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Bram Van Genechten Profile picture
Bram Van Genechten
@BramVGenechten
Investing and life wisdom.
Jun 29 • 7 tweets • 3 min read
Stop looking at $ASML's current valuation.

Check the future.

6 reasons why $ASML is still undervalued:

THREAD. Image 1. Multiple moats - total ecoystem

• Technical: EUV monopolist
• Supply chain: ASML has a 25% stake in Zeiss, only company capable of making the specialized mirrors required for EUV.
• Switching costs: ASML doesn't have customers. It has partners. Because EUV machines take 12–24 months to build, customers have to share their 5-year roadmaps with ASML.Image
Feb 23 • 12 tweets • 4 min read
Earnings are an opinion. Cash is a fact. 💰

If you want to find the true "Quality" in this market, look at Free Cash Flow per Share (FCF/Share).

Here are 10 elite companies growing FCF/Share at a 15%+ CAGR over the last decade.

(Save for inspiration) 1/ Fortinet $FTNT

10Y FCF/Share CAGR: ~27%

Moat: Proprietary ASIC chips give them a massive cost/performance edge in cybersecurity.

Alpha: High margins + aggressive buybacks = a cash flow compounding machine. Image