This content is only available within our institutional offering.
17 Oct 2019
ASML: Mixed feeling as EUV satisfaction seems above expectation but FCF will be under pressure | NEUTRAL | EUR230 vs. EUR220 (-1%)
Sign in
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
ASML: Mixed feeling as EUV satisfaction seems above expectation but FCF will be under pressure | NEUTRAL | EUR230 vs. EUR220 (-1%)
- Published:
17 Oct 2019 -
Author:
Frederic Yoboue -
Pages:
5
ASML - NEUTRAL | EUR230 vs. EUR220 (-1%)
Mixed feeling as EUV satisfaction seems above expectation but FCF will be under pressure
Delay in 4 EUV shipments in Q4
Execution is good on GM but the tone was more cautious
FCF under pressure due to significant increase in capex
We increase our FV from EUR220 to EUR230