ASML Valuation method update
In this note we make a small adjustment to our forecast, give a valuation overview and change our valuation method. We still see reasons to remain cautious as inventories remain elevated, while the divergence between WFE revenue growth and Semi manufacturers CapEx growth continues to diverge. Furthermore, we provide an extensive multiple overview. Finally, we adjust our valuation method. Our current target price is for 50% based on DCF valuation, 30% based on peer multiples and 20% based on 2025 PE multiples. This results in a target price of € 824 per share and therefore we don't change our hold recommendation. In our view ASML remains relative cheap in a relative expensive market.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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