ASML Holding NV ADR
ASML: XNAS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $469.00 | Btxnq | Stxrbjcpwr |
We Expect a Flat 2024 for ASML Followed by Strong 2025 Due to New Fab Openings
Business Strategy and Outlook
We believe ASML will remain the top lithography equipment provider in semiconductor foundries for at least the next two decades. Taiwan Semiconductor Manufacturing, Intel, and Samsung’s fabs were redesigned one decade ago to make them suitable for extreme ultraviolet lithography, a costly and long endeavor, so it is quite unlikely ASML will be displaced from its place in the foundry. In addition, no competitor has yet matched ASML’s technological leadership and the company’s competitive advantage will likely keep expanding as it grows its already high EUR 4 billion research and development budget.