voda schreef op 27 december 2024 11:28:
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ASML Holding
Few companies are more critical to the
semiconductor industry than ASML.
The Netherlands-based company
makes specialized lithography machines that allow the production of
high-performance chips used in smartphones, PCs, and data centers—and
which can cost $200 million or more.
ASML has virtually no competition in its high-end EUV machines,
which use extreme ultraviolet light,
and that has made it Europe’s No. 2
tech company—behind only Germany’s SAP. At about $715, the stock
trades for 28 times 2025 earnings of
$25 a share and looks appealing after
falling 20% in October following a
cut to its 2025 revenue guidance.
ASML sees lithography spending
rising at a 10% to 20% annual rate
through 2030, hitting about $55 billion
at the midpoint of a recent forecast,
up from $32 billion this year, as global
semiconductors top $1 trillion that year.
J.P. Morgan analyst Sandeep Deshpande has a price target of about $1,150
a share, noting the stock has rarely
traded so cheaply based on its longterm forecasts. Another fan is Vontobel analyst Davit Khachatryan. “Ultimately, ASML’s monopolistic position
and alignment with powerful secular
trends position it as a cornerstone investment in the semiconductor supply
chain—a secular growth story with
attractive valuation,” he says.