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ASM International NV ASM

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ASM Echoes Positive Wafer Fab Equipment Outlook for 2021; Raising Fair Value Estimate to EUR 185

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

ASM International reported first-quarter results at the high-end of management’s guidance, as the firm benefited from strong demand for its atomic layer deposition, or ALD, equipment from logic and foundry customers. These tools are critical in advanced process technologies that feature multiple patterning. Similar to its peers, management expects the wafer fab equipment, or WFE, market to grow in the high teens to low20s for 2021. We believe full-year WFE growth will be 20%, thanks to a combination of robust foundry spending and improved memory investments. After incorporating a stronger growth outlook for both ASM and the broader WFE market, we are raising our fair value estimate to EUR 185 per share from EUR 145 for no-moat ASM.

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Company Profile

Business Description

Based in the Netherlands, ASM International supplies semiconductor manufacturing equipment. ASM's front-end equipment, such as atomic layer deposition, or ALD, and epitaxial tools, is used in the preparation of silicon wafers and fabrication of semiconductor layers. The firm is the leader in the ALD equipment segment. ASM's 25%-owned subsidiary, ASM Pacific Technology, manufactures back-end tools used to assemble and package semiconductors into their final form.

Versterkerstraat 8
Almere, 1322 AP, Netherlands
T +31 881008810
Sector Technology
Industry Semiconductor Equipment & Materials
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 2,689

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