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

ASML HOLDING with less fundamental stars is reduced to Neutral

ASML HOLDING (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 3 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 July 24, 2020, the closing price was EUR 322.55 and its expected value was estimated at EUR 320.83.

Emmanuel Matot ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 07/20/2020

Discussing a return of inflation may seem irrelevant at a time when there is so much downward pressure on prices (unemployment, raw materials). Inflation swaps are nonetheless picking up. Perhaps this is due to the effects of several long-term trends (ageing of the population, de-globalisation, etc.) combined with base effects on raw materials. While this return is likely to be gradual, it will imply an adjustment of portfolios. Value (banks) and commodities (mining) should benefit, e...

Bruno Cavalier ...
  • Jerôme Bodin
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/20/2020

Discussing a return of inflation may seem irrelevant at a time when there is so much downward pressure on prices (unemployment, raw materials). Inflation swaps are nonetheless picking up. Perhaps this is due to the effects of several long-term trends (ageing of the population, de-globalisation, etc.) combined with base effects on raw materials. While this return is likely to be gradual, it will imply an adjustment of portfolios. Value (banks) and commodities (mining) should benefit, e...

Emmanuel Matot ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 20/07/2020

Parler d’un retour de l’inflation peut sembler hors sujet tant les pressions baissières sur les prix sont nombreuses (chômage, matières premières). Pourtant les swaps d’inflation se redressent. Il faut peut-être y voir les effets de plusieurs tendances de long terme (vieillissement de la population, dé-globalisation,..) conjuguées à des effets de base sur les matières premières. Si ce retour sera probablement graduel, il va impliquer une adaptation des portefeuilles. La value (banques...

Bruno Cavalier ...
  • Jerôme Bodin
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/07/2020

Parler d’un retour de l’inflation peut sembler hors sujet tant les pressions baissières sur les prix sont nombreuses (chômage, matières premières). Pourtant les swaps d’inflation se redressent. Il faut peut-être y voir les effets de plusieurs tendances de long terme (vieillissement de la population, dé-globalisation,..) conjuguées à des effets de base sur les matières premières. Si ce retour sera probablement graduel, il va impliquer une adaptation des portefeuilles. La value (banques...

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.: 1 director sold

A director at ASML Holding N.V. sold 3,200 shares at 312.400EUR and the significance rating of the trade was 72/100. 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 bo...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Semiconductor midcaps Q2 2020 preview

>Q2 marked by the lockdown and uncertainty surrounding the real impact - In a sector with end-markets as varied as semiconductors, it is hard to establish a clear trend. But it is fairly clear that to varying degrees, the different midcaps in the sector have suffered the impact of the lockdowns, both on demand and the supply chain. We are therefore likely to see sales fall by a greater or less extent depending on exposures. Many companies moreover did not give quarte...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Preview T2 2020 midcap semi-conducteurs

>Un T2 sous le signe du confinement et de l’incertitude sur l’impact réel - Dans un secteur aux débouchés aussi divers que celui des semi-conducteurs, il est difficile d’établir une tendance claire. Mais, il est assez évident qu’à des niveaux plus ou moins forts, les différentes midcaps du secteur ont subi l’impact des confinements, aussi bien sur la demande que sur la supply chain. Nous devrions donc voir des CA baisser dans une plus ou moins grande ampleur en fonct...

Pierre FerraguÊ

ASML 2Q20 – Contrasted quarter pushes out concerns to 1H2021. Memory recovery is on.

New Street Research Analyst: Pierre Ferragu email:

Stephane Houri

ASML : Profit taking, but the structural story remains fully intact...

>Buy recommendation maintained after a weak Q2 and profit taking - Following the publication of Q2 2020 results that came in below expectations due to 1/ the impossibility to book revenues for the two EUV systems that were delivery without the factory acceptance test and 2/ a relatively low rate of order intake (€ 1.1bn vs an average of € 3.3bn per quarter over the past 12 months), we are sticking with our Buy recommendation (Link to our initial reaction). During the ...

Stephane Houri

ASML : Des prises de profits, mais l’histoire structurelle n’a pas dévié d’un pouce...

>Achat maintenu après un T2 ‘faiblard’ et des prises de profits - À la suite de la publication de résultats T2 2020 sous les attentes en raison 1/ de la non comptabilisation des revenus de 2 systèmes EUV qui ont été livrés sans Factory Acceptance Test et 2/ de commandes relativement faibles (1.1 Md€ vs une moyenne de 3.3 Md€ par trimestre sur les 12 derniers mois), nous maintenons notre opinion Achat (Lien vers note réaction initiale). Durant la conférence call, le gr...

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 ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 07/20/2020

Discussing a return of inflation may seem irrelevant at a time when there is so much downward pressure on prices (unemployment, raw materials). Inflation swaps are nonetheless picking up. Perhaps this is due to the effects of several long-term trends (ageing of the population, de-globalisation, etc.) combined with base effects on raw materials. While this return is likely to be gradual, it will imply an adjustment of portfolios. Value (banks) and commodities (mining) should benefit, e...

Bruno Cavalier ...
  • Jerôme Bodin
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/20/2020

Discussing a return of inflation may seem irrelevant at a time when there is so much downward pressure on prices (unemployment, raw materials). Inflation swaps are nonetheless picking up. Perhaps this is due to the effects of several long-term trends (ageing of the population, de-globalisation, etc.) combined with base effects on raw materials. While this return is likely to be gradual, it will imply an adjustment of portfolios. Value (banks) and commodities (mining) should benefit, e...

Emmanuel Matot ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 20/07/2020

Parler d’un retour de l’inflation peut sembler hors sujet tant les pressions baissières sur les prix sont nombreuses (chômage, matières premières). Pourtant les swaps d’inflation se redressent. Il faut peut-être y voir les effets de plusieurs tendances de long terme (vieillissement de la population, dé-globalisation,..) conjuguées à des effets de base sur les matières premières. Si ce retour sera probablement graduel, il va impliquer une adaptation des portefeuilles. La value (banques...

Bruno Cavalier ...
  • Jerôme Bodin
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/07/2020

Parler d’un retour de l’inflation peut sembler hors sujet tant les pressions baissières sur les prix sont nombreuses (chômage, matières premières). Pourtant les swaps d’inflation se redressent. Il faut peut-être y voir les effets de plusieurs tendances de long terme (vieillissement de la population, dé-globalisation,..) conjuguées à des effets de base sur les matières premières. Si ce retour sera probablement graduel, il va impliquer une adaptation des portefeuilles. La value (banques...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2020

Based on the new air traffic scenario of the ODDO BHF aerospace team (-60% in 2020 and +40% in 2021), we have lowered our EBITDA estimates by close to 30% for ADP and Fraport, which puts us 30% below the consensus for 2021. We are maintaining our Reduce ratings on both stocks, as cash generation is set to remain negative and the valuation is not attractive enough. Cf. sector report published last evening. - ...

ASML HOLDING with less fundamental stars is reduced to Neutral

ASML HOLDING (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 3 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 July 24, 2020, the closing price was EUR 322.55 and its expected value was estimated at EUR 320.83.

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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