Report published August 17, 2026
UBS Research: European Information Technology Sector Outlook & Equity Preferences
Source and citation context
- Issuer
- UBS
- Report date
- August 17, 2026
- Analysis as of
- August 17, 2026
Authors / editors: Achille Monnet (CIO Equity Analyst), Sacha Holderegger (CIO Equity Sector Strategist - Financials), Thomas Parmentier (CIO Equity Sector Strategist, Consumers)
Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
UBS Chief Investment Office provides its European Information Technology Equity Preference List, maintaining a Neutral rating on the sector. Top stock picks include ASML, ASM International, and SAP, driven by AI semiconductor demand, transistor architecture transitions, and enterprise cloud migrations.
Key Takeaways
- 1.UBS maintains a Neutral rating on the European Information Technology sector, supported by AI-related semiconductor equipment demand and cloud-driven software growth, alongside accelerating EPS growth into 2027.
- 2.Top picks in the European IT sector are ASML, ASM International, and SAP, with ASML holding the dominant 57.0% allocation within the preference list.
- 3.Leading-edge semiconductor wafer equipment remains well positioned due to transistor shrinkage needs, the architecture transition to Gate-All-Around (GAA), and advanced die-attach/hybrid bonding packaging.
Table of Contents
- European Information Technology
- Equity preferences
- Positioning and key trends
- Summary of 2Q26 results
- Ad hoc changes
- Sustainability considerations
- Equity selection
- About the authors
- Appendix
- Producers, disseminators and their competent authorities
- Frequency of updates
- Company/Country Disclosures (17 August 2026)
- Equity selection system
- Global asset class preferences definitions
- Statement of Risk
- Risk information
Report data
Most Preferred — as of August 17, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Forward P/E | 28.2 x | European Information Technology sector forward valuation multiple |
| 15-Year Average Forward P/E | 21.0 x | Historical benchmark P/E for European Information Technology |
| Sector EPS Growth Forecast (2026) | 14.0% | Consensus expected earnings growth rate for 2026 |
| Sector EPS Growth Forecast (2027) | 24.0% | Consensus expected earnings growth rate for 2027 |
| BESI AI System Sales Share | 60.0% | Share of BE Semiconductor Industries system sales tied to AI applications |
Reports in this series
Equity Preference List is shown in chronological order through this edition, published on August 17, 2026.
Part of the Equity Preference List series — view all 7 editions
Looking for the latest edition? UBS Equity Preference List European Information Technology 2026 09 04 (Sep 4, 2026)
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Authors / Editors
Reported Data Context
- Forward P/E: 28.2 x (Current (as of 2026-08-17)) · Source: Consensus / UBS
- 15-Year Average Forward P/E: 21.0 x (15-year historical average) · Source: UBS
- Sector EPS Growth Forecast (2026): 14.0 % (2026) · Source: Consensus
- Sector EPS Growth Forecast (2027): 24.0 % (2027) · Source: Consensus
- BESI AI System Sales Share: 60.0 % (Current) · Source: UBS