ASML Affordable stock in a costly sector
We update our valuation given the strong multiple expansions over the past months. Compared to peer median multiples is ASML trading at a historical low premium. ASML is relative cheap in a relative expensive sector. Our view that the sector is expensive is based on CapEx forecasts of Semi Manufacturers, Inventories, Hyperscalers CapEx dynamics, COGS of NVIDIA and AMD. All these components drive our Hold recommendation with a Target Price of € 920.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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