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Research Tree provides access to ongoing research coverage, media content and regulatory news on ASML HOLDING NV. We currently have 7 research reports from 1 professional analysts.
|23Nov16 05:30||GNW||ASML successfully places Eurobond offering for EUR 750 million|
|22Nov16 07:00||GNW||ASML completes acquisition of HMI|
|03Nov16 07:00||GNW||ZEISS and ASML strengthen partnership for next generation of EUV lithography due in early 2020s|
|31Oct16 07:00||GNW||ASML affirms 2020 growth opportunity|
|26Oct16 10:15||GNW||ASML obtains regulatory approvals for acquisition of HMI|
|19Oct16 06:00||GNW||Strong logic demand drives third-quarter results, on track for record 2016 sales|
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ASML HOLDING NV
ASML HOLDING NV
A turning-point for EUV, and also for the share price?
19 Jan 17
ASML reported Q4 16 revenues of €1,907m, a 5.1% sequential and 33% yoy increase. 44 systems were sold (with an ASP of €32.2m), for a total of €1,223m (down 1.3% sequentially and up 38.8% yoy), while service and field option sales reached €684m (up 18.8% sequentially and 23.7% yoy). Net bookings reached €1,580m, while the backlog increased to €3,961m (+24.4% yoy). The GAAP gross margin reached 47.2%, in the lower range of the guidance, while the GAAP operating margin came in at 27.8%, for net income of €524.2m. Regarding EUV, six systems were ordered in Q4 16, and the backlog now includes 18 EUV systems for a value of c. €2bn. The number of systems shipped in the year remains at four. The company announced an increase in its dividend to €1.2 from €1.05. For the next quarter, the company forecasts sales of around €1.8bn, and a gross margin of around 47%.
Strong logic momentum, EUV to boost revenues but initially with low profitability
19 Oct 16
ASML reported Q3 16 revenues of €1,815m, a 4.3% sequential and 17.2% yoy increase. 40 systems were sold (with an ASP of €31m), for a total of €1,239m (down 1.2% sequentially and up 27.1% yoy), while service and field option sales reached €576m (up 18.5% sequentially and 0.3% yoy). Net bookings reached €1,415m (vs. €1,566m in the previous quarter), while the backlog increased by 2.7% to €3,462m. The gross margin (GAAP) reached 46%, 100bp below guidance and up 60bp yoy, while the operating margin (GAAP) came in at 27.3%, for net income of €425.5m (IFRS). Concerning EUV, €85m of revenues were unexpectedly recognised during the quarter, and three new systems were booked, making a total of 12 systems in the backlog. One system was shipped during Q3, bringing the 2016 total to three units; another shipment is expected during Q4, while two additional systems will be delayed into early 2017, one due to customer fab readiness and one due to late material delivery. The 1,500 wafers per day milestone was crossed at a customer site on average over a three days period, while the availability peaked at 90% over a four-week period (and seven customers achieved more than 80% over the same period). For the next quarter, the company forecasts sales between €1.7bn and €1.8bn, and a gross margin of 47-48%.
Positive signals from the EUV front, logic taking-off as expected
20 Jul 16
ASML reported Q2 16 revenues of €1,740m, a 30.5% sequential and 5.2% yoy increase. 46 systems were sold (with an ASP of €27.3m), for a total of €1,254m (down 2.8% sequentially and 31.4% yoy), while service and field option sales reached €477m (up 46.5% sequentially and 10.6% yoy). Net bookings reached €1,566m (vs. €835m in the previous quarter), while the backlog increased to €3,371m. The gross margin (GAAP) reached 42.6%, 60bp above guidance again and down 300bp yoy, while the operating margin (GAAP) came in at 23.2%, for net income of €370.4m (IFRS). Concerning EUV, there is no change to the 2016 target of 6-7 shipments, with one shipment having occurred in Q2 16 after one in Q1 16, for a revenue recognition of €100m (vs. €110m previously announced). Four EUV systems were ordered during the quarter, and 10 are currently in the backlog; several other orders are expected during H2 16. After buying a total of 4.6m of shares through its share buy-back programme (worth €387m), the company announced a pause following the acquisition of HMI, which was announced in June for a total of €2.75bn. For the next quarter, the company forecasts once again sales of around €1.7bn, and a gross margin of around 47%. The FY2016 sales are expected to be above the 2015 figures, although the final level will depend on the timing of the EUV revenue recognition and the timing of the logic ramp up.
EUV to dilute margins before full revenue recognition
21 Apr 16
ASML reported Q1 16 revenues of €1,333m, a 7% sequential and 19.2% yoy decrease. 33 systems were sold (with an ASP of €25.9m), for a total of €856m (down 2.8% sequentially and 31.4% yoy), while service and field option sales reached €477m (down 13.7% sequentially but up by 18.4% yoy). Net bookings reached €835m, while the backlog decreased to €3,018m. The gross margin (GAAP) reached 42.6%, 60bp above guidance and down 460bp yoy, while the operating margin (GAAP) came in at 17.1%, for net income of €284.1m (IFRS). Concerning EUV, the target for 2016 is maintained at 6-7 shipments, with one shipment having occurred in Q1 16 and another one planned in Q2 16. €223m of shares have been bought during Q1 16. For the next quarter, the company forecasts sales of around €1.7bn, and a gross margin once again of around 42% due to a negative 500bp impact related to the first EUV shipments. The ramp-up in logic is expected to go on in H2 16.
Reasons to be optimistic for 2016, despite the weak Q1 guidance
20 Jan 16
ASML reported Q4 15 revenues of €1,434m, a 7.4% sequential and 4% yoy decrease. 37 systems were sold (with an ASP of €23.8m), for a total of €881m (down 9.6% sequentially and 18.8% yoy), while service and field option sales reached €553m (down 3.7 sequentially but up by 35.2% yoy). Net bookings reached €1,184m, while the backlog increased to €3,184m. The gross margin reached 46%%, 10bp above guidance, while the operating margin came in at 22.2%, for net income of €344.2m. Concerning EUV, two systems were shipped in 2015, while one is currently in progress. The target for 2016 is 6-7 shipments, with the productivity target set at 1,500 wafers per day (1,000 in 2015) and the availability at 80% (70% in 2015). For the next quarter, the company forecasts sales of around €1.3bn vs. €1.38bn expected by the market, and a gross margin of around 42%, but is expecting a much stronger Q2 thanks to the ramp up in logic. p=. !data.png!
Q3 in line but guidance slightly downgraded for the FY
14 Oct 15
ASML reported Q3 15 revenues of €1,549m, a 6.3% sequential decrease but an improvement of 17.2% vs. the previous year. 44 systems were sold (with an ASP of €24.2m for the new system), for a total of €975m, while service and field option sales reached €574m. Net bookings reached €904m, while the backlog stood at €2.88bn, down from €3bn in the previous quarter. The gross margin reached 45.4%, in line with guidance, while the operating margin came in at 24%, for a net income of €322m. No further details have been disclosed concerning EUV’s progress. The first shipment of the new NXE:3350B scanner is in process with an additional three systems on order, two shipments are expected in Q4 15 and one in Q1 16. Concerning the next quarter, the company is expecting sales of around €1.4bn vs. €1.56bn expected by the market, with a gross margin expected at around 45%.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
33% upgrade to January 2017 PBT
09 Jan 17
Redstone has released a trading update stating it ‘expects to report EBITDA at the upper end of market expectations’. This implies EBITDA of £1.8m which is above our current estimate of £1.5m. Accordingly, we are upgrading our PBT forecast for the year ending January 2017 by 33% to £1.2m from £0.9m. We reiterate our buy recommendation with a 2.2p price target implying 69% upside.