Research, Charts & Company Announcements
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.
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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%.
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
27 Feb 17
accesso expects full year profitability to be ahead of expectations. We have upgraded our Adj. PBT by 7% to $14.7m. The performance was achieved despite accelerated investment in “product and infrastructure to support business and growth opportunities in geographies outside its traditional core markets”. We see clear blue sky opportunity in the Asia-Pacific Market. We increase our T/P from 1850p to 1900p and maintain our Outperform recommendation.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
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.