ENXTAM:ASML

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems consisting of lithography related systems for memory and logic chipmakers.


Snowflake Analysis

Excellent balance sheet with proven track record.


Similar Companies

Share Price & News

How has ASML Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

4.4%

ASML

4.9%

NL Semiconductor

0.6%

NL Market


1 Year Return

88.9%

ASML

59.4%

NL Semiconductor

-11.8%

NL Market

Return vs Industry: ASML exceeded the Dutch Semiconductor industry which returned 56.2% over the past year.

Return vs Market: ASML exceeded the Dutch Market which returned -12.4% over the past year.


Shareholder returns

ASMLIndustryMarket
7 Day4.4%4.9%0.6%
30 Day13.2%10.9%2.2%
90 Day36.4%34.3%12.2%
1 Year90.7%88.9%65.0%59.4%-9.0%-11.8%
3 Year195.4%186.8%91.9%77.4%7.0%-3.9%
5 Year298.2%278.1%172.3%144.7%24.3%1.0%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is ASML Holding undervalued compared to its fair value and its price relative to the market?

55.78x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ASML (€348.7) is trading above our estimate of fair value (€224.43)

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


Price To Earnings Ratio

PE vs Industry: ASML is poor value based on its PE Ratio (55.8x) compared to the XE Semiconductor industry average (31.4x).

PE vs Market: ASML is poor value based on its PE Ratio (55.8x) compared to the Dutch market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: ASML is poor value based on its PEG Ratio (2.8x)


Price to Book Ratio

PB vs Industry: ASML is overvalued based on its PB Ratio (11.7x) compared to the XE Semiconductor industry average (2.4x).


Next Steps

Future Growth

How is ASML Holding forecast to perform in the next 1 to 3 years based on estimates from 31 analysts?

19.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASML's forecast earnings growth (19.9% per year) is above the savings rate (0.4%).

Earnings vs Market: ASML's earnings (19.9% per year) are forecast to grow slower than the Dutch market (21.5% per year).

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

Revenue vs Market: ASML's revenue (11.8% per year) is forecast to grow faster than the Dutch market (7.3% per year).

High Growth Revenue: ASML's revenue (11.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ASML's Return on Equity is forecast to be high in 3 years time (33.6%)


Next Steps

Past Performance

How has ASML Holding performed over the past 5 years?

12.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ASML has high quality earnings.

Growing Profit Margin: ASML's current net profit margins (21.8%) are lower than last year (22.1%).


Past Earnings Growth Analysis

Earnings Trend: ASML's earnings have grown by 12.8% per year over the past 5 years.

Accelerating Growth: ASML's earnings growth over the past year (9.1%) is below its 5-year average (12.8% per year).

Earnings vs Industry: ASML earnings growth over the past year (9.1%) exceeded the Semiconductor industry -20.9%.


Return on Equity

High ROE: ASML's Return on Equity (21%) is considered high.


Next Steps

Financial Health

How is ASML Holding's financial position?


Financial Position Analysis

Short Term Liabilities: ASML's short term assets (€12.7B) exceed its short term liabilities (€4.7B).

Long Term Liabilities: ASML's short term assets (€12.7B) exceed its long term liabilities (€6.1B).


Debt to Equity History and Analysis

Debt Level: ASML's debt to equity ratio (29.1%) is considered satisfactory.

Reducing Debt: ASML's debt to equity ratio has increased from 12.9% to 29.1% over the past 5 years.

Debt Coverage: ASML's debt is well covered by operating cash flow (86.4%).

Interest Coverage: ASML's interest payments on its debt are well covered by EBIT (101.2x coverage).


Balance Sheet


Next Steps

Dividend

What is ASML Holding current dividend yield, its reliability and sustainability?

0.77%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ASML's dividend (0.77%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (2.24%).

High Dividend: ASML's dividend (0.77%) is low compared to the top 25% of dividend payers in the Dutch market (6.51%).


Stability and Growth of Payments

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

Growing Dividend: ASML 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: ASML is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ASML'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?

8.7yrs

Average management tenure


CEO

Peter T. F. Wennink (63yo)

7yrs

Tenure

€4,361,000

Compensation

Mr. Peter T. F. M. Wennink has been the Chief Executive Officer and President at ASML Holding NV. since July 1, 2013 and its Member of Management Board since July 1, 1999. Mr. Wennink was previously an In ...


CEO Compensation Analysis

Compensation vs Market: Peter T. F.'s total compensation ($USD4.93M) is about average for companies of similar size in the Dutch market ($USD4.92M).

Compensation vs Earnings: Peter T. F.'s compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Peter T. F. Wennink
Chairman of the Management Board7yrs€4.36m0.0074% 10.8m
Martin van den Brink
Vice Chairman of the Management Boardno data€4.36m0.0034% 4.9m
Roger J. Dassen
Executive VP2.08yrs€2.96mno data
Frits van Hout
Executive VP11.33yrs€2.74m0.0022% 3.3m
Frederic J. Schneider-Maunoury
Executive VP10.33yrs€2.72m0.0052% 7.6m
Christophe Fouquet
Executive VP of EUV & Member of Management Board2.25yrs€2.20m0.0013% 1.9m
Skip Miller
Vice President of Investor Relationsno datano datano data
James Koonmen
Executive VP of Applications Businessno datano datano data
Ron Kool
Executive Vice President of Business Line DUVno datano datano data
Robert Roelofs
Company Secretary18.5yrsno datano data

8.7yrs

Average Tenure

59.5yo

Average Age

Experienced Management: ASML's management team is seasoned and experienced (8.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
D. Durcan
Member of Supervisory Board0.25yrno datano data
Gerard Kleisterlee
Independent Chairman of Supervisory Board4.25yrs€152.00kno data
D. Warren East
Member of Supervisory Board0.25yrno datano data
Johannes M. Stork
Independent Member of the Supervisory Board6.25yrs€117.00kno data
Douglas Grose
Independent Vice Chairman of the Supervisory Boardno data€132.00kno data
Rolf-Dieter Schwalb
Independent Member of the Supervisory Board5.25yrs€100.00kno data
Antoinette Aris
Independent Member of the Supervisory Board5.25yrs€97.00kno data
Clara M. Smits-Nusteling
Independent Member of the Supervisory Board7.25yrs€90.00kno data
Terri Kelly
Independent Member of the Supervisory Board2.25yrs€100.00kno data

4.8yrs

Average Tenure

62yo

Average Age

Experienced Board: ASML's board of directors are considered experienced (4.8 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: ASML insiders have only sold shares 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

ASML Holding N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ASML Holding N.V.
  • Ticker: ASML
  • Exchange: ENXTAM
  • Founded: 1984
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: €145.584b
  • Shares outstanding: 417.51m
  • Website: https://www.asml.com

Number of Employees


Location

  • ASML Holding N.V.
  • De Run 6501
  • Veldhoven
  • Noord-Brabant
  • 5504 DR
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASML.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
ASMLENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJan 1992
ASMEDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
ASMLSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1992
ASMLABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
0QB8LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
ASMEXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJan 1992
ASMLWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992
ASML NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992
ASMLBIT (Borsa Italiana)YesOrdinary SharesITEURJan 1992
ASMLNasdaqGS (Nasdaq Global Select)N Y REGISTRY SHSUSUSDMar 1995
ASMFDB (Deutsche Boerse AG)N Y REGISTRY SHSDEEURMar 1995

Biography

ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems consisting of lithography related systems for memory and logic chipmakers. The company provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography solutions to manufacture variosus range of semiconductor nodes and technologies. It also offers metrology and inspection systems, including YieldStar optical metrology solutions to measure the quality of patterns on the wafers; and HMI e-beam solutions to locate and analyze individual chip defects. In addition, the company provides computational lithography and software solutions to create applications that enhance the setup of the lithography system; and mature products and services that refurbish used lithography equipment and offers associated services. It operates in Japan, Korea, Singapore, Taiwan, China, the Netherlands, Europe, the Middle East, Africa, the United States, and reat of Asia. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/10 20:45
End of Day Share Price2020/07/10 00:00
Earnings2020/03/29
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.