I have restructured my equity portfolio as I do every six months.

I got rid of stocks that were more than 30% above their fair value, were already represented in ETFs, had a high beta and had performed worse than the new additions over the last 5 years.

The following were sold $ASML (-1,75%) , $MSFT (-0,49%) , $AAPL (+0,5%) and a small profit-taking position in $RKLB (-8%) (+80 %).

I have added stocks that outperform the S&P, have a market capitalization below 80 billion and whose forward P/E and EV/FCF are below 20:

Itochu $8001 (+1,17%) , Sumitomo $8053 (+0,37%) , Sanmina $SANM (+0,44%) and Reliance Steel & Aluminum $RS (+0,55%) .

My position in $ASML (-1,75%) increased. This is a stock I keep buying when it dips. People panic when it drops. I actually see this as opportunity.

I invested about €1,100 this week.

$JNJ (-0,23%) for my dividend and $ASML (-1,75%) for my growth.

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If you look at the stagnation of the share, despite the importance of the mechanical engineering company, you might ask yourself: Why isn't the share performing? I asked myself the same question and therefore made some basic assumptions. We look at the fair value, once conservatively and then the base case. This is what we came up with:

And what can we say: in the conservative DCF model, ASML is pretty close to fair value . This means that the current valuation leaves hardly any room for further growth; any increase in value would have to come primarily from the company growing into the current valuation.

The base case looks somewhat different: Here, the share is slightly undervalued. Looking at more optimistic scenarios, the value even moves towards EUR 900+.

According to Morningstar, the fair value is even EUR 820, which is perhaps a small consolation for those who are worried.

The share also had to cope with a lot of negative news. The EUV sales ban to China, the tariffs and customer problems are clearly noticeable in such a complex company. If you would like to take a closer look at the figures and their impact, there may be a post, depending on who is interested. $ASML (-1,75%)
$NVDA (-0,43%)
$TSM (-0,73%)

If $ASML (-1,75%) goes below 530, it is an obligation to buy up, I mean they have the best technology, are one of the few European global market leaders and have a technology that cannot be beaten in the next few years (EUV lithography). I mean, it's clear that the global political tensions here will have an impact on the coming figures, but without ASML, there's no progress in terms of Moore's Law. Or am I missing something here?

Moin,

with the $ASML (-1,75%) Discount extended directly with a 2nd tranche.

Good quarterly figures, uncertain outlook for 2026.

However, I am positive :)

$ASML (-1,75%)