BE Semiconductor Industries (BESI.AS) enters September 2025 with resilient profitability and a stabilizing revenue base. Trailing‑twelve‑month revenue stands near 0.60B alongside a 28.17% profit margin and 29.37% operating margin, while cash (0.49B) and debt (0.54B) are broadly balanced and liquidity is strong (current ratio 5.73). The share price recently closed at 118.15 (Sep 15, 2025), within a 52‑week range of 79.62–152.75 and near its 50‑day and 200‑day moving averages, underscoring an equilibrium after a volatile year. Dividend yield is 1.95% on a payout ratio of 102.35%, placing emphasis on free‑cash‑flow durability through the next leg of the cycle. With quarterly revenue growth at -2.0% year over year and quarterly earnings growth at -23.6%, the three‑year path will hinge on advanced‑packaging demand, customer capex timing, and the company’s ability to defend margins.

Koninklijke BAM Groep (BAMNB.AS) enters the next three years on stronger footing, backed by solid top‑line growth and a cleaner balance sheet. Over the past year the stock has surged 121.81%, recently closing around €8.17 (15 Sep 2025), near its 52‑week high of €8.44. The group generates €6.69B in trailing revenue, with quarterly revenue up 7.30% year on year. Profitability remains thin for a contractor—operating margin 2.87% and profit margin 1.93%—but cash of €500.6M exceeds debt of €347.4M. Valuation has reset: the forward P/E of 9.49 sits well below the trailing 19.67, while EV/EBITDA is 7.30. A 3.10% forward dividend yield (payout ratio 60.98%) adds support. This note outlines key drivers, scenarios, and risks that could shape BAM’s share price through September 2028.

EssilorLuxottica (EL.PA) enters the next three years with a mix of premium-brand momentum, steady top-line growth, and a valuation that assumes continued execution. The owner of Ray‑Ban, Oakley and leading lens franchises delivered trailing 12-month revenue of 27.24B and a profit margin of 8.74%, while quarterly revenue growth of 5.50% suggests resilience in discretionary eyewear. Shares are up 27.20% over 12 months and recently traded near 266.5, below the 52-week high of 298. Investors are watching two fronts: the Ray‑Ban smart-glasses partnership with Meta, and optionality around optics assets such as Nikon, where EssilorLuxottica is reportedly weighing a larger stake. With a market cap of 122.07B, a forward P/E of 32.47, and a 1.49% dividend yield, the next leg likely hinges on margin discipline, innovation, and capital allocation.

Fomento Económico Mexicano (FEMSA, NYSE: FMX) enters late 2025 balancing recovery in its share price with strategic shifts. Over the past six months, the stock swung from a May high near 106.59 to an August trough around 85.25, before rebounding to about 92.31 in mid‑September. Fundamentals remain mixed: trailing‑twelve‑month revenue is 812.89B with 6.30% quarterly revenue growth year over year, but profit margin is a slim 2.43% and quarterly earnings growth shows a sharp −78.50%. Liquidity is solid with 163.44B in cash versus 265.48B debt, and a low 0.34 beta underscores defensiveness. Recent headlines center on CEO succession planning, a reiterated Buy from HSBC, a broker average target of $105.16, and the decision to take full control of OXXO Brazil. This note outlines a three‑year outlook from today’s starting point.