ASML: Pending the update of the roadmap, ASML looks fairly valued
ASML: (NEUTRAL, Fair Value EUR190 vs. EUR185 (+2%))Pending the update of the roadmap, ASML looks fairly valued
Yesterday, ASML published its Q2 results with 14% EPS beat over consensus (see our first take). During the Q2 earnings conference call, the company seemed more confident about EUV and High-NA roadmaps and ASML plans to give a detailed update during the upcoming Capital Market Day to be held in November 2018. We have fine-tuned our model with FV slightly up to EUR190 (+3%). However, pending the update in the roadmap and additional visibility on the memory market and China by that time, we maintain our Neutral recommendation.
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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