ASML A target to hit
Today we provide more colour on our changed target price. We lowered our target price to €500, based on a our DCF model, as well as ASML's historical EV/EBITDA multiple over the last 8 years (2cycles). Our target price reflects a balance between the positive structural drivers and decreased demand in end markets. As we believe our target price will be met within the next twelve months, we reiterate our Buy rating.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.
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