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ASML Launches Big Buyback; Lithography Systems Well Positioned for Demand Growth

publication date: Nov 13, 2022
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Image: ASML has been one of the most successful semiconductor companies thanks in part to the firm’s advanced lithography systems that continue to meet customer demands for size and cost efficiencies. Image Source: ASML. 

We think ASML Holding is in a sweet spot in the semiconductor space as its lithography systems position the industry well along the path of Moore’s Law. Strong past investments have given it a leadership position, and we expect ASML to capture a significant amount of its addressable market from smartphones to personal computing and beyond, all the while it pays a dividend and buys back stock along the way. A continued focus on research & development and capital spending, while maintaining a strong and flexible balance sheet should be expected. The firm’s recent Investor Day was a positive catalyst for shares and eased the worst of the concerns regarding the intermediate-term impact of Sino-American tensions on the semiconductor space. We continue to like shares of ASML Holding.


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