Financials ASML Holding N.V. Nasdaq

Equities

ASML

USN070592100

Semiconductor Equipment & Testing

Market Closed - Nasdaq Other stock markets 01:30:00 02/05/2024 am IST			5-day change	1st Jan Change
852.8 ^USD	-2.25%		-4.42%	+12.67%

25/04	New ASML boss Fouquet must navigate US/China chip war	RE
25/04	TSMC says 'A16' chipmaking tech to arrive in 2026, setting up showdown with Intel	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,10,671	1,63,263	2,87,256	2,00,985	2,68,992	3,27,293	-	-
Enterprise Value (EV) ¹	1,09,061	1,60,574	2,83,740	1,97,123	2,66,613	3,23,640	3,22,387	3,17,843
P/E ratio	42.9 x	46.9 x	49.3 x	35.7 x	34.3 x	43.9 x	27.7 x	24 x
Yield	0.91%	0.69%	0.78%	1.15%	0.89%	0.81%	1.06%	1.19%
Capitalization / Revenue	9.36 x	11.7 x	15.4 x	9.49 x	9.76 x	11.8 x	9.07 x	8.25 x
EV / Revenue	9.23 x	11.5 x	15.2 x	9.31 x	9.67 x	11.7 x	8.93 x	8.01 x
EV / EBITDA	33.7 x	35.4 x	40.5 x	27.8 x	27.3 x	34.1 x	22 x	19.2 x
EV / FCF	43.5 x	43.8 x	28.5 x	27.4 x	81.1 x	63.5 x	34.9 x	26.8 x
FCF Yield	2.3%	2.28%	3.51%	3.66%	1.23%	1.57%	2.87%	3.73%
Price to Book	8.81 x	12 x	28.6 x	22.7 x	20 x	21.1 x	16.5 x	12.5 x
Nbr of stocks (in thousands)	4,19,686	4,10,673	4,06,474	3,98,937	3,94,590	3,93,050	-	-
Reference price ²	263.7	397.6	706.7	503.8	681.7	832.7	832.7	832.7
Announcement Date	22/01/20	20/01/21	19/01/22	25/01/23	24/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,820	13,978	18,611	21,173	27,558	27,683	36,097	39,657
EBITDA ¹	3,239	4,542	7,007	7,084	9,782	9,492	14,676	16,556
EBIT ¹	2,791	4,052	6,536	6,501	9,042	8,670	13,577	15,480
Operating Margin	23.61%	28.98%	35.12%	30.7%	32.81%	31.32%	37.61%	39.03%
Earnings before Tax (EBT) ¹	2,766	4,017	6,706	6,456	9,084	8,680	13,745	15,792
Net income ¹	2,592	3,554	5,883	5,624	7,839	7,421	11,472	13,150
Net margin	21.93%	25.42%	31.61%	26.56%	28.44%	26.81%	31.78%	33.16%
EPS ²	6.150	8.480	14.34	14.13	19.89	18.99	30.02	34.67
Free Cash Flow ¹	2,510	3,666	9,945	7,205	3,288	5,093	9,240	11,842
FCF margin	21.23%	26.22%	53.44%	34.03%	11.93%	18.4%	25.6%	29.86%
FCF Conversion (EBITDA)	77.48%	80.7%	141.92%	101.7%	33.61%	53.66%	62.96%	71.52%
FCF Conversion (Net income)	96.82%	103.15%	169.05%	128.11%	41.94%	68.63%	80.54%	90.05%
Dividend per Share ²	2.400	2.750	5.500	5.800	6.100	6.742	8.821	9.880
Announcement Date	22/01/20	20/01/21	19/01/22	25/01/23	24/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	4,986	3,534	5,431	5,778	6,430	6,746	6,902	13,648	6,673	7,237	13,910	5,290	6,029	10,602	7,637	8,637	16,969	8,126	8,612
EBITDA ¹	1,942	915.6	1,785	2,076	2,307	2,375	2,444	-	2,359	2,604	-	1,606	1,874	-	2,766	3,261	-	3,165	3,277
EBIT ¹	1,818	784.6	1,653	1,938	2,124	2,205	2,263	-	2,182	2,392	-	1,391	1,704	-	2,522	2,997	-	2,886	3,149
Operating Margin	36.45%	22.2%	30.44%	33.55%	33.03%	32.69%	32.79%	-	32.7%	33.05%	-	26.3%	28.27%	-	33.02%	34.7%	-	35.51%	36.56%
Earnings before Tax (EBT) ¹	2,019	769	1,643	1,923	2,121	2,217	2,280	-	2,190	2,397	-	1,418	1,686	-	2,529	2,985	-	2,889	3,166
Net income ¹	1,774	695	1,411	1,702	1,816	1,956	1,942	-	1,893	2,048	-	1,224	1,448	-	2,147	2,542	-	2,451	2,676
Net margin	35.58%	19.67%	25.98%	29.45%	28.25%	28.99%	28.13%	-	28.37%	28.3%	-	23.13%	24.02%	-	28.11%	29.43%	-	30.17%	31.08%
EPS ²	4.380	1.730	3.540	4.290	4.600	4.950	4.930	-	4.810	5.200	10.00	3.110	3.709	5.330	5.569	6.485	13.54	6.345	6.911
Dividend per Share ²	3.700	-	3.700	1.370	1.690	1.370	1.690	-	-	1.750	-	-	1.754	-	1.671	1.542	-	1.958	1.787
Announcement Date	19/01/22	20/04/22	20/07/22	19/10/22	25/01/23	19/04/23	19/07/23	19/07/23	18/10/23	24/01/24	24/01/24	17/04/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,610	2,689	3,515	3,862	2,379	3,653	4,905	9,450
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,510	3,666	9,945	7,205	3,288	5,093	9,240	11,842
ROE (net income / shareholders' equity)	21.4%	26.9%	49%	59.4%	70.4%	50%	66.9%	57.2%
ROA (Net income/ Total Assets)	12.1%	14.2%	20.5%	16.9%	20.6%	17%	23.4%	22.7%
Assets ¹	21,386	24,949	28,748	33,266	38,129	43,682	48,937	57,944
Book Value Per Share ²	29.90	33.10	24.70	22.20	34.10	39.50	50.50	66.50
Cash Flow per Share ²	7.770	11.00	26.40	13.40	13.80	17.50	32.60	37.70
Capex ¹	767	962	901	1,282	2,156	1,830	1,763	1,852
Capex / Sales	6.49%	6.88%	4.84%	6.05%	7.82%	6.61%	4.88%	4.67%
Announcement Date	22/01/20	20/01/21	19/01/22	25/01/23	24/01/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ASML Holding N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

832.7 EUR

Average target price

994.1 EUR

Spread / Average Target

+19.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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