ENXTAM:ASM

Stock Analysis Report

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Executive Summary

ASM International NV, together with its subsidiaries, engages in the research, development, manufacture, marketing, and servicing of equipment and materials used to produce semiconductor devices.


Snowflake Analysis

Flawless balance sheet with solid track record.


Similar Companies

Share Price & News

How has ASM International's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ASM's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0.7%

ASM

0.7%

NL Semiconductor

-0.07%

NL Market


1 Year Return

140.6%

ASM

55.6%

NL Semiconductor

-11.6%

NL Market

Return vs Industry: ASM exceeded the Dutch Semiconductor industry which returned 61.7% over the past year.

Return vs Market: ASM exceeded the Dutch Market which returned -10.6% over the past year.


Shareholder returns

ASMIndustryMarket
7 Day0.7%0.7%-0.07%
30 Day23.5%11.2%5.2%
90 Day57.2%35.0%16.5%
1 Year147.8%140.6%61.0%55.6%-8.8%-11.6%
3 Year216.5%172.7%87.4%73.3%8.5%-2.6%
5 Year300.6%234.4%166.5%139.6%25.6%2.1%

Price Volatility Vs. Market

How volatile is ASM International's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is ASM International undervalued compared to its fair value and its price relative to the market?

20.13x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ASM (€144.4) is trading above our estimate of fair value (€95.46)

Significantly Below Fair Value: ASM is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ASM is good value based on its PE Ratio (20.1x) compared to the XE Semiconductor industry average (32.2x).

PE vs Market: ASM is poor value based on its PE Ratio (20.1x) compared to the Dutch market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: ASM is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: ASM is overvalued based on its PB Ratio (3.7x) compared to the XE Semiconductor industry average (2.4x).


Next Steps

Future Growth

How is ASM International forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

13.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASM's forecast earnings growth (13% per year) is above the savings rate (0.4%).

Earnings vs Market: ASM's earnings (13% per year) are forecast to grow slower than the Dutch market (21.5% per year).

High Growth Earnings: ASM's earnings are forecast to grow, but not significantly.

Revenue vs Market: ASM's revenue (11.2% per year) is forecast to grow faster than the Dutch market (7.1% per year).

High Growth Revenue: ASM's revenue (11.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ASM's Return on Equity is forecast to be low in 3 years time (17.9%).


Next Steps

Past Performance

How has ASM International performed over the past 5 years?

17.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ASM has high quality earnings.

Growing Profit Margin: ASM's current net profit margins (26%) are higher than last year (21.1%).


Past Earnings Growth Analysis

Earnings Trend: ASM's earnings have grown by 17.1% per year over the past 5 years.

Accelerating Growth: ASM's earnings growth over the past year (83.9%) exceeds its 5-year average (17.1% per year).

Earnings vs Industry: ASM earnings growth over the past year (83.9%) exceeded the Semiconductor industry -20.9%.


Return on Equity

High ROE: ASM's Return on Equity (18.5%) is considered low.


Next Steps

Financial Health

How is ASM International's financial position?


Financial Position Analysis

Short Term Liabilities: ASM's short term assets (€968.2M) exceed its short term liabilities (€314.6M).

Long Term Liabilities: ASM's short term assets (€968.2M) exceed its long term liabilities (€34.7M).


Debt to Equity History and Analysis

Debt Level: ASM is debt free.

Reducing Debt: ASM has not had any debt for past 5 years.

Debt Coverage: ASM has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: ASM has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is ASM International current dividend yield, its reliability and sustainability?

1.04%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ASM's dividend (1.04%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (2.19%).

High Dividend: ASM's dividend (1.04%) is low compared to the top 25% of dividend payers in the Dutch market (6.38%).


Stability and Growth of Payments

Stable Dividend: ASM is not paying a notable dividend for the Dutch market, therefore no need to check if payments are stable.

Growing Dividend: ASM is not paying a notable dividend for the Dutch market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: ASM is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ASM's dividend in 3 years as they are not forecast to pay a notable one for the Dutch market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.5yrs

Average management tenure


CEO

Benjamin Loh (56yo)

0.17

Tenure

Mr. Gek Lim Loh also known as Benjamin serves as Non-Executive Director at ASM Pacific Technology Limited since May 19, 2020. He serves as Member of the Management Board at ASM International NV since May 1 ...


Leadership Team

NamePositionTenureCompensationOwnership
Petrus Antonius van Bommel
CFO & Member of the Management Board9.83yrs€1.54m0.054% 3.8m
Gek Lim Loh
Chairman of the Management Board0.17yrno datano data
Bruce Ragsdale
Vice President of Global Operations4.5yrsno datano data
J. M. Raaijmakers
CTO and Corporate VP R&D21yrsno datano data
Victor Bareño
Director of Investor Relationsno datano datano data
J. Westendorp
Vice President of Corporate Marketing4.5yrsno datano data
Yong-Kil Kim
Vice President of Global Sales & Service4.42yrsno datano data
Ralph Otte
Corporate Vice President of Global Human Resourcesno datano datano data

4.5yrs

Average Tenure

63yo

Average Age

Experienced Management: ASM's management team is considered experienced (4.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jan Lobbezoo
Independent Chairman of the Supervisory Board7yrs€84.00kno data
Didier Lamouche
Member of Supervisory Board0.17yrno datano data
Marcus Johannes de Jong
Independent Member of Supervisory Board2.17yrs€58.00k0.0083% 584.8k
Martin Cornelis van Pernis
Independent Member of Supervisory Board10.17yrs€59.00kno data
Stefanie Kahle-Galonske
Independent Member of Supervisory Board3.17yrs€60.00kno data
Monica de Virgiliis
Member of Supervisory Board0.17yrno datano data

2.7yrs

Average Tenure

60yo

Average Age

Experienced Board: ASM's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: ASM insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

ASM International NV's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ASM International NV
  • Ticker: ASM
  • Exchange: ENXTAM
  • Founded: 1968
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: €7.046b
  • Shares outstanding: 48.79m
  • Website: https://www.asm.com

Number of Employees


Location

  • ASM International NV
  • Versterkerstraat 8
  • Almere
  • Flevoland
  • 1322 AP
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASMI.YOTCPK (Pink Sheets LLC)NY REGISTRY SHARESUSUSDMay 1981
AVSNBST (Boerse-Stuttgart)NY REGISTRY SHARESDEEURMay 1981
AVSDB (Deutsche Boerse AG)YesCommon SharesDEEURDec 1996
ASMENXTAM (Euronext Amsterdam)YesCommon SharesNLEURDec 1996
0NX3LSE (London Stock Exchange)YesCommon SharesGBEURDec 1996
ASMABATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURDec 1996
ASMX.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDDec 1996

Biography

ASM International NV, together with its subsidiaries, engages in the research, development, manufacture, marketing, and servicing of equipment and materials used to produce semiconductor devices. The company operates through two segments, Front-end and Back-end. The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices in Europe, the United States, Japan, South Korea, and Southeast Asia. The Back-end segment manufactures and sells equipment and materials that are used in the assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and assembled, packaged, and tested in Hong Kong, the People’s Republic of China, Singapore, Malaysia, and Germany. The company’s products include wafer processing deposition systems for single-wafer atomic layer deposition, plasma enhanced chemical vapor deposition, epitaxy, and batch diffusion/furnace systems. It serves manufacturers of semiconductor devices and integrated circuits. The company was formerly known as Advanced Semiconductor Materials International NV. ASM International NV was founded in 1968 and is headquartered in Almere, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/14 20:54
End of Day Share Price2020/07/14 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.