ASML Investor Day: Company's strong long-term growth prospects create significant opportunities for Canatu

Translation: Original published in Finnish on 11/15/2024 at 7:13 am EET.

ASML, which in practice holds a monopoly position in EUV lithography machines, held an investor day yesterday where the company outlined its long-term growth targets and the drivers behind them. In the big picture, ASML's comments suggest that the strong long-term growth outlook for the semiconductor sector as a whole and for the company's markets remains unchanged, which also provides significant growth opportunities for Canatu, listed on Nasdaq Helsinki in the fall. 

ASML continues to pursue vigorous growth by 2030

ASML aims to achieve revenue of 44-60 BNEUR by 2030, with a gross margin of 56-60%. Compared to the 2024 guidance (28 BNEUR and 50.6%), this would mean an average increase in revenue of 8-14% and an increase in gross margin of 10-17% over the next 6 years. A key driver behind this development is the strong growth in investment in artificial intelligence, which is boosting demand for increasingly advanced semiconductors (e.g. advanced logic and memory chips). Their production requires chip manufacturers to order more and more EUV lithography machines with higher sophistication from ASML to meet the demand.

Overall, the semiconductor market is expected to grow to more than 1,000 BNUSD by 2030, representing an annual growth rate of around 9%.

New system deliveries from ASML create growth market for Canatu in the coming years

The key aspect of Canatu's growth in the coming years is specifically the introduction of the latest EUV lithography machines in the semiconductor industry. The use of these requires EUV pellicle membranes that protect the photomask in the production process, which can be made from Canatu's CNT. The characteristics of CNTs produced using Canatu’s patented method seem to be better suited for this purpose than competitors' products, which gives the company an attractive starting point to pursue a significant position in this market.

ASML already commented in its Q3 report that customer demand for Low NA systems is shifting towards the newer NXE:3800E systems. This system generation is the first where the power of EUV systems reaches a level (500W) where the properties of Canatu's carbon nanotubes pellicle membranes are clearly improved compared to traditional composite membranes that cannot properly withstand the higher heat load and mechanical stress.