Besi CMD: Hybrid Bonding Inflection Accelerates; Long-Term Model Pulled Forward To 2028

BofA raises Besi's price objective to €401, driven by an accelerated adoption of Hybrid Bonding in AI-focused logic and memory semiconductor markets. The firm expects Besi to hit its long-term financial targets by 2028, two years earlier than previously modeled.

Key Takeaways

• 1.Acceleration in Hybrid Bonding (HB) adoption in logic chips, particularly with AI leaders like Nvidia and Broadcom.
• 2.HBM (High Bandwidth Memory) adoption timeline confirmed with HBM4e in 2027 and HBM5 in 2028/2029.
• 3.Company long-term financial targets moved forward from 2030 to 2028, with raised earnings estimates.

Table of Contents

• Raising estimates and PO to €401; Buy
• Hybrid bonding shipments increased
• New estimates assume BESI realises its LT model in '28
• Glossary
• Price objective basis & risk
• Analyst Certification
• Disclosures
• Other Important Disclosures

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