1、CrispIdea|R E S E A R C HASML Holding NVCompany NameASML Holding NVTickerASML.OFY2024Q2Stock RatingBUYUnchangedIndustry ViewOverweightUnchanged12-Mo Price Target987.00DowngradedCMP(Jul 29,2024)870.55Potential Upside13%Market Cap(USD bn)355.5Shares O/S(Mn)399.652 Week High1110.0952 Week Low564.0Avg V

2、olume(3M)1,117,561Avg Volume(10 days)2,077,993P/E(ttm)47.8P/S(ttm)12.9P/B(mrq)21.9Forward P/E32.4IBES EPS(ttm)17.13Profit Margin(TTM)26.27%Operating Margin(TTM)30.36%Revenue(TTM in Mn)25,443Revenue per Share(TTM)69.9Qtrly Rev Growth(yoy)-10%Gross Profit(TTM in Mn)13,088EBITDA(TTM in Mn)8,624Net Inco

3、me(TTM Mn)6,743Qtrly Earnings YoY-18.63%Technology Sector Research TeamDeepkumar Shah-Semiconductor,CPE&FintechResearch AShejal Ajmera,Head of RE Q U I T Y R E S E A R C H Technology|Semiconductor|Jul 30,2024ASML Holding NVDrives industry innovationWe maintain our rating of“Buy”for ASML with a downg

4、rade in TP from$1020 to$987 for FY25.We derive the estimates based on the EPS of 28.69 and forward P/E of 34.4x along with an EV/EBITDA of 26.341x for FY25.This provides an upside potential of 13%over the CMP of$870.55.We recommend a Buy rating for ASML based on the following factors:1)Industry Reco

5、very and Future Growth 2)Maximizing value with Lithography 3)Strategic Outlook and 4)Financial and Operational ChallengesIndustry Recovery and Future Growth:In Q2FY24,the company exceeded sales and profitability expectations,demonstrating strong performance.The semiconductor industry is recovering,w

6、ith improved tool utilization for both logic and memory customers.The company anticipates full-year revenue to match last years,driven by advancements in AI,with expectations for an even stronger second half of the year.Memory revenue is increasing due to DRAM technology transitions for DDR5 and HBM