Financials ASML Holding N.V.

Equities

ASML

NL0010273215

Semiconductor Equipment & Testing

Real-time Euronext Amsterdam Other stock markets 11:01:46 29/04/2024 BST			5-day change	1st Jan Change
851.4 ^EUR	-0.86%		+4.65%	+24.83%

04-25	New ASML boss Fouquet must navigate US/China chip war	RE
04-25	TSMC says 'A16' chipmaking tech to arrive in 2026, setting up showdown with Intel	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	337,551	-	-
Enterprise Value (EV) ¹	109,061	160,574	283,740	197,123	266,613	333,923	332,637	328,098
P/E ratio	42.9 x	46.9 x	49.3 x	35.7 x	34.3 x	45.2 x	28.6 x	24.8 x
Yield	0.91%	0.69%	0.78%	1.15%	0.89%	0.79%	1.03%	1.15%
Capitalization / Revenue	9.36 x	11.7 x	15.4 x	9.49 x	9.76 x	12.2 x	9.36 x	8.52 x
EV / Revenue	9.23 x	11.5 x	15.2 x	9.31 x	9.67 x	12.1 x	9.23 x	8.28 x
EV / EBITDA	33.7 x	35.4 x	40.5 x	27.8 x	27.3 x	35.2 x	22.7 x	19.8 x
EV / FCF	43.5 x	43.8 x	28.5 x	27.4 x	81.1 x	64.7 x	36.2 x	27.8 x
FCF Yield	2.3%	2.28%	3.51%	3.66%	1.23%	1.54%	2.76%	3.59%
Price to Book	8.81 x	12 x	28.6 x	22.7 x	20 x	21.7 x	17 x	12.9 x
Nbr of stocks (in thousands)	419,686	410,673	406,474	398,937	394,590	393,050	-	-
Reference price ²	263.7	397.6	706.7	503.8	681.7	858.8	858.8	858.8
Announcement Date	22/01/20	20/01/21	19/01/22	25/01/23	24/01/24	-	-	-

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	27,677	36,044	39,619
EBITDA ¹	3,239	4,542	7,007	7,084	9,782	9,489	14,639	16,535
EBIT ¹	2,791	4,052	6,536	6,501	9,042	8,669	13,550	15,463
Operating Margin	23.61%	28.98%	35.12%	30.7%	32.81%	31.32%	37.59%	39.03%
Earnings before Tax (EBT) ¹	2,766	4,017	6,706	6,456	9,084	8,679	13,710	15,767
Net income ¹	2,592	3,554	5,883	5,624	7,839	7,419	11,452	13,133
Net margin	21.93%	25.42%	31.61%	26.56%	28.44%	26.8%	31.77%	33.15%
EPS ²	6.150	8.480	14.34	14.13	19.89	18.99	29.99	34.69
Free Cash Flow ¹	2,510	3,666	9,945	7,205	3,288	5,158	9,183	11,782
FCF margin	21.23%	26.22%	53.44%	34.03%	11.93%	18.64%	25.48%	29.74%
FCF Conversion (EBITDA)	77.48%	80.7%	141.92%	101.7%	33.61%	54.36%	62.72%	71.26%
FCF Conversion (Net income)	96.82%	103.15%	169.05%	128.11%	41.94%	69.53%	80.18%	89.71%
Dividend per Share ²	2.400	2.750	5.500	5.800	6.100	6.742	8.821	9.880
Announcement Date	22/01/20	20/01/21	19/01/22	25/01/23	24/01/24	-	-	-

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	7,637	8,637	16,969	8,126	8,612
EBITDA ¹	1,942	915.6	1,785	2,076	2,307	2,375	2,444	-	2,359	2,604	-	1,606	1,874	-	2,766	3,261	-	3,165	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	-	2,522	2,997	-	2,886	3,149
Operating Margin	36.45%	22.2%	30.44%	33.55%	33.03%	32.69%	32.79%	-	32.7%	33.05%	-	26.3%	28.32%	-	33.02%	34.7%	-	35.51%	36.56%
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	-	2,529	2,985	-	2,889	3,166
Net income ¹	1,774	695	1,411	1,702	1,816	1,956	1,942	-	1,893	2,048	-	1,224	1,448	-	2,147	2,542	-	2,451	2,676
Net margin	35.58%	19.67%	25.98%	29.45%	28.25%	28.99%	28.13%	-	28.37%	28.3%	-	23.13%	24.06%	-	28.11%	29.43%	-	30.17%	31.08%
EPS ²	4.380	1.730	3.540	4.290	4.600	4.950	4.930	-	4.810	5.200	10.00	3.110	3.709	5.330	5.569	6.485	13.54	6.345	6.911
Dividend per Share ²	3.700	-	3.700	1.370	1.690	1.370	1.690	-	-	1.750	-	-	1.754	-	1.671	1.542	-	1.958	1.787
Announcement Date	19/01/22	20/04/22	20/07/22	19/10/22	25/01/23	19/04/23	19/07/23	19/07/23	18/10/23	24/01/24	24/01/24	17/04/24	-	-	-	-	-	-	-

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	3,628	4,915	9,453
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,510	3,666	9,945	7,205	3,288	5,158	9,183	11,782
ROE (net income / shareholders' equity)	21.4%	26.9%	49%	59.4%	70.4%	50%	66.9%	57.2%
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	43,668	48,852	57,866
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	1,823	1,760	1,851
Capex / Sales	6.49%	6.88%	4.84%	6.05%	7.82%	6.59%	4.88%	4.67%
Announcement Date	22/01/20	20/01/21	19/01/22	25/01/23	24/01/24	-	-	-

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

858.8 EUR

Average target price

994.1 EUR

Spread / Average Target

+15.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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