Key Takeaways from Stockholm Roadshow

Goldman Sachs reiterates its Buy rating on ASML with a €1,600 price target following an investor roadshow that highlighted robust AI demand and expanding EUV capacity. Key drivers include progress in High NA Memory adoption and potential conservative guidance regarding China revenues.

Key Takeaways

• 1.AI demand remains robust, particularly for Logic and Memory applications, which will drive demand for EUV and DUV layers into 2027.
• 2.EUV production capacity is expanding, with target output of more than 80 units by 2027.
• 3.China revenue guidance of ~20% of group sales may be conservative, with long-term growth expected as new fabs are built.

Table of Contents

• AI demand remains robust and ASML expects 2026/27 to benefit from this dynamic
• Broadening of ASML's customer base which we see as positive for industry innovation
• High NA progress on Memory a positive
• Continued progress on EUV units move rate implies further increases in EUV capacity
• China growth could return once new fabs are built in our view
• Valuation and key risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s) ASML Holding (ASML.AS)
• Ratings, coverage universe and related definitions
• Coverage Universe
• Global product; distributing entities
• General disclosures

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