Financials ASML Holding N.V. Thailand S.E.

Equities

ASML01

TH0809120601

Semiconductor Equipment & Testing

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-06-05 EDT			5-day change	1st Jan Change
32 ^THB	+6.67%		+9.40%	+46.79%

06-06	ASML to Deliver Advanced Chipmaking Machine to TSMC	MT
06-06	MORNING BID AMERICAS-New highs as Nvidia tops Apple, ECB and BoC easing	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	110,671	163,263	287,256	200,985	268,992	376,324	-	-
Enterprise Value (EV) ¹	109,061	160,574	283,740	197,123	266,613	372,439	371,350	366,707
P/E ratio	42.9 x	46.9 x	49.3 x	35.7 x	34.3 x	50.3 x	31.5 x	27.5 x
Yield	0.91%	0.69%	0.78%	1.15%	0.89%	0.71%	0.92%	1.04%
Capitalization / Revenue	9.36 x	11.7 x	15.4 x	9.49 x	9.76 x	13.6 x	10.4 x	9.53 x
EV / Revenue	9.23 x	11.5 x	15.2 x	9.31 x	9.67 x	13.5 x	10.2 x	9.29 x
EV / EBITDA	33.7 x	35.4 x	40.5 x	27.8 x	27.3 x	39.2 x	25.1 x	22.2 x
EV / FCF	43.5 x	43.8 x	28.5 x	27.4 x	81.1 x	69.2 x	39.9 x	30.7 x
FCF Yield	2.3%	2.28%	3.51%	3.66%	1.23%	1.44%	2.51%	3.26%
Price to Book	8.81 x	12 x	28.6 x	22.7 x	20 x	24.2 x	19 x	14.4 x
Nbr of stocks (in thousands)	419,686	410,673	406,474	398,937	394,590	393,028	-	-
Reference price ²	263.7	397.6	706.7	503.8	681.7	957.5	957.5	957.5
Announcement Date	1/22/20	1/20/21	1/19/22	1/25/23	1/24/24	-	-	-

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	27,682	36,271	39,471
EBITDA ¹	3,239	4,542	7,007	7,084	9,782	9,494	14,799	16,533
EBIT ¹	2,791	4,052	6,536	6,501	9,042	8,671	13,663	15,377
Operating Margin	23.61%	28.98%	35.12%	30.7%	32.81%	31.32%	37.67%	38.96%
Earnings before Tax (EBT) ¹	2,766	4,017	6,706	6,456	9,084	8,701	13,926	15,736
Net income ¹	2,592	3,554	5,883	5,624	7,839	7,445	11,560	13,188
Net margin	21.93%	25.42%	31.61%	26.56%	28.44%	26.89%	31.87%	33.41%
EPS ²	6.150	8.480	14.34	14.13	19.89	19.03	30.35	34.79
Free Cash Flow ¹	2,510	3,666	9,945	7,205	3,288	5,381	9,314	11,946
FCF margin	21.23%	26.22%	53.44%	34.03%	11.93%	19.44%	25.68%	30.27%
FCF Conversion (EBITDA)	77.48%	80.7%	141.92%	101.7%	33.61%	56.68%	62.93%	72.25%
FCF Conversion (Net income)	96.82%	103.15%	169.05%	128.11%	41.94%	72.28%	80.57%	90.58%
Dividend per Share ²	2.400	2.750	5.500	5.800	6.100	6.838	8.815	9.971
Announcement Date	1/22/20	1/20/21	1/19/22	1/25/23	1/24/24	-	-	-

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	6,018	10,602	7,651	8,675	16,969	8,112	8,643
EBITDA ¹	1,942	915.6	1,785	2,076	2,307	2,375	2,444	-	2,359	2,604	-	1,606	1,875	-	2,767	3,263	-	3,300	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	-	2,528	3,014	-	2,874	3,157
Operating Margin	36.45%	22.2%	30.44%	33.55%	33.03%	32.69%	32.79%	-	32.7%	33.05%	-	26.3%	28.31%	-	33.04%	34.75%	-	35.43%	36.52%
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	-	2,537	3,006	-	2,791	3,185
Net income ¹	1,774	695	1,411	1,702	1,816	1,956	1,942	-	1,893	2,048	-	1,224	1,434	-	2,152	2,558	-	2,429	2,687
Net margin	35.58%	19.67%	25.98%	29.45%	28.25%	28.99%	28.13%	-	28.37%	28.3%	-	23.13%	23.83%	-	28.13%	29.48%	-	29.94%	31.09%
EPS ²	4.380	1.730	3.540	4.290	4.600	4.950	4.930	-	4.810	5.200	10.00	3.110	3.663	5.330	5.532	6.569	13.54	6.255	6.936
Dividend per Share ²	3.700	-	3.700	1.370	1.690	1.370	1.690	-	-	1.750	-	1.450	1.754	-	1.671	1.542	-	1.958	1.787
Announcement Date	1/19/22	4/20/22	7/20/22	10/19/22	1/25/23	4/19/23	7/19/23	7/19/23	10/18/23	1/24/24	1/24/24	4/17/24	-	-	-	-	-	-	-

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	3,885	4,974	9,617
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,510	3,666	9,945	7,205	3,288	5,381	9,314	11,946
ROE (net income / shareholders' equity)	21.4%	26.9%	49%	59.4%	70.4%	50.2%	67.1%	57.6%
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	43,822	49,313	58,060
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	1,799	1,767	1,859
Capex / Sales	6.49%	6.88%	4.84%	6.05%	7.82%	6.5%	4.87%	4.71%
Announcement Date	1/22/20	1/20/21	1/19/22	1/25/23	1/24/24	-	-	-

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

957.5 EUR

Average target price

1,003 EUR

Spread / Average Target

+4.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Semiconductor Equipment & Testing

	1st Jan change	Capi.
LAM RESEARCH CORPORATION	+22.84%	127B
TOKYO ELECTRON LTD.	+36.33%	99.05B
ASE TECHNOLOGY HOLDING CO., LTD.	+18.52%	20.96B
ENTEGRIS, INC.	+9.19%	19.95B
ONTO INNOVATION INC.	+41.97%	10.94B
SCREEN HOLDINGS CO., LTD.	+25.19%	9.14B
AMKOR TECHNOLOGY, INC.	-0.93%	8.18B
ZHEJIANG JINGSHENG MECHANICAL & ELECTRICAL CO., LTD.	-29.35%	5.7B
ASMPT LIMITED	+28.52%	5.18B

Other Semiconductor Equipment & Testing