ASML Holding N.V.

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.
  • TickerASML
  • ISINNL0010273215
  • ExchangeEuronext Amsterdam
  • SectorTechnology Hardware & Equipment
  • CountryNetherlands

Analysts

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Stephane Houri

ASML : Despite uncertainty on memory, ASML remains a structural growth story and one of unequalled technological domination...

>We reiterate our Buy recommendation after a road show with the group in Paris - Following a road show in Paris with Marcel Kemp (head of investor relations Europe at ASML), we reiterate our Buy recommendation with a target price of € 215. Our target price is still an average of a DCF (€ 205) and a valuation resulting from the application of 25x profits to our 2025e EPS (€ 15.5), i.e. € 390, which gives a present-day value of € 225. Our investment case remains un...

Stephane Houri

ASML : Malgré l’incertitude sur la mémoire, ASML reste une histoire de croissance structurelle et de domination technologique difficile à égaler…

>Nous réitérons notre opinion Achat après un RS avec la société à Paris - Suite à un roadshow à Paris avec Marcel Kemp (Director Investor relations Europe d’ASML), nous réitérons notre opinion Achat et notre OC de 215 €. Notre OC est toujours la moyenne entre un DCF (205 €) et un objectif découlant de l’application d’un multiple de 25x les profits à notre BPA 2025 (15.5 €), soit 390 € qui actualisé donne 225 €. Notre thèse d'investissement est inchangée : 1/ ASML...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2019

Dufry's concessions in Spain shaved around 25-30bp off its EBITDA margin in 2018, on our estimates. The process of renegotiating these concessions might be arduous with the risk that the group might lose them (potential impact of CHF 9, i.e. -9% on the current share price). Even when factoring in this scenario and the generally challenging context for the sector, the valuation seems to have come adrift from the fundamentals, in our view. Buy recommendation reiterated. Cf. company repo...

ASML Holding N.V. - October 2017 (LTM): Peer Snapshot

Peer Snapshot: ASML  Holding N.V. - October 2017 (LTM) 22 November 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Oct-17 FYE Jun-16 FYE Jun-17 LTM Sep-17 FYE Jun-16 FYE Jun-17 LTM

ASML Holding N.V. - July 2017 (LTM): Peer Snapshot

Peer Snapshot: ASML  Holding N.V. - July 2017 (LTM) 24 August 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jul-17 FYE Jun-15 FYE Jun-16 LTM Mar-17 FYE Jun-15 FYE Jun-16 LTM

Stephane Houri

ASML : Despite uncertainty on memory, ASML remains a structural growth story and one of unequalled technological domination...

>We reiterate our Buy recommendation after a road show with the group in Paris - Following a road show in Paris with Marcel Kemp (head of investor relations Europe at ASML), we reiterate our Buy recommendation with a target price of € 215. Our target price is still an average of a DCF (€ 205) and a valuation resulting from the application of 25x profits to our 2025e EPS (€ 15.5), i.e. € 390, which gives a present-day value of € 225. Our investment case remains un...

Stephane Houri

ASML : Malgré l’incertitude sur la mémoire, ASML reste une histoire de croissance structurelle et de domination technologique difficile à égaler…

>Nous réitérons notre opinion Achat après un RS avec la société à Paris - Suite à un roadshow à Paris avec Marcel Kemp (Director Investor relations Europe d’ASML), nous réitérons notre opinion Achat et notre OC de 215 €. Notre OC est toujours la moyenne entre un DCF (205 €) et un objectif découlant de l’application d’un multiple de 25x les profits à notre BPA 2025 (15.5 €), soit 390 € qui actualisé donne 225 €. Notre thèse d'investissement est inchangée : 1/ ASML...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2019

Dufry's concessions in Spain shaved around 25-30bp off its EBITDA margin in 2018, on our estimates. The process of renegotiating these concessions might be arduous with the risk that the group might lose them (potential impact of CHF 9, i.e. -9% on the current share price). Even when factoring in this scenario and the generally challenging context for the sector, the valuation seems to have come adrift from the fundamentals, in our view. Buy recommendation reiterated. Cf. company repo...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2019

Les concessions de Dufry en Espagne ont coûté près de 25-30 pb en termes de marge d’EBITDA en 2018, selon nous. Leur processus de renégociation promet d’être compliqué avec le risque de les voir échapper au groupe (impact potentiel de 9 CHF, soit -9% du cours actuel). Même en intégrant cette éventualité et un contexte globalement difficile pour le secteur, la valorisation nous paraît toujours en décalage avec les fondamentaux. Recommandation Achat réitérée. Cf. étude publiée ce jour. - ...

Stephane Houri ...
  • Veysel Taze

ODDO : March below forecasts principally due to memory, but scenario of a low point intact

>Sales down 13% in March, stronger than expected - Worldwide semiconductor sales for March 2019 have been published by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, March’s sales came to $ 32.3bn, well below our forecast of $ 33.5bn. This represents a 13% decline on a full-year basis, after -10.6% in February. We had expected sales to be more or less flat at -11%. This decline appears to go further than exp...

1 director bought

A director at Asml Holding N.V. bought 3,500 shares at 143.400EUR and the significance rating of the trade was 84/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Martial Descoutures
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/17/2019

The M&A option that KBC is considering in Hungary is, in our view, illuminating as regards the M&A/dividend possibilities offered by a portion of the capital. Our estimates show that this scenario is of limited benefit to the shareholder and bear out our Neutral recommendation on the stock (unchanged target price of € 75.0). Cf. report published today. - ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Martial Descoutures
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/04/2019

La piste M&A envisagée par KBC en Hongrie apporte selon nous un éclairage intéressant sur l’optionalité M&A/dividende sur une partie du capital. Nos estimations en démontrent in fine les limites de son intérêt pour l’actionnaire et nous confortent dans notre opinion Neutre sur le titre (OC inchangé à 75.0 €). Cf. étude publiée ce jour. - ...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2019

With doubts on the growth of non-conventional oil in the US gaining traction, the recovery of already necessary investment in offshore has now become vital to restoring equilibrium in the oil market out to 2025. Cost-cutting measures have rendered these projects very attractive for oil companies which should accelerate the pace of their investment decisions, thus benefiting oil services companies. We prefer Total, RD Shell, Subsea 7, SBM Offshore and GTT. Cf. report published this mor...

ASML HOLDING NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ASML HOLDING NV (NL), a company active in the Semiconductors industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 2, 2019, the closing price was EUR 172.50 and its potential was estimated at EUR 183.82.

ASML Holding

ASML Holding

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ASML Holding

ASML Holding

ING
Hendrik Wiersma

ASML/Another very strong quarter

ASML again released a very strong set of quarterly results. The numbers underline the progress on EUV profitability and support the company's future earnings potential. We view this report card as supportive for spreads. We see value in the Dutch company's longer dated bonds, most notably the ASML1.375 7/26.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Danske Bank, Swedbank, Handelsbanken, ASML, AkzoNobel and Naturgy

Danske Bank (DANBNK) reported this morning a disappointing set of numbers for the 2Q18. In addition, the bank lowered its full year guidance and indicates its net profit to be at the lower end of the previous target range of DKK18-20bn. (Click download for full report)

Expert Corporate Governance Service (ECGS)

ASML -AGM 24 April 2019

In general, ASML is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5, the supervisory board seeks approval to amend the Company's remuneration policy. ECGS notes that, under the proposed amendments, the maximum variable compensation will correspond to 340% of annual base salary, which exceeds the threshold of 300% under its guidelines. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 6, approval is sought to designate the executive board as the body authorised to issue ordinary shares in connection with th...

ASML Holding – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page 2...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Jérôme VINERIER

Analyse court terme - ASML : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 140,30 €. La tendance de fond serait remise en cause en cas de franchissement de 166,76 €.

Jérôme VINERIER

Short term view - ASML : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €140.30. The background trend would be questioned should prices rise above €166.76.

Jérôme VINERIER

Analyse court terme - ASML : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 140,30 €, puis 131,54 €. Le franchissement de 166,76 € remettrait en cause la suite de la baisse.

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