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BE Semiconductor Rated BB+[S] By S&P (In Line With Preliminary Rating)

TECHNOLOGY

BB+[S]/BB+[S]

  • Revenue expected to grow 10%-50% annually over the next two years.
  • Besi expected to maintain a net cash position; FOCF forecast at EUR ≥200mn annually (2024-2026) with an EBITDA margin of ≥40%.
  • Rating could be downgraded if leverage >2x, EBITDA margin falls <30%, or FOCF drops <EUR 100mn (company has been net cash since 2007 though FinPol targets reported leverage of 1-1.5x or lower, allowing for possible releveraging),
  • Rating upgrade possible if company expands product/segment diversification while maintaining conservative financial policy and strong liquidity; upgrade deemed unlikely in next twelve months.
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