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ASML Holding NV – Semiconductor Machinery Manufacturing
ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems consisting of lithography, metrology, and inspection systems for memory and logic chipmakers. The company provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography solutions to manufacture various range of semiconductor nodes and technologies.
Analysis Results
Intrinsic Value $731.33
Latest Price $998.04
Relative Value 36% overvalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 35.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 35.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 11.4 10.3
2025 15.4 12.4
2026 20.9 15.1
2027 28.2 18.3
2028 38.1 22.1
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 411 billion. This corresponds to a present value of 214 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 78.2 billion. Adding in the terminal value gives a total present value of 292 billion.

There are presently 400.0 million outstanding shares, so the intrinsic value per share is 731.33.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 26,968,680,867
Current Cash 7,750,017,412
Current Liabilities 17,992,387,180
Current Debt 110,555
Non-Cash Working Capital (NCWC) 1,226,386,829
Change in NCWC 2,887,384,543
EBIT 10,208,208,267
Tax Provision 1,587,348,967
Depreciation and Amortization 817,886,033
Capital Expenditure -2,428,009,335
Unlevered Free Cash Flow 9,905,171,774
Current Assets 24,740,552,908
Current Cash 7,911,862,537
Current Liabilities 19,290,099,123
Current Debt 800,411,039
Non-Cash Working Capital (NCWC) -1,660,997,714
Change in NCWC -449,611,361
EBIT 7,120,998,078
Tax Provision 1,040,362,727
Depreciation and Amortization 625,998,234
Capital Expenditure -1,415,146,454
Unlevered Free Cash Flow 4,834,839,149
Current Assets 20,574,565,862
Current Cash 8,585,234,206
Current Liabilities 13,776,550,681
Current Debt 575,832,672
Non-Cash Working Capital (NCWC) -1,211,386,353
Change in NCWC -3,657,424,920
EBIT 7,618,387,283
Tax Provision 1,155,284,800
Depreciation and Amortization 532,738,536
Capital Expenditure -1,063,554,236
Unlevered Free Cash Flow 2,303,155,849
Current Assets 19,577,648,789
Current Cash 9,034,968,163
Current Liabilities 8,115,568,347
Current Debt 18,926,289
Non-Cash Working Capital (NCWC) 2,446,038,567
Change in NCWC -773,383,534
EBIT 5,088,099,419
Tax Provision 677,782,379
Depreciation and Amortization 603,183,303
Capital Expenditure -1,229,963,019
Unlevered Free Cash Flow 3,004,391,682
Current Assets 13,595,269,768
Current Cash 5,287,553,667
Current Liabilities 5,088,293,998
Current Debt 0
Non-Cash Working Capital (NCWC) 3,219,422,102
Change in NCWC -32,462,667
EBIT 3,148,033,795
Tax Provision 214,837,336
Depreciation and Amortization 502,631,953
Capital Expenditure -992,824,186
Unlevered Free Cash Flow 2,408,612,344
Current Assets 12,037,151,335
Current Cash 4,611,227,694
Current Liabilities 4,334,055,695
Current Debt 160,016,824
Non-Cash Working Capital (NCWC) 3,251,884,769
Change in NCWC 383,482,707
EBIT 3,396,357,102
Tax Provision 401,870,825
Depreciation and Amortization 483,136,512
Capital Expenditure -696,644,675
Unlevered Free Cash Flow 3,160,596,678
Current Assets 10,755,910,648
Current Cash 3,926,797,045
Current Liabilities 3,990,804,684
Current Debt 30,093,144
Non-Cash Working Capital (NCWC) 2,868,402,062
Change in NCWC 1,318,299,568
EBIT 2,960,950,422
Tax Provision 371,029,359
Depreciation and Amortization 498,566,969
Capital Expenditure -427,513,712
Unlevered Free Cash Flow 3,971,591,203
Current Assets 9,038,264,933
Current Cash 4,284,820,567
Current Liabilities 3,464,930,388
Current Debt 261,588,515
Non-Cash Working Capital (NCWC) 1,550,102,493
Change in NCWC 244,727,110
EBIT 1,750,880,910
Tax Provision 231,816,652
Depreciation and Amortization 376,983,533
Capital Expenditure -342,967,901
Unlevered Free Cash Flow 1,802,418,174
Current Assets 8,412,416,102
Current Cash 3,720,375,995
Current Liabilities 3,391,260,735
Current Debt 4,596,011
Non-Cash Working Capital (NCWC) 1,305,375,382
Change in NCWC -528,263,521
EBIT 1,708,235,293
Tax Provision 176,207,007
Depreciation and Amortization 324,028,104
Capital Expenditure -406,970,235
Unlevered Free Cash Flow 918,943,503
Current Assets 8,693,716,909
Current Cash 3,350,805,709
Current Liabilities 3,514,456,015
Current Debt 5,183,719
Non-Cash Working Capital (NCWC) 1,833,638,904
Change in NCWC 250,173,637
EBIT 1,559,902,989
Tax Provision 93,668,267
Depreciation and Amortization 309,787,158
Capital Expenditure -439,456,789
Unlevered Free Cash Flow 1,586,106,249

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