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

Alan Vandenberghe

Dynamic Top Pick list

Today we update our Dynamic Top Pick List : • We ADD : Ahold Delhaize, Flow Traders and WDP • We REMOVE : Aedifica (+11.9%), ASML (+9.8%) and CFE (+15.3%) • We KEEP : AB Inbev, ArgenX, Basic-Fit, D'Ieteren, ING, Orange Belgium, UCB, Agfa, Fugro, PostNL, Recticel and Sipef So far, our Large Caps achieved an average performance of 6.3% with UCB and CFE as the largest contributors. Since inception, this list has materially outpeformed the benchmarks (+1.9%, +4.1%, +3.5% vs resp. BEL20, AEX and SX5E). The selection of companies with a market cap below € 1bn, underperformed mainly as a result of ...

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

Alan Vandenberghe

Dynamic Top Pick list

Today we update our Dynamic Top Pick List : • We ADD : Ahold Delhaize, Flow Traders and WDP • We REMOVE : Aedifica (+11.9%), ASML (+9.8%) and CFE (+15.3%) • We KEEP : AB Inbev, ArgenX, Basic-Fit, D'Ieteren, ING, Orange Belgium, UCB, Agfa, Fugro, PostNL, Recticel and Sipef So far, our Large Caps achieved an average performance of 6.3% with UCB and CFE as the largest contributors. Since inception, this list has materially outpeformed the benchmarks (+1.9%, +4.1%, +3.5% vs resp. BEL20, AEX and SX5E). The selection of companies with a market cap below € 1bn, underperformed mainly as a result of ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide semiconductor sales in December in line, 2019 at -12%, we are maintaining our 2020 forecast at +5% (despite the coronavirus)

>December in line, with a fresh improvement to -5% (vs -10%), 2019 ends at -12.1% - Worldwide semiconductor sales for December 2019 were published at the weekend by WSTS (World Semiconductor Trade Statistics), as usual with a month's lag. In terms of the three-month moving average, they came to $ 36.8bn, in line with our forecast. This marks a significant improvement, with the year-on-year decline moving to -5% after -10% in November. In sequential terms (relative to ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales de semi-conducteurs de décembre en ligne, 2019 à -12%, nous maintenons notre prévision 2020 à +5% (malgré le coronavirus)

>Décembre en ligne, marquant une nouvelle amélioration à -5% (vs -10%), 2019 finit à -12,1% - Les ventes mondiales de semi-conducteurs de décembre 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 36,8 Md$, en ligne avec notre prévision. Il s’agit d'une forte amélioration, car la baisse en variation annuelle passe à -5%...

Stephane Houri

ASML : Road show feedback - Positive investment case reiterated

>Buy recommendation reiterated after a road show day - Following the road show in Paris with Marcel Kemp (head of IR), we reiterate our Buy recommendation. The road show confirmed group’s positioning and the commercial momentum, notably in EUV for which the only subject is that its supply chain keeps up. This unique feature alone (with the € 6bn 3-year share buyback programme) helped to offset the negative impact of the indication of a gross margin below forecasts for...

Stephane Houri

ASML : Feedback de roadshow – Thèse d’investissement positive réitérée

>Opinion Achat réitérée, suite à une journée de roadshow - Suite à une journée de roadshow à Paris avec Marcel Kemp (Head of IR), nous réitérons notre opinion Achat. Nous en ressortons confortés sur le positionnement et le momentum commercial du groupe, notamment dans l’EUV dont le seul sujet est que sa supply chain suive. Cette spécificité unique à elle seule (avec le programme de rachat d’actions de 6 Md€ sur 3 ans…) a permis de compenser l’impact négatif de l’indic...

ASML Holding N.V.: 1 director sold/sold after exercising options

A director at ASML Holding N.V. sold/sold after exercising options 7,508 shares at 264.883EUR and the significance rating of the trade was 75/100. 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 li...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/03/2020

2019 was marked by a real dichotomy between capex in the US under pressure following tighter financial discipline from E&P companies and business accelerating abroad. In our scenario of a stable oil price, we expect a continued recovery in international investment via offshore and increased discipline on the part of shale oil players. Once again, investment efforts should focus on production to the detriment of exploration. At the start of this year, our focus is on E&C (engineering) ...

Bruno Cavalier ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/02/2020

2019 a été marqué par une véritable dichotomie entre les Capex aux Etats-Unis sous pression suite à une accentuation de la discipline financière des E&P et une activité en accélération à l’international. Dans notre scénario d’une stabilité du prix du baril, nous tablons sur une poursuite de la reprise des investissements à l’international via l’offshore et une discipline du côté des acteurs du schiste exacerbée. Une nouvelle fois les efforts d’investissements devraient être axés sur l...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/02/2020

2019 a été marqué par une véritable dichotomie entre les Capex aux Etats-Unis sous pression suite à une accentuation de la discipline financière des E&P et une activité en accélération à l’international. Dans notre scénario d’une stabilité du prix du baril, nous tablons sur une poursuite de la reprise des investissements à l’international via l’offshore et une discipline du côté des acteurs du schiste exacerbée. Une nouvelle fois les efforts d’investissements devraient être axés sur l...

Ahmed Ben Salem ...
  • Alain William
  • Georges Dieng
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2020

The merger of FCA and PSA, a regular feature of M&A scenarios for decades, is now happening. The tie-up clearly makes good strategic sense, but it does not fully address the two groups’ weaknesses. The combination will help them weather an increasingly harsh competitive and regulatory environment. Buy rating maintained on PSA (€ 26 vs € 29), rating upgraded to Buy vs Neutral on FCA (€ 17 vs € 12). - ...

Zhang Jun

ASML Holding N.V.

ASML HOLDING NV with less fundamental stars is reduced to Neutral

ASML HOLDING NV (NL), a company active in the Semiconductors industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date December 3, 2019, the closing price was EUR 236.60 and its expected value was estimated at EUR 238....

Zhang Jun

ASML Holding N.V.

Zhang Jun

ASML Holding N.V.

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)

Frederic Yoboue

Semiconductors Semiconductor Top Picks 1Q20: ASMI and Besi

Semiconductors Semiconductor Top Picks 1Q20: ASMI and Besi Semiconductor stocks posted excellent share price return in 2019 Mobile set to be a key driver, especially for equipment in Q1 2020 ASMI and Besi our Top Picks for Q1 Lowest surprise potential for Infineon and Soitec

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

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. With s...

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...

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