ASM International N.V: Atomic strength, outsized impact

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ASM International N.V: Atomic strength, outsized impact

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ASM International N.V

Atomic strength, outsized impact

Maintain Rating: BUY | PO: 1,290 EUR | Price: 906.60 EUR

Material upgrades on growth duration; PO to €1,2920; Buy 11 June 2026

We raise our CY26-28E EPS estimates by 5.9%-19% owing to (A) near-term upside for Equity

2Q26 and 2H26 (B) growing confidence in CY28E which we now expect to grow 18%

yoy, up from 8.9% prior, (C) likely upside in CY27E coming from a broadening of the

Key Changescustomer base in Foundry/Logic (Intel, Samsung, Rapidus). Our revised EPS estimates

are 8.6%/17.6%/28% above css. Given improving visibility on the duration of the cycle, (EUR) Previous Current

substantial opportunity to expand share with upcoming Tech inflections in Price Obj. 1,095.00 1,290.00

Foundry/Logic and DRAM as well as unconstrained ability to supply, we maintain our Buy 2026E Rev (m) 3,963.7 4,111.4

rating and raise our PO from €1,095 to €1,290. Our new PO is based on 23x EV/EBITDA 2027E Rev (m) 4,986.4 5,227.6

(vs 25x prior as we roll forward our multiple to CY28E), within its historical range of 2028E Rev (m) 5,431.6 6,191.6

12.5x to 31x, on accelerated growth and earnings leverage. 2026E EPS 22.64 23.97

2027E EPS 30.20 32.23

2028E EPS 33.48 39.98Near term upside; increasing visibility beyond 2027

We expect Q2 sales and GM to come in ahead of expectations at €1,034m/53% vs css at

€990.5m/51.5% due to (A) ongoing strength in China mature logic nodes, (B) pull-ins Didier Scemama >>

Research Analyst

from analog/power customers to meet demand for AI power, (C) strength in 2nm and MLI (UK)

3nm capacity build and larger than initially expected 1.4nm pilot line with incremental +44 20 7995 6751 didier.scemama@bofa.com