Analyst Joel South urges buying ASML ahead of the July 15 US open as the company
reports Q2 pre-market and is highly likely to reiterate its raised 2026
guidance, a move he says markets are underpricing. Catalysts: management raised
2026 revenue guidance to €36–40bn and CFO called 2026 a very strong year; Q1 EPS
$8.43, revenue $10.34bn, gross margin 53% at the top of guidance; Q2 revenue
guide €8.4–9.0bn. Demand: CEO says supply will not meet foreseeable demand and
memory customers’ 2026 capacity is fully sold out; 2025 year-end backlog
$45.06bn, Q4 new orders $15.28bn. Capital returns: €12bn buyback launched Jan
2026 through 2028, 2025 dividend +17% to €7.50/sh, 2025 free cash flow $12.81bn.
