ASML Holding NV

ASML: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€569.00	Pfqps	Lwtcrgkr

ASML: Raising Our Fair Value Estimate to EUR 900; TSMC Adopting High-NA EUV Earlier Than Expected

Javier Correonero

Jun 5, 2024

We raise wide-moat ASML’s fair value estimate to EUR 900 from EUR 790 as we increase our long-term revenue and EBIT forecasts. While our 2025 estimates remain unchanged we raise our long-term revenue forecasts due to higher confidence in ASML’s long-term prospects and better certainty of high-NA extreme ultraviolet adoption. Our fair value represents a 2025 P/E ratio of 31.5 times.

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