ASML Realistic optimistic
We have updated our model based on the information provided during the Capital Markets Day (CMD). We have increased our expected revenue for 2025 and 2030 by respectively c. 10% and c. 15%, with minimal impact on margins. While the outlook improved, we believe that the majority of the potential upside is already incorporated in the stock price. The latter is due to the recent rally of the past month. Our updated model leads to an increase in our price target to € 570 per share. Reviewing historical multiples and peer comparisons indicate that ASML is currently trading at its fair value. Thus, we believe that there is a limited upside and consequently, we downgrade our rating to Hold removing it for our Dynamic Top Pick List.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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