Free Trial

ASML Outlook Upgraded By Moody’s

TECHNOLOGY


• Positive outlook comes on strong op performance, expectation of continued strong market position and structural growth benefits incl. AI spending.

• Moody’s-adj EBITDA margin at 37% in 2023, average annual FCF of EUR 5bn over past three years and debt to EBITDA below 1x. Total Moody’s-adj debt to EBITDA was 0.5x at Q124.

• Upgrade possible on “improvement in its Moody's adjusted EBITDA margins and FCF growth”; downgrade on gross adjusted debt to EBITDA sustained >2.25x.

• EUR spreads are at intraday lows and up to 4bps tighter on the day at the short-end; most of the grind tighter came in the morning.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.