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
Emmanuel Matot ...
  • Fatma Ayachi
  • Jean-François Granjon
  • Samantha Jeary
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2020

Mauna Kea is a medtech focused on in vivo microscopic imaging. The group aims to revolutionise diagnosis via its Cellvizio® system. Indeed, Cellvizio® presents a unique value proposition by facilitating the real-time observation of tissues at a microscopic scale and helping physicians to accurately target biopsies. The current share price, which reflects the temporary negative impact of COVID-19 on the company's business, presents an attractive entry point to play the extension of the...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/02/2020

...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/06/2020

Les assureurs ont enregistré les premiers effets de la crise au T1, mais on note une bonne résistance de la rentabilité opérationnelle, alors que les marges de solvabilité, bien qu’en baisse, restent solides. Les effets de la crise impacteront les résultats du T2, mais relativement peu les perspectives de résultat 2021/2022. Le secteur se traite actuellement à des multiples de valorisation attractifs au regard de ses fondamentaux. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : April rescued by memory segment and ‘work from home’, while the rest of the market is beginning to decelerate

>Worldwide sales in April 2020 beat expectations, with a slight deceleration on March - Worldwide semiconductor sales for April 2020 were published at the weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, they came to $ 34.4bn, beating our $ 32.7bn forecast. This marks a very slight deceleration, with y-o-y growth of +6.1%, after +6.9% in March. Overall volumes were down by -1.3% (vs -2.1% in March),...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Un mois d’avril sauvé par la mémoire et le ‘work from home’, pendant que le reste du marché commence à décélérer

>Ventes mondiales d’avril 2020 supérieures aux attentes, une très faible décélération par rapport à mars - Les ventes mondiales de semi-conducteurs d’avril 2020 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 34,4 Md$, supérieures à notre prévision de 32,7 Md$. Il s’agit d’une très légère décélération, avec une croissance a...

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...

ASML Holding N.V.: 2 directors sold

Two Directors at ASML Holding N.V. sold 5,123 shares at between 276.940EUR and 277.370EUR. The significance rating of the trade was 96/100. 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 r...

Emmanuel Matot ...
  • Stephane Houri

ODDO : April rescued by memory segment and ‘work from home’, while the rest of the market is beginning to decelerate

>Worldwide sales in April 2020 beat expectations, with a slight deceleration on March - Worldwide semiconductor sales for April 2020 were published at the weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, they came to $ 34.4bn, beating our $ 32.7bn forecast. This marks a very slight deceleration, with y-o-y growth of +6.1%, after +6.9% in March. Overall volumes were down by -1.3% (vs -2.1% in March),...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Un mois d’avril sauvé par la mémoire et le ‘work from home’, pendant que le reste du marché commence à décélérer

>Ventes mondiales d’avril 2020 supérieures aux attentes, une très faible décélération par rapport à mars - Les ventes mondiales de semi-conducteurs d’avril 2020 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 34,4 Md$, supérieures à notre prévision de 32,7 Md$. Il s’agit d’une très légère décélération, avec une croissance a...

Stephane Houri

ASML : Positive rating maintained, even at this level, in view of the structural story of technological domination that continues to hold

>Buy rating maintained following conference call with positive tone - Following a conference call with Marcel Kemp (head of IR Europe), we are standing by our Buy rating. The tone was particularly positive and confident in our view. The group confirmed the messages conveyed at the time of the Q1 2020 release (a month ago), with: 1/ still-brisk logic/foundry demand; 2/ a limited impact from the COVID-19 crisis; and 3/ further convincing indications of the upturn in the...

Stephane Houri

ASML : Opinion positive réitérée, même à ce niveau de cours, au regard de l’histoire structurelle de domination technologique qui se confirme

>Suite à une conference call au ton positif, opinion Achat réitérée - Suite à une conference call organisée avec Marcel Kemp (Head of IR Europe), nous réitérons notre opinion Achat. Le ton nous a semblé particulièrement positif et confiant. Le groupe a réitéré les messages passés à la publication des résultats T1 2020 (il y a un mois) à savoir : 1/ une demande logic/fonderie toujours soutenue ; 2/ un impact limité de la crise du COVID-19 ; 3/ toujours des indices conv...

Stephane Houri

ASML : Positive rating maintained, even at this level, in view of the structural story of technological domination that continues to hold

>Buy rating maintained following conference call with positive tone - Following a conference call with Marcel Kemp (head of IR Europe), we are standing by our Buy rating. The tone was particularly positive and confident in our view. The group confirmed the messages conveyed at the time of the Q1 2020 release (a month ago), with: 1/ still-brisk logic/foundry demand; 2/ a limited impact from the COVID-19 crisis; and 3/ further convincing indications of the upturn in the...

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)

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

Emmanuel Matot ...
  • Fatma Ayachi
  • Jean-François Granjon
  • Samantha Jeary
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2020

Mauna Kea is a medtech focused on in vivo microscopic imaging. The group aims to revolutionise diagnosis via its Cellvizio® system. Indeed, Cellvizio® presents a unique value proposition by facilitating the real-time observation of tissues at a microscopic scale and helping physicians to accurately target biopsies. The current share price, which reflects the temporary negative impact of COVID-19 on the company's business, presents an attractive entry point to play the extension of the...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/02/2020

...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/06/2020

Les assureurs ont enregistré les premiers effets de la crise au T1, mais on note une bonne résistance de la rentabilité opérationnelle, alors que les marges de solvabilité, bien qu’en baisse, restent solides. Les effets de la crise impacteront les résultats du T2, mais relativement peu les perspectives de résultat 2021/2022. Le secteur se traite actuellement à des multiples de valorisation attractifs au regard de ses fondamentaux. - ...

Anthony Dick ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Michael Foundoukidis
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/25/2020

...

Anthony Dick ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Michael Foundoukidis
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/05/2020

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The loss of a fundamental star by ASML HOLDING NV does not prevent it from improving to an overall Slightly Positive

ASML HOLDING NV (NL), a company active in Semiconductors, improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) from the title, which now shows 3 out of 4 stars; conversely, its market behaviour remains table and can be still described as moderately risky. The loss of a star(s) core is inconsequential since theScreener revises upgrades the general evaluation of the value to Slightly Positive. As of the analysis date April 21, 2020, the closing price was EUR 258.60 and its potential was estimate...

Expert Corporate Governance Service (ECGS)

ASML – AGM 22 April 2020

In general, ASML is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 3a an advisory vote on the Company's executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 394% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 5 it is proposed to designate the executive board as the body authorised to issue ordinary shares in connection with the LTI of the exe...

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...

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