ASML Set to Close 2016 on a High Note, Yet Shares Remain Overvalued Relative to Unchanged Fair Value
ASML reported third-quarter results that were slightly ahead of our estimates, as strong system sales to logic and foundry customers preparing for the ramp of 10-nanometer process technologies drove significant year-over-year revenue growth. Furthermore, with respect to the firm’s extreme ultraviolet, or EUV, lithography tools, ASML will now be able to recognize the majority of system revenues on shipment. In the past, the entire cost was recognized by ASML upon shipment of EUV tools, while only...
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