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ASM INTERNATIONAL NV (ASM.AS) Stock Fundamental Analysis

AMS:ASM - Euronext Amsterdam - NL0000334118 - Common Stock - Currency: EUR

450.8  -4.9 (-1.08%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to ASM. ASM was compared to 58 industry peers in the Semiconductors & Semiconductor Equipment industry. ASM has an excellent financial health rating, but there are some minor concerns on its profitability. ASM is valued quite expensive, but it does show an excellent growth. This makes ASM very considerable for growth investing!


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

ASM had positive earnings in the past year.
In the past year ASM had a positive cash flow from operations.
In the past 5 years ASM has always been profitable.
ASM had a positive operating cash flow in each of the past 5 years.
ASM.AS Yearly Net Income VS EBIT VS OCF VS FCFASM.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

1.2 Ratios

ASM's Return On Assets of 15.01% is fine compared to the rest of the industry. ASM outperforms 70.69% of its industry peers.
ASM has a better Return On Equity (20.11%) than 60.34% of its industry peers.
Looking at the Return On Invested Capital, with a value of 17.79%, ASM is in the better half of the industry, outperforming 74.14% of the companies in the same industry.
Industry RankSector Rank
ROA 15.01%
ROE 20.11%
ROIC 17.79%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ASM.AS Yearly ROA, ROE, ROICASM.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

ASM's Profit Margin of 23.38% is fine compared to the rest of the industry. ASM outperforms 70.69% of its industry peers.
In the last couple of years the Profit Margin of ASM has declined.
ASM's Operating Margin of 27.13% is fine compared to the rest of the industry. ASM outperforms 72.41% of its industry peers.
In the last couple of years the Operating Margin of ASM has grown nicely.
The Gross Margin of ASM (50.51%) is better than 67.24% of its industry peers.
ASM's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 27.13%
PM (TTM) 23.38%
GM 50.51%
OM growth 3Y-1.4%
OM growth 5Y6.33%
PM growth 3Y-6.49%
PM growth 5Y-4.38%
GM growth 3Y1.81%
GM growth 5Y3.46%
ASM.AS Yearly Profit, Operating, Gross MarginsASM.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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7

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so ASM is still creating some value.
ASM has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
ASM.AS Yearly Shares OutstandingASM.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M 50M
ASM.AS Yearly Total Debt VS Total AssetsASM.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

An Altman-Z score of 14.08 indicates that ASM is not in any danger for bankruptcy at the moment.
ASM's Altman-Z score of 14.08 is amongst the best of the industry. ASM outperforms 93.10% of its industry peers.
The Debt to FCF ratio of ASM is 0.04, which is an excellent value as it means it would take ASM, only 0.04 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of ASM (0.04) is better than 98.28% of its industry peers.
ASM has a Debt/Equity ratio of 0.01. This is a healthy value indicating a solid balance between debt and equity.
ASM has a better Debt to Equity ratio (0.01) than 94.83% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.04
Altman-Z 14.08
ROIC/WACC1.73
WACC10.26%
ASM.AS Yearly LT Debt VS Equity VS FCFASM.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

ASM has a Current Ratio of 2.30. This indicates that ASM is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of ASM (2.30) is comparable to the rest of the industry.
A Quick Ratio of 1.62 indicates that ASM should not have too much problems paying its short term obligations.
ASM has a Quick ratio (1.62) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 2.3
Quick Ratio 1.62
ASM.AS Yearly Current Assets VS Current LiabilitesASM.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B

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8

3. Growth

3.1 Past

ASM shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 22.61%, which is quite impressive.
The Earnings Per Share has been growing by 22.88% on average over the past years. This is a very strong growth
ASM shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.33%.
ASM shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 21.13% yearly.
EPS 1Y (TTM)22.61%
EPS 3Y11.75%
EPS 5Y22.88%
EPS Q2Q%134.98%
Revenue 1Y (TTM)11.33%
Revenue growth 3Y19.24%
Revenue growth 5Y21.13%
Sales Q2Q%29.83%

3.2 Future

ASM is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 17.45% yearly.
Based on estimates for the next years, ASM will show a quite strong growth in Revenue. The Revenue will grow by 15.23% on average per year.
EPS Next Y22.55%
EPS Next 2Y22.92%
EPS Next 3Y21.19%
EPS Next 5Y17.45%
Revenue Next Year21.32%
Revenue Next 2Y20.07%
Revenue Next 3Y18.06%
Revenue Next 5Y15.23%

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
ASM.AS Yearly Revenue VS EstimatesASM.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2B 4B 6B
ASM.AS Yearly EPS VS EstimatesASM.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 10 20 30 40

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3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 31.24, which means the current valuation is very expensive for ASM.
Based on the Price/Earnings ratio, ASM is valued a bit more expensive than 63.79% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 29.35. ASM is around the same levels.
A Price/Forward Earnings ratio of 25.49 indicates a quite expensive valuation of ASM.
60.34% of the companies in the same industry are cheaper than ASM, based on the Price/Forward Earnings ratio.
ASM is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 31.24
Fwd PE 25.49
ASM.AS Price Earnings VS Forward Price EarningsASM.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, ASM is valued a bit more expensive than 62.07% of the companies in the same industry.
ASM's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. ASM is cheaper than 60.34% of the companies in the same industry.
Industry RankSector Rank
P/FCF 41.73
EV/EBITDA 21.81
ASM.AS Per share dataASM.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
ASM has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as ASM's earnings are expected to grow with 21.19% in the coming years.
PEG (NY)1.39
PEG (5Y)1.37
EPS Next 2Y22.92%
EPS Next 3Y21.19%

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3

5. Dividend

5.1 Amount

ASM has a yearly dividend return of 0.66%, which is pretty low.
Compared to an average industry Dividend Yield of 1.50, ASM has a dividend in line with its industry peers.
With a Dividend Yield of 0.66, ASM pays less dividend than the S&P500 average, which is at 2.33.
Industry RankSector Rank
Dividend Yield 0.66%

5.2 History

The dividend of ASM is nicely growing with an annual growth rate of 24.79%!
Dividend Growth(5Y)24.79%
Div Incr Years1
Div Non Decr Years4
ASM.AS Yearly Dividends per shareASM.AS Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

19.76% of the earnings are spent on dividend by ASM. This is a low number and sustainable payout ratio.
The dividend of ASM is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP19.76%
EPS Next 2Y22.92%
EPS Next 3Y21.19%
ASM.AS Yearly Income VS Free CF VS DividendASM.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M
ASM.AS Dividend Payout.ASM.AS Dividend Payout, showing the Payout Ratio.ASM.AS Dividend Payout.PayoutRetained Earnings

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ASM INTERNATIONAL NV

AMS:ASM (3/7/2025, 7:00:00 PM)

450.8

-4.9 (-1.08%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)02-25 2025-02-25/amc
Earnings (Next)04-29 2025-04-29/bmo
Inst Owners57.78%
Inst Owner ChangeN/A
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap22.24B
Analysts77.04
Price Target700.79 (55.45%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.66%
Yearly Dividend2.5
Dividend Growth(5Y)24.79%
DP19.76%
Div Incr Years1
Div Non Decr Years4
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.14%
Min EPS beat(2)-23.98%
Max EPS beat(2)30.26%
EPS beat(4)2
Avg EPS beat(4)7.8%
Min EPS beat(4)-23.98%
Max EPS beat(4)30.26%
EPS beat(8)3
Avg EPS beat(8)1.06%
EPS beat(12)5
Avg EPS beat(12)1.72%
EPS beat(16)8
Avg EPS beat(16)5.19%
Revenue beat(2)2
Avg Revenue beat(2)1.44%
Min Revenue beat(2)0.52%
Max Revenue beat(2)2.36%
Revenue beat(4)3
Avg Revenue beat(4)1.08%
Min Revenue beat(4)-0.58%
Max Revenue beat(4)2.36%
Revenue beat(8)6
Avg Revenue beat(8)0.76%
Revenue beat(12)7
Avg Revenue beat(12)0.59%
Revenue beat(16)9
Avg Revenue beat(16)0.62%
PT rev (1m)-0.62%
PT rev (3m)-0.49%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.57%
EPS NY rev (1m)0%
EPS NY rev (3m)-4.44%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.03%
Revenue NY rev (1m)-0.72%
Revenue NY rev (3m)-2.56%
Valuation
Industry RankSector Rank
PE 31.24
Fwd PE 25.49
P/S 7.58
P/FCF 41.73
P/OCF 24.77
P/B 6.52
P/tB 9.59
EV/EBITDA 21.81
EPS(TTM)14.43
EY3.2%
EPS(NY)17.68
Fwd EY3.92%
FCF(TTM)10.8
FCFY2.4%
OCF(TTM)18.2
OCFY4.04%
SpS59.45
BVpS69.13
TBVpS47.02
PEG (NY)1.39
PEG (5Y)1.37
Profitability
Industry RankSector Rank
ROA 15.01%
ROE 20.11%
ROCE 21.46%
ROIC 17.79%
ROICexc 21.48%
ROICexgc 33.31%
OM 27.13%
PM (TTM) 23.38%
GM 50.51%
FCFM 18.17%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y-1.4%
OM growth 5Y6.33%
PM growth 3Y-6.49%
PM growth 5Y-4.38%
GM growth 3Y1.81%
GM growth 5Y3.46%
F-Score7
Asset Turnover0.64
Health
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.04
Debt/EBITDA 0.02
Cap/Depr 186.28%
Cap/Sales 12.44%
Interest Coverage 250
Cash Conversion 90.54%
Profit Quality 77.72%
Current Ratio 2.3
Quick Ratio 1.62
Altman-Z 14.08
F-Score7
WACC10.26%
ROIC/WACC1.73
Cap/Depr(3y)177.39%
Cap/Depr(5y)175.83%
Cap/Sales(3y)11.05%
Cap/Sales(5y)10.89%
Profit Quality(3y)72.97%
Profit Quality(5y)59.94%
High Growth Momentum
Growth
EPS 1Y (TTM)22.61%
EPS 3Y11.75%
EPS 5Y22.88%
EPS Q2Q%134.98%
EPS Next Y22.55%
EPS Next 2Y22.92%
EPS Next 3Y21.19%
EPS Next 5Y17.45%
Revenue 1Y (TTM)11.33%
Revenue growth 3Y19.24%
Revenue growth 5Y21.13%
Sales Q2Q%29.83%
Revenue Next Year21.32%
Revenue Next 2Y20.07%
Revenue Next 3Y18.06%
Revenue Next 5Y15.23%
EBIT growth 1Y21.25%
EBIT growth 3Y17.57%
EBIT growth 5Y28.8%
EBIT Next Year53.42%
EBIT Next 3Y27.7%
EBIT Next 5Y22.56%
FCF growth 1Y27.44%
FCF growth 3Y33.54%
FCF growth 5Y7.13%
OCF growth 1Y21.98%
OCF growth 3Y33.11%
OCF growth 5Y12.92%