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Research Tree provides access to ongoing research coverage, media content and regulatory news on ASML HOLDING NV. We currently have 6 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
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%.
Q2 in line, FY forecasts less weak than expected
15 Jul 15
ASML reported Q2 sales of €1,654m, flat both sequentially and yoy (respectively +0.2% and 0.6%). 41 new systems have been sold, with system revenues coming in at €1,134m, and field options sales reached €520m. The backlog witnessed a net increase to €3,015m from €2,602m. The gross margin (GAAP) reached 45.6%, slightly above guidance, for an operating income of €419m and net income of €399m. No further details have been disclosed concerning EUV, as the 2015 productivity objective of 1,000 wafers/day has already been reached; the company now focuses on availability. Six systems were ordered by Intel in the last quarter, two are to be shipped this year, the others next year. The company is expecting Q3 revenues to be between €1.5bn and €1.6bn, which should lead to record FY revenues, and a gross margin at around 45%.
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Quality business as usual
06 Dec 16
iomart's interims show delivery of continuing organic growth, complemented by targeted acquisitions to extend the strategic opportunities. Compared with peers exposed to project-based revenue, cloud services organic growth continued at 10% (comfortably within our expected 8-11% target range), with the evolution of margins as expected: the growing proportion of public cloud services mildly easing EBITDA margins but maintaining or even strengthening adjusted PBT margins, given the lack of related depreciation. With high quality recurring revenue at high margins, and (lower margin, lower recurring revenue) peer group exit valuations comfortably above iomart’s current valuation, the upside remains very clear. Target 360p reiterated.