ASM International N.V. (ASM.AS)
ValueMarkers Composite Index
164% above intrinsic value ($337)
ASM International N.V. (ASM.AS) — VMCI valuation read
Headline read on ASM.AS: VMCI of 61/100 versus a Technology sector median of 50. The 11-point above-median position is what makes ASM International N.V. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on ASM.AS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on ASM.AS: value (ASM.AS trades at 19.0x earnings, 6% above the Technology median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Technology median (10.0%)), and risk (net debt to EBITDA of -0.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Technology 12.0x baseline.
ASM.AS rose 0.5% over the trailing 7 days, with a -14.1% read on a 30-day basis.
ASM International NV, together with its subsidiaries, engages in the research, development, manufacture, marketing, and servicing of equipment and materials that are used to produce semiconductor devices in the United States, Europe, and Asia. Its products include wafer processing deposition systems for single-wafer atomic layer deposition, plasma enhanced chemical vapor deposition, epitaxy, and batch diffusion/furnace systems, as well as provides spare parts and support services. The company also manufactures and sells equipment, which is used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. It serves manufacturers of semiconductor devices and integrated circuits. The company was formerly known as Advanced Semiconductor Materials International NV. ASM International NV was incorporated in 1968 and is headquartered in Almere, the Netherlands.
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