BESI.AS

1. July 2026 1 entry
   Jul 29, 2026

   Substack · Moats & Margins

   Besi Valuation 2026: Why Better Fundamentals Led to Worse Expected Returns

   Besi has risen more than 70% in a year and management just raised its 2030 guidance. Revenue, margins, and free cash flow all look better than they did twelve months ago.

   BESI.AS5,058 words

   Since publication −22.8% α −26.4 pp vs AEX · EUR

Prices as of the Oct 27, 2026 close. Past performance does not guarantee future results. Price-only, excluding dividends, in local currency. Data may be delayed or inaccurate. Not investment advice. How it is calculated.