A couple of points on this particular valuation. First, the raw data from Stock Analysis is in euros because ASML is a Dutch-based company. This also affects the ERP or equity risk premium used in the calculation of the WACC or weighted average cost of capital.
A un-levered beta of 1.35 was used based on Aswath Damodaran’s work for semiconductor equipment providers. This beta was re-levered to 1.23 using the Hamadi equation. Effective tax rates, pre-tax cost of debt and base year drivers were all calculated using TTM or most current data.
