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ASML Holding NV ADR ASML

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Stock XNAS Rating as of
$1,041.34 +90.53 (9.52%)
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As of Delayed Price Closed
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Company Report

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ASML: Raising Our Fair Value Estimate to EUR 900; TSMC Adopting High-NA EUV Earlier Than Expected

Javier Correonero

We raise wide-moat ASML’s fair value estimate to EUR 900 from EUR 790 as we increase our long-term revenue and EBIT forecasts. While our 2025 estimates remain unchanged we raise our long-term revenue forecasts due to higher confidence in ASML’s long-term prospects and better certainty of high-NA extreme ultraviolet adoption. Our fair value represents a 2025 P/E ratio of 31.5 times.

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Price vs Fair Value

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ASML is trading at a 429% premium.
Price
$1,017.94
Fair Value
$365.00
Uncertainty
High
1-Star Price
$1,644.40
5-Star Price
$231.00
Economic Moat
Bxt
Capital Allocation
Mypjxfrxnt

Bulls Say, Bears Say

Bulls

ASML’s machines last more than 30 years, providing recurring service revenue. The switching costs and intangible assets required to displace these machines are enormous, with no competitor coming even close to ASML’s technological leadership

Bears

ASML sells a low-volume, high-price product. Lithography machines represent a high proportion of customer costs, so if the company fails to innovate customers will look for alternatives.

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Trading Information

Previous Close Price
$950.81
Day Range
$1,008.90–1,041.56
52-Week Range
$564.00–1,056.34
Bid/Ask
$1,041.65 / $1,044.00
Market Cap
$410.90 Bil
Volume/Avg
2.6 Mil / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
52.93
Price/Sales
14.48
Dividend Yield (Trailing)
0.64%
Dividend Yield (Forward)
0.64%
Total Yield
0.87%

Company Profile

ASML is the leader in photolithography systems used in the manufacturing of semiconductors. Photolithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. The latest technological advances in this segment allow chipmakers to continually increase the number of transistors on 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 main clients are TSMC, Samsung, and Intel.
Sector
Technology
Industry
Semiconductor Equipment & Materials
Stock Style Box
Large Growth
Total Number of Employees
42,713
Website
https://www.asml.com

Competitors

Valuation

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Metric
ASML
AMAT
KLAC
Price/Earnings (Normalized)
 52.9327.1134.79
Price/Book Value
 27.5810.1634.17
Price/Sales
 14.487.0811.18
Price/Cash Flow
 44.6723.8531.49
Price/Earnings
ASML
AMAT
KLAC

Financial Strength

Metric
ASML
AMAT
KLAC
Quick Ratio
 0.761.821.36
Current Ratio
 1.542.802.14
Interest Coverage
 —32.4210.76
Quick Ratio
ASML
AMAT
KLAC

Profitability

Metric
ASML
AMAT
KLAC
Return on Assets (Normalized)
 19.23%22.48%21.67%
Return on Equity (Normalized)
 60.82%42.56%104.66%
Return on Invested Capital (Normalized)
 44.24%28.55%35.79%
Return on Assets
ASML
AMAT
KLAC
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