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
Pierre FerraguÊ

Weekly wrap up: What do TSMC and ASML say about the upcoming earnings season?

Analyst: Pierre Ferragu Email:

Ahmed Ben Salem ...
  • Louis Boujard, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10 Dear clients, We are very pleased to officially announce a partnership agreement between our group and BBVA in equity brokerage. In adding a new domestic market to its platform, ODDO BHF is looking t

With 40% upside, Eiffage is our Top Pick in the construction/concessions sector: whilst the contracting business should prove resilient thanks to alternative growth drivers (the “France Relance” stimulus plan in particular) and leverage on margins, cash flow generation (+35% estimated between 2019 and 2022) will be supported by higher dividends from motorway concessions. The group has 15 years to find an alternative to APRR and we have already identified numerous potential M&A possibi...

Ahmed Ben Salem ...
  • Louis Boujard, CFA

Total : Chers clients, Nous sommes très heureux de vous annoncer l’officialisation d’un accord de partenariat entre notre Groupe et BBVA dans les métiers de l’intermédiation actions. En ajoutant un nouveau marché domestique à sa plateforme, ODDO BHF souha

Avec 40% de potentiel, Eiffage est notre valeur préférée dans le secteur construction / concessions : alors que l’activité Travaux devrait s’avérer résiliente grâce aux relais de croissance (France Relance notamment) et au levier sur les marges, la génération de cash-flow (+35%e entre 2019 et 2022) va être soutenue par la hausse des dividendes des concessions autoroutières. Le groupe dispose de 15 ans pour trouver une alternative à APRR avec d’ores et déjà de nombreuses opportunités d...

Jason Kalamboussis ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Wido Jongman

Morning Note: AGS BB, ASML NA, OXUR BB, QRF BB, SEQUA BB

Ageas: Sale of TESCO JV for cap gain: “Every little helps” ASML: Foresee slippage of EUV shipments into 2022 Oxurion: 3Q20 – THR-149 in ph2, new CFO, cash at € 32m Qrf: Inner city value – model update Sequana Medical: 2 heart failure experts join scientific board

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. ...

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 ...

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 MS...

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 we...

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 conside...

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...

Pierre FerraguÊ

Weekly wrap up: What do TSMC and ASML say about the upcoming earnings season?

Analyst: Pierre Ferragu Email:

Jason Kalamboussis ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Wido Jongman

Morning Note: AGS BB, ASML NA, OXUR BB, QRF BB, SEQUA BB

Ageas: Sale of TESCO JV for cap gain: “Every little helps” ASML: Foresee slippage of EUV shipments into 2022 Oxurion: 3Q20 – THR-149 in ph2, new CFO, cash at € 32m Qrf: Inner city value – model update Sequana Medical: 2 heart failure experts join scientific board

Frederic Yoboue

ASML - BUY | EUR380 vs. EUR390 (+11%) Cautious tone limits downside risks

ASML - BUY | EUR380 vs. EUR390 (+11%) Cautious tone limits downside risks Reassuring on China Tone is cautious on logic roadmap More margin pressure in 2021 than anticipated We are reducing our target price to EUR380 and remain at Buy

Stephane Houri

ASML : ‘Intel theme’ goes from being an uncertainty to an upside on 2021 – the structural story is intact - Buy rating maintained

>Buy rating reiterated - Following ASML’s clearly better than expected Q3 2020 results and its positive comments on Q4, we maintain our Buy rating (initial reaction). Admittedly, the 2021 guidance for EUV growth of “only 20%”, i.e. sales of around € 5.4bn, is lower than anticipated (the consensus was expecting 45 to 50 systems for sales of around € 6.4bn). This results from Intel’s delayed transition to 7nm, with the group cancelling a number of deliverable orders for...

Stephane Houri

ASML : D’une incertitude, la ‘thématique Intel’ devient un upside sur 2021 – L’histoire structurelle est intacte - Opinion Achat réitérée

>Opinion Achat réitérée - À la suite de la publication de résultats T3 2020 clairement au-dessus des attentes et de commentaires positifs pour le T4, nous maintenons notre opinion Achat (réaction initiale). Certes, la guidance 2021 de croissance EUV de ‘seulement 20%, soit un CA de l’ordre de 5,4 Md€, est inférieure aux attentes (le consensus tablait sur 45 à 50 systèmes pour un CA de l’ordre de 6,4 Md€). Elle résulte du report de la transition au 7nm d’Intel, qui a a...

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...

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

Ahmed Ben Salem ...
  • Louis Boujard, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10 Dear clients, We are very pleased to officially announce a partnership agreement between our group and BBVA in equity brokerage. In adding a new domestic market to its platform, ODDO BHF is looking t

With 40% upside, Eiffage is our Top Pick in the construction/concessions sector: whilst the contracting business should prove resilient thanks to alternative growth drivers (the “France Relance” stimulus plan in particular) and leverage on margins, cash flow generation (+35% estimated between 2019 and 2022) will be supported by higher dividends from motorway concessions. The group has 15 years to find an alternative to APRR and we have already identified numerous potential M&A possibi...

Ahmed Ben Salem ...
  • Louis Boujard, CFA

Total : Chers clients, Nous sommes très heureux de vous annoncer l’officialisation d’un accord de partenariat entre notre Groupe et BBVA dans les métiers de l’intermédiation actions. En ajoutant un nouveau marché domestique à sa plateforme, ODDO BHF souha

Avec 40% de potentiel, Eiffage est notre valeur préférée dans le secteur construction / concessions : alors que l’activité Travaux devrait s’avérer résiliente grâce aux relais de croissance (France Relance notamment) et au levier sur les marges, la génération de cash-flow (+35%e entre 2019 et 2022) va être soutenue par la hausse des dividendes des concessions autoroutières. Le groupe dispose de 15 ans pour trouver une alternative à APRR avec d’ores et déjà de nombreuses opportunités d...

Matthias Desmarais ...
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2020

Q3 results alone should not be enough to significantly deviate the Stoxx 600 from the fluctuation canal within which it has been trending since the beginning of the summer. It will mainly be the elements relating to Q4 and 2021 that will be scrutinised. To which sectors will we nevertheless have to be more attentive? An analysis of the price performance relative to that of EPS (vs market) leads us to examine the pleasant surprises within the sectors on which the market has shown itse...

Matthias Desmarais ...
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2020

A eux seuls, les résultats du T3 ne devraient pas être capables de faire sortir significativement le Stoxx 600 du canal de fluctuation dans lequel il navigue depuis le début de l’été. Ce seront surtout les éléments relatifs au T4 et 2021e qui seront scrutés. Sur quels secteurs devra-t-on néanmoins se montrer plus attentifs ? Une analyse de la performance prix relative à celle des BPA (vs marché) amène à scruter les bonnes surprises au sein des secteurs pour lesquels le marché s’est mo...

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/09/2020

The group has raised its COVID scenario twice, a clear indication that sales and margins are holding up well against the current health crisis. The second half of the year appears to point to stable sales l-f-l and we expect the group to return to more normative growth in 2021. The balance sheet is very healthy and acquisitions can be made. We are raising our rating to Buy from Neutral and lifting our target price to € 177 from € 160. - ...

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.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch