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

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2019

...

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

Bart Cuypers ...
  • Cedric Duinslaeger
  • Jan Opdecam
  • Marcel Achterberg
  • Ruben Devos
  • Wim Hoste

Morning Note: AED BB, ASML NA, BALTA BB, HEIJM NA, PNL NA, VPK NA

Aedifica: Takeover bid on Hoivatilat ASML: TP raised to EUR275 on strong EUV demand Balta: Preview 3Q : Adjusted EBITDA +1% Heijmans: Post 3Q19 estimates and TP revision PostNL: Lower Parcel volumes impact Q3, outlook confirmed Vopak: 3Q19 results in line

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide sales for September 2019: The memory segment remains weak, but the market (excl. memory) continues to improve

>Worldwide sales for September were lower than we expected, but the market is nonetheless improving at -14.4% y-o-y vs -15.6% in August - Worldwide semiconductor sales for September 2019 were reported at the weekend by WSTS (World Semiconductor Trade Statistics), as usual with a month's lag. On a three-month moving average, sales came to $ 35.6bn, short of our $ 36.7bn forecast. This nonetheless marks an improvement compared to August as the year-on-year trend was -14...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales de septembre 2019 : Les mémoires restent faibles, mais l’amélioration du marché (hors mémoire) continue

>Ventes mondiales de septembre inférieures à notre prévision, mais néanmoins en amélioration à -14,4% yoy vs -15.6% en août - Les ventes mondiales de semi-conducteurs de septembre 2019 ont été publiées ce week-end par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 35,6 Md$, inférieures à notre prévision de 36,7 Md$. Il s’agit néanmoins d'une amélioration ...

Frederic Yoboue

ASML: Mixed feeling as EUV satisfaction seems above expectation but FCF will be under pressure | NEUTRAL | EUR230 vs. EUR220 (-1%)

ASML - NEUTRAL | EUR230 vs. EUR220 (-1%) Mixed feeling as EUV satisfaction seems above expectation but FCF will be under pressure Delay in 4 EUV shipments in Q4 Execution is good on GM but the tone was more cautious FCF under pressure due to significant increase in capex We increase our FV from EUR220 to EUR230

Stephane Houri

ASML : L’industrialisation de l’EUV s’accélère – Opinion Achat maintenue malgré la très bonne performance du titre sur l’année

>Opinion Achat maintenue après la publication du T3 2019 - À la suite de la publication des résultats T3 2019 (en ligne, mais avec des commandes historiquement élevées et à forte connotation EUV), nous réitérons notre opinion Achat. (Lien vers notre réaction initiale). En effet, malgré des prévisions de livraisons de systèmes EUV abaissées sur 2019/20 en raison de difficultés dans la supply chain et un message encore incertain sur le point de redémarrage de la Mémoire...

2 directors sold

Two Directors at Asml Holding N.V. sold 10,035 shares at 200.000EUR. The significance rating of the trade was 97/100. 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 b...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2019

...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/11/2019

...

Alain William ...
  • Christophe Chaput
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/16/2019

The range of possible scenarios for the EDF reform still looks very broad. Fears of the “Hercule” project being shelved indefinitely are legitimate at this stage. Our baseline scenario values EDF at € 11.50 per share (upside +20%) with a positive risk/reward profile on the stock: swift realisation of the “Hercule” project points to a higher target price of € 15.0 while the worst-case scenario of an unfavourable mini-reform of the ARENH mechanism in 2020 still puts us above the current...

ASML HOLDING NV increases its risk exposure and slightly lowers to Neutral

ASML HOLDING NV (NL), a company active in the Semiconductors industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date July 16, 2019, the closing price was EUR 184.46 and its expected value was estimated at EUR 180.30.

ASML Holding

ASML Holding

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

Int'l Macro Vision: Sector Synopsis

After numerous trade war escalations and setbacks, it is easy to become resigned to the belief that there will be no end to the trade war. We have come to expect the unexpected when it comes to President Trump's tactics, so the best course of action may be to assume nothing. Last week's “Phase 1” US-China trade agreement is certainly a step in the right direction, and for now we are taking the truce at face value as a positive development while also knowing that the risk of setbacks/escalations remains high. Despite positive trade developments last week, the markets and the technicals are tell...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Tuesday's 10-year low reading for September's US ISM manufacturing index further spooked investors and reignited global growth concerns. Continued weakness in global manufacturing and the US-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. • Prevailing trends continue for major indexes. Trends that began in March/April remain intact. That is, the MSCI...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Fed cut, now what? The Fed's 25 bps cut and Powell's evasiveness in committing to a new easing cycle was seen as more hawkish than expected. In our opinion Powell was essentially saying the Fed will act as appropriate moving forward, and we can't blame him considering this was largely an “insurance cut” as opposed to a rescue attempt to avoid recession, and we may or may not need additional insurance moving forward. Overall the weight of the evidence supports further consolidation - i.e., no breakouts for now - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM), and considering...

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...

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