ASM International (ASMI.AS): Model Update

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05 Aug 2026 07:01:41 ET │ 13 pages

ASM International (ASMI.AS)

Model Update

CITI'S TAKE

Buy

Price (04 Aug 26 16:30)

€810.80

Target price

€1,000.00

Expected share price return

23.3%

Expected dividend yield

0.5%

Expected total return

23.8%

Market Cap

€39,996M

US$46,117M

We raise our estimates following ASM's Q2 results reflecting improved H2

visibility, continued momentum in GAA logic and HBM-driven DRAM

investment and confidence in the medium-term growth trajectory.

Management now expects 2027 revenue above the upper end of its prior

€3.7-4.6bn target (Citie €5bn), supported by increasing investment at

both 2nm and 3-7nm nodes, the first meaningful 1.4nm contribution in

2H26 and a larger ramp in 2027, as well as further ALD and Epi share

gains. This drives our EPS upgrades of 7%/5%/2%/1% across FY26-29.

Our TP remains at €1000, driven by 34x 2028 PE as we roll forward our

valuation framework (from 40x 2027 PE), in-line with our broader sector

approach. We continue to see ASM International as well placed to benefit

from sustained investments in AI infrastructure, and growth in advanced

logic nodes (2nm and future 1.4nm), HBM memory production and new

architectures requiring increasing deposition intensity. Buy.

Andrew M. Gardiner, CFAAC

ASM International (EUR)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Sales (€M)

2,932.7

Net Income (€M)

708.6

3,173.1

4,113.2

5,003.7

5,702.9

721.0

1,126.0

1,320.9

Diluted EPS (€)

1,475.1

14.35

14.67

22.67

26.36

29.53

Diluted EPS (Old) (€)

14.35

14.67

21.13

25.19

29.00

PE (x)

56.5

55.3

35.8

30.8

27.5

EV/EBITDA (x)

47.5

40.5

24.2

19.6

17.0

DPS (€)

3.00

3.25

5.61

6.58

7.37

Net Div Yield (%)

0.4

0.7

0.8

0.9