Besi: ASML Fears Over Hybrid Bonding Market Look Overdone; HBM Adoption More Relevant
We are providing an update on Besi after the stock fell 10% on Oct. 7.
ASML Holding NV ASML
Bulls Say, Bears Say
Bulls
ASML’s machines can last 30 years, providing recurring service revenue. The switching costs and intangible assets required to displace these machines are enormous, with no competitor coming close to ASML’s technological leadership.
Bears
ASML sells a low-volume, high-price product. Lithography machines represent a high proportion of customers' costs, so if the company fails to innovate, customers will look for alternatives.
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Trading Information
- Previous Close Price
- €1,630.60
- Day Range
- €1,594.00–1,632.80
- 52-Week Range
- €813.80–1,741.00
- Bid/Ask
- €1,600.00 / €1,603.40
- Shares Outstanding
- 385.42M
- Market Cap
- €615.17B
- Volume/Avg
- 519,520 / 597,134
Key Statistics
- Price/Earnings (Normalized)
- 58.27
- Price/Sales
- 17.52
- Dividend Yield (Trailing)
- 0.49%
- Dividend Yield (Forward)
- 0.49%
- Dividend Payment Schedule
- Feb, May, Aug, Nov
- Total Yield
- 1.11%
Company Profile
ASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photomask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors in the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, Intel, SK Hynix, and Micron.
- Sector
- Technology
- Industry
- Semiconductor Equipment & Materials
- Stock Style Box
- Large Growth
- Total Number of Employees
- 44,209
- Website
- https://www.asml.com
Competitors
Valuation
|
Metric
|
ASML
|
AMAT
|
LRCX
|
|---|---|---|---|
Price/Earnings (Normalized) | 58.27 | 46.42 | 54.88 |
Price/Book Value | 28.19 | 15.70 | 31.99 |
Price/Sales | 17.52 | 13.14 | 17.31 |
Price/Cash Flow | 49.41 | 44.94 | 51.74 |
Price/Earnings
ASML
AMAT
LRCX
Financial Strength
|
Metric
|
ASML
|
AMAT
|
LRCX
|
|---|---|---|---|
Quick Ratio | 0.73 | 1.67 | 1.84 |
Current Ratio | 1.33 | 2.42 | 2.63 |
Interest Coverage | — | 33.00 | 52.42 |
Quick Ratio
ASML
AMAT
LRCX
Profitability
|
Metric
|
ASML
|
AMAT
|
LRCX
|
|---|---|---|---|
Return on Assets (Normalized) | 21.77% | 22.69% | 34.90% |
Return on Equity (Normalized) | 52.59% | 39.18% | 71.40% |
Return on Invested Capital (Normalized) | 45.10% | 25.01% | 51.03% |
Return on Assets
ASML
AMAT
LRCX
Semiconductor Equipment & Materials Industry Comparables
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| ASML Holding NV
ASMLF
| LOCK|#HcW>&L$ | LOCK|bt& | $690B | |||
| ASML Holding NV ADR
ASML
| LOCK|h^Drv&K | LOCK|xP! | $690B | |||
| Applied Materials Inc
AMAT
| LOCK|r#&?<#KF | LOCK|rnn | $402B | |||
| Lam Research Corp
LRCX
| LOCK|^Q@^c$B | LOCK|p% | $399B | |||
| KLA Corp
KLAC
| LOCK|jRR$^#< | LOCK|s&v | $255B | |||
| Advantest Corp ADR
ATEYY
| — | LOCK|?Xf | $190B | |||
| Advantest Corp
ADTTF
| — | LOCK|P@ | $190B | |||
| Teradyne Inc
TER
| LOCK|zT<<<!G | LOCK|g$ | $63B | |||
| Qnity Electronics Inc
Q
| LOCK|h>&HcS | LOCK|lM!% | $26B | |||
| Entegris Inc
ENTG
| LOCK|G@CT^NH | LOCK|#@ | $25B |
United States