ASML Holding NV (ASML)- EUV and DUV dominate the market

ASML Holding NV (Q2FY23)

Stock Performance: ASML Holding stock plunged over 11% in the past 3 months. For the same period, it created a high and low of €772 and €610, indicating increased market volatility as major indices declined.

Q2FY23 Performance: Net sales came in at €6.9bn, due to higher than expected EUV and DUV revenue from faster installation and earlier acceptance of systems in the quarter. The company shipped 9 EUV systems and recognized €2.9bn revenue from 17 systems this quarter.

Installed Base Management sales for the quarter came in at €1.4bn, due to less upgrade revenue. Gross margin for the quarter came in at 50.6%, primarily driven by additional EUV and DUV immersion revenue in the quarter.

Management Guidance: ASML expects second-quarter net sales between €6.5bn and €7.0bn with a gross margin of around 50%. ASML expects R&D costs of around €1.0bn and SG&A costs of around €285mn For 2023, ASML expects continued strong growth with a net sales increase of over 25% and a slight improvement in gross margin, relative to FY22.

Highlights

The company has seen a notable increase in its gross margins, rising from 35% in both the previous quarter and the same quarter last year to an impressive 38%. This improvement
can largely be attributed to the additional revenue generated from DUV immersion during the current quarter.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Economic Value Added Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 33

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