of 2017, representing increases of 107% and 88.2%, respectively, vs. the comparable periods of 2016. In a quarter typically weaker than Q2, Q3-17 orders actually grew sequentially by 24.1% vs. Q2-17 primarily due to increased orders from Asian subcontractors for high end computing and mobile applications and renewed capacity purchases by IDMs for advanced mobile applications. In general, our order growth this year has reflected market share gains as well as the continued benefits of a new technology upgrade cycle wherein customers are significantly building out their advanced packaging capacity for leading edge smart phone, automotive, cloud server, memory and computing applications. Market growth in 2017 has also been driven by new device introductions, many of which require new investments in assembly equipment.

In Q3-17, gross and net margins reached new industry benchmarks of 58.7% and 33.2%, respectively. Similarly, gross and net margins rose to 57.4% and 29.5%, respectively, for the first nine months of this year. Enhanced margin levels reflect Besi’s strong technology position, successful optimization of its production strategy and ongoing realization of cost control initiatives. Cash flow generation has also increased significantly in 2017 with net cash and deposits at the end of Q3-17 reaching € 165.4 million, a 25.4% increase vs. the end of Q3-16 despite the return to shareholders of € 82.5 million so far this year in the form of dividends and share repurchases.

At present, the industry outlook remains positive as per leading analysts with continued customer investment in advanced packaging capacity for leading edge electronics applications. Based on our current backlog and feedback from customers, we expect that Q4-17 revenue and operating income will significantly exceed Q4-16 levels. ”

 

Source : Press Release  BE Semiconductor Industries N.V. - Duiven, the Netherlands, October 26, 2017


Fundamentele Analyse : K2 2017


Fundamentele Analyse p. 25-4

Concurrentie analyse

5-5 Afgezet tegen zijn sector genoten presteert Besi ruim boven gemiddeld. Met een ytd rend% van +53.4% staat het boven in de sector Technology Hardware & Equipment. Alleen ams AG presteert nog beter. In totaal zijn er 17 technologie bedrijven in deze sector ingedeeld.

Technische Analyse p. 25-4

25-4 Na de presentatie van de jaarcijfers over 2016 op donderdag 23 februari steeg de koers met 9.8%. Hij opende sterk hoger om daarna intra-day terug te vallen tot 36,12 EUR en uiteindelijk 1 cent onder de openingskoers te sluiten. Deze candle heeft een kort lichaam en wordt een doji genoemd. De gap die is ontstaan wordt in de 3 daarop volgende handelsdagen gesloten om daarna de weg omhoog weer te vervolgen. 

 

Vandaag bij de presentatie van de kwartaalcijfers breekt de koers wederom uit. Hij stijgt 11.2% tov het slot van gisteren en daalt intra-day tot 45.85 EUR om aan het einde van de dag 8 cent boven de openingskoers te sluiten. Met de groene candle van gisteren ontstaat een formatie die bekend staat als een doji star. Dit markeert het einde van een stijging en heeft bearish implicaties. De bevestiging hiervan moet morgen gegeven worden in de vorm van een rode candle met een slot onder die van vandaag.

 

Kansen liggen net boven het slot van gisteren, bij het sluiten van de gap. 

 

26-4 Na de doji star formatie volgt een rode candle met een slot onder het lichaam van gisteren. Hiermee is de bevestiging van het bearish signaal gegeven. 

 

 

3-5 Vandaag is het aandeel ex-dividend gegaan (1,74 EUR). Alle candles zijn hiervoor m.t.w.k gecorrigeerd. 

De aanvankelijke daling richting de bovenkant van de candle van 24 april heeft zich niet doorgezet. 

 

11-5 De koers sluit vandaag op 47.225 EUR. Kopers en verkopers houden elkaar al meerdere dagen rond deze hoogte in evenwicht. 

 


Fundamentele Analyse : K1 2017

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“In Q1-17, we realized strong revenue growth in line with guidance, operating profit levels that exceeded expectations and a 162.4% order increase vs. Q4-16 reaching € 239.8 million. Our Q1-17 results position Besi for a strong H1-2017 financial performance.

In the first quarter, revenue increased by 18.4% due to the benefits of a more favorable industry environment that started at the end of Q4-16 as well as increased demand for smart phone applications. Revenue growth, combined with continued improvement in gross margin to 55.7% and tight control of baseline operating expenses, enabled Besi to generate net income of € 24.3 million in Q1-17 and a net margin of 22.0%. Net income more than tripled vs. Q1-16 while net margins more than doubled vs. the year ago period reflecting the enhanced profit potential of our business model. Net cash continued to build in Q1-17 reaching € 175.7 million despite significant working capital investment necessary to support the large 2017 order increase and € 5.8 million of share repurchases during the quarter.

The substantial order growth in Q1-17 was due to a variety of factors, the most prominent of which was a significant expansion by IDMs and their respective supply chains of die bonding capacity for next generation mobile devices with enhanced features. Our leading edge portfolio of multi module, epoxy and flip chip die bonding systems are uniquely positioned to capitalize on this capacity build by first movers in the industry who require the most demanding specifications in terms of form factor, pitch, complexity, density, and production throughput. In addition, Besi also realized broad based order growth for its advanced packaging systems addressing automotive and high-end cloud server applications. We also experienced increased demand by Chinese subcontractors for smart phone and mainstream electronics applications. Order growth in these areas reflects a continuation of trends from 2016.

Besi guides for Q2-17 revenue growth of 40-50% vs. Q1-17 with substantial growth in its sequential operating profit based on a backlog of € 205.9 million at the end of Q1-17 and customer feedback. Given our improved 2017 business outlook and the midpoint of Q2-17 guidance, we forecast that operating income for the six months of 2017 will exceed full year 2016 levels.”

 

Source : Press Release BE Semiconductor Industries N.V., Duiven, the Netherlands, April 25, 2017


Fundamentele Analyse : FY 2016

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

2016 was a year of unexpected industry growth, strong financial performance and strategic positioning for the future. Besi generated revenue of € 375.4 million and net income of € 65.3 million, increases of 7.5% and 33.3%, respectively, vs. 2015. Net income grew even more rapidly than sales this year as gross margins reached 51.0% and cost control initiatives kept expense growth in check. In addition, our financial position continued to strengthen with net cash at year end reaching € 168.1 million, an increase of 23.2% vs. year end 2015.

Our strong profit and cash flow generation in recent years has enabled Besi to enhance shareholder returns. In 2016, we utilized € 67.8 million in cash for dividends and share repurchases, an increase of 11.3% vs. 2015. Cumulatively, since 2011, we have utilized € 186.0 million of cash for such purposes. Given our favorable 2016 performance and prospects, we have proposed a dividend of € 1.74 per share, a 45% increase vs. 2015, of which € 0.35 represents a special dividend for the year. The proposed dividend represents a pay-out ratio relative to net income of 100% for 2016 vs. 93% for 2015.

Longer term, there still remains much unrealized potential to increase Besi’s market position and profitability in the years ahead. In this regard, we completed in Q4-16 a comprehensive review of our business, strategic positioning and cost structure with an independent consulting firm. Revenue and cost initiatives were agreed for implementation over the next five years. To help us capitalize on future growth opportunities, Besi also successfully placed in December 2016 € 125 million of 2.5% Convertible Notes due 2023 which provides funding on highly attractive terms for our next growth phase.

 

Source : Press Release BE Semiconductor Industries N.V., Duiven, the Netherlands, February 23, 2017


Fundamentele Analyse : FY 2015

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

In 2015, Besi maintained solid profitability despite a difficult industry environment. We generated revenue and net income of € 349.2 million and € 49.0 million, respectively, with high gross and net margins for our industry sector of 48.8% and 14.0%, respectively. Besi ended the year in a strong financial position with total cash of € 157.8 million (€ 4.10 per share), or 22.1% of the value of our year end stock price. As such, we propose to pay a 2015 cash dividend of € 1.20 per share for approval at Besi’s AGM in April 2016, of which € 0.20 represents a special dividend. 

 Looking forward, leading industry analysts currently suggest a modest semiconductor capital equipment downturn of approximately 4% in 2016. We believe that the trough of the most recent down cycle was reached in Q4-15 and are cautiously optimistic for 2016 based on better than anticipated Q4-15 revenue levels and favorable order trends through February 2016. However, visibility remains very limited in a highly uncertain global economic environment. Besi’s guidance calls for Q1-16 revenue that is expected to be within a range of +5% to -5% vs. Q4-15 levels. Sequential operating profit is expected to decrease due to somewhat lower gross margins based on our anticipated Q1-16 product mix and forex movements and increased operating expenses from Besi’s share based incentive compensation plan.

 

Source : BE Semiconductor Industries NV Press Release, February 25, 2016