1、CrispIdea|R E S E A R C HASML Holding NVE Q U I T Y R E S E A R C H Technology|Semiconductor|Aug 29,2025ASML Holding NVEUV powering the AI revolutionWe provide a“Hold”rating for ASML Holding NV,with the downgraded TP of$795 for FY26.This provides an upside potential of 7%over the CMP of$742.62.We es

2、timated the adjusted EPS of$25.63 for FY26.We estimate a forward P/E multiple of 31x and EV/EBITDA of 22.93x for FY26.Our estimates are based on the following factors:1)Dominant Leadership in EUV Lithography 2)Robust EUV Bookings and Strong Backlog 3)Attractive Cash Returns to Shareholders 4)Resilie

3、nt Recurring Revenue from IBM and 5)Strong Financials and Long-Term Growth OutlookDominant Leadership in EUV Lithography:ASML is the sole supplier worldwide of extreme ultraviolet(EUV)lithography machines,which are indispensable for producing advanced chips at 5nm,3nm,and soon 2nm and beyond.This un

4、ique position gives ASML an unmatched competitive moat,as no rival can replicate its EUV technology or production capacity.As AI,data centers,and next-gen smartphones require ever more powerful chips,ASMLs EUV tools remain the gateway technology enabling the semiconductor industry to keep Moores Law

5、 alive.The fact that customers like TSMC,Intel,and Samsung rely exclusively on ASML gives it sticky customer relationships and significant pricing power.With no credible competitor,ASML is positioned as the indispensable backbone of chipmaking innovation for the next decade.Robust EUV Bookings and S

6、trong Backlog:In Q2FY25,ASML booked 5.5B in new system orders,with 2.3B coming from EUV alone.Its total backlog remains strong at around 33B,providing excellent revenue visibility well into 2026.The quality of these bookings is high,with 84%coming from logic customers like TSMC,Intel,and Samsung,who