ASML : Successful CMD, outlook broadly unchanged, but much more AI-exposed mix
>Outperform rating maintained after CMD, TP € 950, or 41% upside - ASML yesterday held its 2024 CMD, during which it reaffirmed its 2030 guidance (issued initially in 2022) for revenues of € 44-60bn and a gross margin of 56-60%. This confirmation, coming less a month after the warning on 2025, was a relief (stock at +7%), as the group’s long-term outlook remains as solid. We found the new management very clear on what has changed since 2022, i.e. negatives with 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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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