We’ve recently updated our valuation analysis.

ASM International Valuation

Is ASM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ASM?

Other financial metrics that can be useful for relative valuation.

ASM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.5x
Enterprise Value/EBITDA18.5x
PEG Ratio2.1x

Price to Earnings Ratio vs Peers

How does ASM's PE Ratio compare to its peers?

The above table shows the PE ratio for ASM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average28.8x
BESI BE Semiconductor Industries
18.6x12.1%€5.0b
ASML ASML Holding
40.9x21.4%€228.5b
6857 Advantest
14.1x-0.5%JP¥1.7t
ENTG Entegris
41.6x19.8%US$11.2b
ASM ASM International
43.6x20.3%€12.5b

Price-To-Earnings vs Peers: ASM is expensive based on its Price-To-Earnings Ratio (43.6x) compared to the peer average (28.8x).


Price to Earnings Ratio vs Industry

How does ASM's PE Ratio compare vs other companies in the European Semiconductor Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a19.0%
n/an/an/a

Price-To-Earnings vs Industry: ASM is expensive based on its Price-To-Earnings Ratio (43.6x) compared to the European Semiconductor industry average (27.1x)


Price to Earnings Ratio vs Fair Ratio

What is ASM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ASM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio43.6x
Fair PE Ratio28.8x

Price-To-Earnings vs Fair Ratio: ASM is expensive based on its Price-To-Earnings Ratio (43.6x) compared to the estimated Fair Price-To-Earnings Ratio (28.8x).


Share Price vs Fair Value

What is the Fair Price of ASM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ASM (€257.2) is trading below our estimate of fair value (€293.57)

Significantly Below Fair Value: ASM is trading below fair value, but not by a significant amount.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ASM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€257.20
€348.63
+35.5%
19.1%€480.00€200.00n/a15
Nov ’23€227.60
€358.63
+57.6%
14.9%€480.00€280.00n/a15
Oct ’23€233.75
€383.32
+64.0%
17.3%€500.00€280.00n/a14
Sep ’23€261.30
€383.32
+46.7%
17.3%€500.00€280.00n/a14
Aug ’23€301.70
€375.94
+24.6%
17.3%€500.00€280.00n/a14
Jul ’23€216.25
€408.29
+88.8%
14.6%€500.00€280.00n/a14
Jun ’23€288.30
€410.41
+42.4%
14.2%€500.00€280.00n/a15
May ’23€289.90
€411.62
+42.0%
14.7%€500.00€280.00n/a14
Apr ’23€326.00
€405.91
+24.5%
20.4%€595.00€280.00n/a15
Mar ’23€276.30
€399.19
+44.5%
20.5%€595.00€280.00n/a14
Feb ’23€304.80
€426.91
+40.1%
17.5%€595.00€280.00n/a15
Jan ’23€388.70
€410.99
+5.7%
16.6%€545.00€280.00n/a13
Dec ’22€408.60
€411.15
+0.6%
16.6%€545.00€280.00n/a13
Nov ’22€397.00
€404.92
+2.0%
15.7%€545.00€280.00€227.6013
Oct ’22€327.50
€387.38
+18.3%
16.1%€480.00€242.00€233.7513
Sep ’22€333.90
€319.54
-4.3%
16.0%€400.00€203.00€261.3013
Aug ’22€298.90
€313.38
+4.8%
14.6%€390.00€203.00€301.7013
Jul ’22€267.40
€296.54
+10.9%
14.5%€350.00€185.00€216.2513
Jun ’22€259.70
€295.77
+13.9%
14.4%€350.00€185.00€288.3013
May ’22€252.90
€289.36
+14.4%
13.6%€330.00€185.00€289.9014
Apr ’22€256.60
€249.43
-2.8%
15.1%€295.00€145.00€326.0014
Mar ’22€226.00
€233.36
+3.3%
22.5%€285.00€130.00€276.3014
Feb ’22€217.10
€202.64
-6.7%
24.0%€280.00€110.00€304.8014
Jan ’22€179.95
€150.89
-16.2%
22.3%€210.00€85.00€388.7015
Dec ’21€153.35
€143.15
-6.6%
19.4%€180.00€85.00€408.6015
Nov ’21€122.80
€142.82
+16.3%
19.3%€180.00€85.00€397.0015

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies