ASML Historically, at a very low premium
After the 3Q23 update we adjust our numbers accordingly and provide additional colour. We reduce our forecasts for 2023 to 2025 with our long term outlook unchanged. Furthermore, we provide brief comments from the conference call. Our adjustments have a limited impact and our change in Target Price from € 655 to € 627 is the result from an increase in our WACC. Based on our new valuation and the current price we see enough upside to increase our recommendation from Hold to Accumulate. The rating change is supported by the fact that ASML is trading at one of the lowest premiums compared to WFE peers in the past 8 years.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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