Equity research report ASML holding NV – the provider of digital progress

• Autor(a) principal: Wenger-Oehn, Klaus Lukas
• Data de Publicação: 2022
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/156169
• topic: Semiconductor; Euv; Duv; Asml; Lithography; Netherlands; Microchips; Transistors; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

This equity report is written to determine the value of the ASML Holding NV share and is ultimately intended to serve as a recommendation as to whether we believe the share is undervalued, overvalued or fairly valued. In doing so, we examined the semiconductor market and found both potential risks and positive prospects that will drive the market in the coming years. We primarily relied on corporate information from ASML, but also from competitors and peers in the form of financial reports and annual statements. To quantify the potential mispricing of the stock, we used Excel to build a model that forecasts future cash flows, which we discount using the discounted cashflow method and the multiples approach. The preliminary results show that the market has strong growth potential, given the current shortage of semiconductor chips and ASML's monopoly position in the EUV sector, currently the most advanced lithography solution. Nevertheless, we see a large part of this positive outlook already priced into the company's current share price, which leads us to issue a "hold" recommendation for ASML Holding NV.