ASM International Upside on FY26 estimates already reflected in the valuation
We provide more colour in this note on our change in TP and recommendation following ASMi FY25 results, which were good given the improved outlook. We see upside on the FY26 estimates, yet expectations for FY27 are already high and leave little room for upside, while the valuation is also above the historical average. We derive a fair value of €658 p.s. based on our FY27 diluted EPS of € 22.1 and a PE multiple of 30x. Given the downside we reduced our recommendation this morning from Accumulate to Hold and see this as an opportunity for some profit taking.ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
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