- ASML's second quarter revenue was a little short due to timing issues, but operating profits were higher than expected and the company blew away its former order record.
- Management is seeing stronger-than-expected multiyear demand for both EUV and DUV and is likely going to look to increase capacity for 2023 and beyond.
- There are some potential threats to EUV demand in the future, but those are several years away and may never become material.
- Valuing ASML is basically an exercise in "choose your own multiple", but it's hard to deny the momentum of a monopoly supplier of a key enabling technology during a capex boom.
For further details see:
ASML Setting New Records For Orders, And The Peak May Not Yet Be In Sight