Added to YB: 2026-05-21
Pitch date: 2026-05-19
ASM.AS [neutral]
ASM International NV
+2.48%
current return
Author Info
Equity research team focused on tech stocks (with special interest in cybersecurity and cloud). Sign up for their newsletter.
Company Info
ASM International NV, together with its subsidiaries, engages in the research, development, manufacturing, marketing, and servicing of equipment and materials used to produce semiconductor devices in the United States, Europe, and Asia.
Market Cap
EUR 41.3B
Pitch Price
EUR 846.60
Price Target
N/A
Dividend
0.38%
EV/EBITDA
35.65
P/E
41.94
EV/Sales
12.63
Sector
Semiconductors and Semiconductor Equipment
Category
growth
No ALD, No AI: The Case for ASM International
ASM.AS (holding update): Added early 2026 on thesis that semiconductor scaling shifting from lithography to materials precision, structurally increasing ALD intensity where ASM dominates. Q1 rev €863M (+16% YoY), record 33.1% op margin, 1.4nm pilot revenue already in H2'26. GAA transition, backside power delivery, HBM driving multi-year ALD layer-count growth. Stock +68% since initiation. Trading ~80x P/FCF, 85x EV/(FCF-SBC) but holding given unchallenged competitive moat & multi-year complexity tailwinds still early innings.
Read full article (8 min)