ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems consisting of lithography, metrology, and inspection related 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. It also offers metrology and inspection systems, including YieldStar optical metrology solutions to measure the quality of patterns on the wafers; and HMI e-beam solutions to locate and analyze individual chip defects. In addition, the company provides computational lithography and software solutions to create applications that enhance the setup of the lithography system; and mature products and services that refurbish used lithography equipment and offers associated services. It operates in Japan, South Korea, Singapore, Taiwan, China, the Netherlands, Europe, the United States, and rest of Asia. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	21,173.4	27,558.5	28,262.9	32,452.4	34,286.3	39,056.9	39,056.9	39,056.9
Revenue % Chg.	13.8%	30.2%	2.6%
EBIT	6,500.7	9,042.3	9,022.6	11,247	11,761.8	14,304.6	14,304.6	14,304.6
EBIT Margin	30.7%	32.8%	31.9%
Tax Rate	14.7%	15.5%	18.2%
NOPAT	5,544.5	7,642.5	7,383.7	9,306.6	9,746.6	11,856.9	11,856.9	11,856.9
NOPAT Margin	26.2%	27.7%	26.1%	28.7%	28.4%	30.4%	30.4%	30.4%
D&A	580.3	656.4	838.8	1,033.2	1,070.9	1,169.6	1,169.6	1,169.6
D&A / Revenue	2.7%	2.4%	3%
Capex	-1,281.8	-2,155.6	-2,067.2	-1,748.1	-1,960.1	-2,091.4	-2,091.4	-2,091.4
Capex / Revenue	-6.1%	-7.8%	-7.3%
Chg. NWC	2,441.2	-3,663.6	2,053.3	595	628.7	716.1	716.1	716.1
Chg. NWC / Revenue	11.5%	-13.3%	7.3%
Unlevered FCF (UFCF)	7,284.2	2,479.7	8,208.6	9,186.7	9,486.1	11,651.3	11,651.3	11,651.3
UFCF % Chg.	-27.3%	-66%	231%	11.9%	3.3%	22.8%	0%	—
PV of UFCF	—	—	—	8,456.4	8,037.8	9,087.6	8,365.2	7,700.1
Sum of PV of UFCF	—	—	—	8,456.4	16,494.1	25,581.7	33,946.9	41,647

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	5,064.5
Market Cap	358,343.5
Total Capital	363,408
Debt Weighting	1.4%
Equity Weighting	98.6%
WACC	8.6%

Exit Multiple EV/FCF
Terminal Value	355,920
PV of Terminal Value	216,522.4
Cumulative PV of UFCF	41,647
Net Debt	-2,423.5
Equity Value	260,592.9
Shares Outstanding	387.3
Implied Share Price	672.9
Current Share Price	925.3
Implied Upside / (Downside)	-27.3%