AnalysisOwner Yield · Premium
ASML: a toll road with a cyclical surface
Order intake will swing with the memory cycle. The monopoly on extreme ultraviolet lithography will not. We raise our fair value.
Eleanor Vance · 16 Oct 2026 · 7 min read
Latest news
- ECB trims deposit rate to 2.0% as euro-area growth stalls
Sofia Brandt · 17 Oct 2026 · 3 min read
- FTSE 100 closes at record as miners and banks rally
James Whitlock · 16 Oct 2026 · 2 min read
- Siemens raises guidance on digital industries recovery
Eleanor Vance · 15 Oct 2026 · 2 min read
- Fed holds rates as core inflation eases for a third month
Daniel Moreau · 14 Oct 2026 · 2 min read
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AnalysisOwner Yield · Premium
Apple: services margin carries the valuation
Hardware no longer has to grow for the investment case to work. But at 30 times earnings, it cannot shrink either.
Daniel Moreau · 15 Oct 2026 · 6 min read
Analysis
Heineken: volumes are flat, but pricing power is not
The brewer is trading volume for price in Europe and Asia. That works until it does not; we see the shares as fairly valued.
Eleanor Vance · 14 Oct 2026 · 6 min read
AnalysisOwner Yield · Premium
Shell: buybacks at this price are the best use of cash
At less than eight times free cash flow, Shell is retiring its own shares more cheaply than it could buy reserves.
James Whitlock · 13 Oct 2026 · 6 min read
Analysis
Microsoft: capital intensity is rising, and owners should price it in
Capital expenditure on data centres is approaching a third of revenue. The returns look adequate, not spectacular.
Daniel Moreau · 10 Oct 2026 · 6 min read
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Earnings this week
Sample data · times in exchange local time
- Tue 20 Oct
- NFLXNetflixAfter close
- GEGE AerospaceBefore open
- Wed 21 Oct
- ASMLASML07:00 CEST
- TSLATeslaAfter close
- Thu 22 Oct
- UNAUnilever07:00 BST
- INTCIntelAfter close
- Fri 23 Oct
- SANSanofi07:00 CEST
- NWGNatWest07:00 BST
More from The First Share
News
ECB trims deposit rate to 2.0% as euro-area growth stalls
Sofia Brandt · 17 Oct 2026 · 3 min read
News
FTSE 100 closes at record as miners and banks rally
James Whitlock · 16 Oct 2026 · 2 min read
AnalysisOwner Yield · Premium
Apple: services margin carries the valuation
Daniel Moreau · 15 Oct 2026 · 6 min read
News
Siemens raises guidance on digital industries recovery
Eleanor Vance · 15 Oct 2026 · 2 min read
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