SKU: ASML Category:


This is our first report on ASML, a Dutch major focused on providing advanced semiconductor equipment systems consisting of lithography, metrology, and inspection related systems to memory and logic chipmakers. The company delivered outstanding results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings. ASML’s management anticipates increased revenues in the fourth quarter as it resolves supply chain difficulties and shortens cycle times. They anticipate greater revenue growth for the year compared to the previous quarter. In 2023, they are expecting 25% of the total shipments to be DPV systems, provided they have resolved the supply chain concerns in the upcoming quarter. Furthermore, they may continue to ship all non-EUV lithography shipments to China from the Netherlands with little U.S. technology in their systems. They can also supply the majority of American origin spare parts to Chinese customers operating mature nodes without a U.S. export license. The advanced nodes are the target of the new export control regulations while in China, mature nodes are the main target of their business. To sum up, even though there is a lot of uncertainty in the current climate because of large-scale issues, demand for their products continues to outpace supply. We initiate coverage on the stock of ASML ADR with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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