ASML · Yayımlanmış araştırma arşivi

2026Nis

ASML Apr 2026 · Buy

ASML Holding N.V. is the world's sole provider of Extreme Ultraviolet (EUV) lithography systems, positioning it as the indispensable bottleneck of the global semiconductor industry. As the 'picks and shovels' provider for the AI infrastructure supercycle, ASML enables the production of the most advanced logic and DRAM chips that power everything from data centers to smartphones. The investment thesis rests on ASML's Wide Moat monopoly. Without their machines, Moore's Law effectively stops. This gives the company unparalleled pricing power and high visibility into a €35B+ order backlog. ASML is a quintessential 'Growth-Phase Infrastructure' archetype: a high-ROIC (39.5%), cash-generative leader in a high-growth sector. Despite recent geopolitical volatility surrounding export restrictions to China, the fundamental drivers—node migration to 2nm and the proliferation of AI-accelerator clusters—remain intact. Our analysis indicates the stock is currently trading at a meaningful discount to its intrinsic value, providing a high-confidence entry point for long-term compounder-focused investors.Historical archived edition · analyzed 2026-04-28

USD 1.386,23

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