ASML: Strong ramp of EUV expected in 2021 slightly offset by increase in spending | BUY | EUR290(+7%)
ASML - BUY | EUR290(+7%)Strong ramp of EUV expected in 2021 slightly offset by increase in spending
Double-digit growth expected in 2020
Gross margin should not exceed 50% on a full year basis
Strong ramp in EUV to weight on FCF in 2020
We maintain our BUY rating and Fair Value at EUR290
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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