reports
- Pierre FerraguÊ
Bible 4Q25 - Semicap: growth outlook strengthens, but less than the do...
Today, we are publishing the Semicap Equipment section of our 30th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, and Foundry. 4Q25 semicap revenues increased 9% QoQ led by DRAM, while China...
- Marc Hesselink
- CFA
- Thymen Rundberg
ASM International/Industry outperformance at a discount/BUY
ASM provided a very solid guidance for FY26. We expect this strength to continue in subsequent years as AI strength and ongoing technology transitions are key tailwinds for ASM. We expect the company to significantly outgrow its peers. We again increase our estimates, up our DCF-based target price to €950 per share (from €900) and reiterate our BUY. ASM remains on the ING Benelux Favourites list.
- Thibault Leneeuw
ASM International Upside on FY26 estimates already reflected in the va...
We provide more colour in this note on our change in TP and recommendation following ASMi FY25 results, which were good given the improved outlook. We see upside on the FY26 estimates, yet expectations for FY27 are already high and leave little room for upside, while the valuation is also above the historical average. We derive a fair value of €658 p.s. based on our FY27 diluted EPS of € 22.1 and a PE multiple of 30x. Given the downside we reduced our recommendation this morning from Accumulate ...
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
KNIN KUEHNE & NAGEL INTERNATIONAL AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
KBC KBC GROUP N.V.
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
ENI ENI S.P.A.
SY1 SYMRISE AG
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
VACN VAT GROUP AG
BP. BP P.L.C.
8TRA TRATON SE
AM DASSAULT AVIATION
SHEL SHELL PLC
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
KNIN KUEHNE & NAGEL INTERNATIONAL AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
KBC KBC GROUP N.V.
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
ENI ENI S.P.A.
SY1 SYMRISE AG
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
VACN VAT GROUP AG
BP. BP P.L.C.
8TRA TRATON SE
AM DASSAULT AVIATION
SHEL SHELL PLC
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Aedifica acquires c.80% of the shares in Cofinimmo. ASM International: 4Q25 results; strong FY26 guidance. D'Ieteren: Bloomberg reports on Belron IPO, valuation above $30bn, close to $40bn. dsm-firmenich: Symrise 2025 results and guidance. Kinepolis: Feb reassures - US box office revenue up +1% YoY, France visitors up +25% YoY. KPN: Odido data breach
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
ASM reports Q4 and full-year 2025 results
ASM reports Q4 and full-year 2025 results Almere, The NetherlandsMarch 3, 2026, 6 p.m. CETDouble‑digit growth in 2025, strong 2026 ahead ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q4 and full year 2025 results (unaudited). Orders of €803 million in Q4 2025 showed a solid rebound, driven by strong demand in the advanced logic/foundry market and a quarter-end recovery in demand from Chinese customers. Revenue of €698 million in Q4 2025 exceeded previous guidance of €630–660 million. Full year 2025 revenue was up 12% at constant currency, driven by advanced logic/fo...
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 value23-Feb-2620,164€1,239.86€25,000,44424-Feb-2619,697€1,269.23€24,999,96425-Feb-2619,405€1,288.30€24,999,47326-Feb-2619,639€1,271.69€24,974,81427-Feb-2620,411€1,226.12€25,026,243 ASML’s current share buyback program was announced on 28 January 2026, ...
Applied Materials Inc: 1 director
A director at Applied Materials Inc sold 2,500 shares at 391.710USD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Pierre FerraguÊ
The Citrini report: a revival of Marxism.
The Citrini report is an interesting thought experiment. It qualifies fully as neo-marxist, calling for the tendency of profit rates to fall. Like Marx 165 years ago, the authors are nevertheless getting a couple of things wrong. Click the link below for our thoughts and our perspective on the matter.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
AMAT APPLIED MATERIALS INC.
2330 TSMC
ASM ASM INTERNATIONAL N.V.
8035 TOKYO ELECTRON LTD.
ASML ASML HOLDING N.V.
AAPL ASML HOLDING NV
ARM APPLE INC.
AAPL US ARM HOLDINGS PLC
APPLE INC
ASML publishes 2025 Annual Reports
ASML publishes 2025 Annual Reports ASML publishes 2025 Annual Reports VELDHOVEN, the Netherlands, February 25, 2026 – Today, ASML Holding NV (ASML) has published its 2025 Annual Reports. The 2025 Annual Reports 'Powering technology forward with you', highlight ASML’s commitment to advancing innovation by developing technology that enables more powerful and energy-efficient microchips that have the potential to address some of humanity's toughest challenges. Our ongoing innovation relies on strong partnerships across the global semiconductor ecosystem – together we create sustainable solu...
Applied Materials Awards Suppliers for Outstanding Performance
Applied Materials Awards Suppliers for Outstanding Performance SANTA CLARA, Calif., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced the recipients of Supplier Excellence Awards for contributions made to Applied’s business over the past year. The awards reflect outstanding technical and operational performance in areas including quality, service, sustainability, lead time, delivery, cost and responsiveness. “Applied Materials congratulates our Supplier Excellence Award recipients for their strong performance and execution in an environment where the pace of innov...
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 value16-Feb-2619,343€1,192.43€23,065,11417-Feb-2621,263€1,181.53€25,122,80418-Feb-2620,458€1,220.41€24,967,12319-Feb-2620,314€1,232.30€25,032,93620-Feb-2620,134€1,241.69€25,000,237 ASML’s current share buyback program was announced on 28 January 2026, ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
- Pierre FerraguÊ
Applied Materials to Participate in Upcoming Investor Conferences
Applied Materials to Participate in Upcoming Investor Conferences SANTA CLARA, Calif., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that members of its management team will participate in fireside chats at upcoming investor conferences. Dr. Prabu Raja, President, Semiconductor Products Group, will participate at the Morgan Stanley Technology, Media & Telecom Conference on Monday, March 2 beginning at 3:20 p.m. PT / 6:20 p.m. ET. Brice Hill, Senior Vice President and CFO, will participate at the Cantor Fitzgerald Global Technology & Industrial Growth Conferen...
ASML Holding NV: 1 director
A director at ASML Holding NV bought 254 shares at 1,180.020EUR and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
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