ASML Impact of the adjusted 2025 guidance
In this note we adjust our numbers based on the reduced outlook. Our first indication shows that EPS forecasts for 2025 and beyond will come down with c. 20%. Furthermore, even larger adjustments in 2026 and 2027 are likely based on CSS CapEx estimates of Semi manufacturers. This while Chinese demand will normalize. Our adjustments result ina TP of € 760 per share and we reiterate our Accumulate 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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