Sabadell - ASML Holding NV (ASML) ASML: CAMBIAMOS EL CHIP (ANÁLISIS BANCO SABADELL)

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Sabadell

Alvaro del Pozo

EUR 400.00 For Business Accounts Only

ASML: CAMBIAMOS EL CHIP (ANÁLISIS BANCO SABADELL)

Una década de elevado crecimiento, desde una posición de dominio. COMPRAR
En el Investor Day de ayer ASML presentó una previsión de crecimiento para esta década muy por encima de nuestras expectativas (+11% TACC’20/30e ventas vs +7% BS(e) antes), apoyado en la solidez de grandes megatendencias de consumo de semiconductores (Cloud, 5G, etc). En este entorno mejor, elevamos el P.O. hasta los 805 euros/acc. (+24% potencial, +170% vs antes), tras revisar un +34% el EBIT’21/25e, y alinearnos con la previsión de negocio a 2030. El valor sube un +46% vs ES50 en 2021 y cotiza a 38x PER’22, una prima del +27% vs media histórica, pero lo vemos justificado por un mayor crecimiento futuro (+23% TACC’20/25e de BDI vs +18% TACC’17/20) y la mayor visibilidad en el dominio de su mercado, a la que no vemos riesgo.

29/09/2021 10 ES

Underlying

ASML Holding NV

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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NL0010273215 Euronext Amsterdam Netherlands

Provider

Sabadell

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Analysts

Alvaro del Pozo

Other Reports on these Companies

GlobeNewsWire

ASML reports transactions under its current share buyback program

ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value27-Oct-25 39,856 €907.51 €36,169,766 28-Oct-25 39,890 €906.74 €36,169,942 29-Oct-25 39,349 €919.20 €36,169,404 30-Oct-25 38,889 €930.08 €36,170,029 31-Oct-25 39,045 €926.37 €36,170,085 ASML’s current share buyback program was announced on 10 Nove...

November 3, 2025 November 3, 2025 1 EN

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How much WFE is required to produce a 1 GW datacenter?

As a follow up to our cheat sheet summarizing the cost structure of a 1GW datacenter, we estimate today on a single slide WFE required to produce semiconductors for a 1 GW datacenter, with our usual important caveat: WFE spending is driven by the growth of production capacity. In other words, one spends once on WFE to build a 1GW datacenter many times over.

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TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 8.958 M euros (-10,6% vs -10,7% BS(e) y -10,7% consenso); EBITDA: 3.071 M euros (+4,2% vs +3,5% BS(e) y +3,2% consenso); EBIT: 952,0 M euros (+28,6% vs +55,3% BS(e) y +51,6% consenso); BDI: 276,0 M euros (+2660,0% vs +3510,0% BS(e) y +4080,0% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 26.971 M euros (-11,3% vs -11,4% BS(e) y -11,4% consenso); EBITDA: 8.966 M euros (-4,3% vs -4,5% BS(e) y -4,6% consenso); EBIT: 3.061 M euros (+9,2% vs +16,2% BS(e) y +15,3% consenso); BDI: -1.079,0 M euros (989,0 M euros en 9meses'24 vs -994,0 M euros BS(e) y -937,0 M euros co...

EUR 100.00

15h / 23m 15h / 23m 1 ES

Alvaro del Pozo

Alvaro del Pozo

TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 8.958 Bn (-10.6% vs. -10.7% BS(e) and -10.7% consensus); EBITDA: € 3.071 Bn (+4.2% vs. +3.5% BS(e) and +3.2% consensus); EBIT: € 952.0 M (+28.6% vs. +55.3% BS(e) and +51.6% consensus); Net Profit: € 276.0 M (+2660.0% vs. +3510.0% BS(e) and +4080.0% consensus); 9M'25 vs. 9M'24 Results Sales: € 26.971 Bn (-11.3% vs. -11.4% BS(e) and -11.4% consensus); EBITDA: € 8.966 Bn (-4.3% vs. -4.5% BS(e) and -4.6% consensus); EBIT: € 3.061 Bn (+9.2% vs. +16.2% BS(e) and +15.3% consensus); Net Profit: € -1.079.0 M (€ 989.0 M in 9M'24 vs. € -994.0 M BS(e) and € -937.0 M consen...

EUR 100.00

15h / 28m 15h / 28m 1 EN

Oscar Rodriguez

Oscar Rodriguez

PHILIPS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 4.302 M euros (-1,7% vs -1,4% BS(e) y -1,6% consenso); EBITA Ajustado: 484 M euros (+2,9% vs -2,5% BS(e) y -6,2% consenso); BDI: 187 M euros (+3,3% vs -26,0% BS(e) y -29,8% consenso).

EUR 100.00

16h / 24m 16h / 24m 1 ES

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ASML: CAMBIAMOS EL CHIP (ANÁLISIS BANCO SABADELL)

ASML reports transactions under its current share buyback program

Coffee, Croissants & Credit/Fortum, LEG Immo, WP Carey, American Tower, Telenor, and ASML

How much WFE is required to produce a 1 GW datacenter?

TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

PHILIPS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

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