ASML Higher IBM sales, lower costs, strong order intake
ASML's 4Q24 results exceed expectations. Order intake was € 7.1bn, twice the street's expectations of € 3.5bn. ASML reported €9.3bn in revenues for 4Q24, surpassing both guidance and expectations (KBCS & CSS: € 9.0bn) due to a strong performance of IBM. Higher IBM revenues combined with lower than expected costs, related to the sale of two high NA tools, resulted in better than expected margins. Consequently, EPS of € 6.85 exceeded the street's expectations of € 6.68 (KBCS: € 6.61). The outlook for 2025 remains unchanged. Given the volatility in order intake, ASML will stop providing order intake post 2025 and will only disclose the total backlog on an annual basis. We expect a positive market reaction and reiterate our Accumulate rating and TP of € 760.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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