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
European Equities Editor · Amsterdam
Eleanor Vance
Eleanor covers European industrials, semiconductors and consumer staples. She spent eleven years as a buy-side analyst at a long-only fund in Amsterdam before joining The First Share.
Articles by Eleanor Vance
News
Siemens raises guidance on digital industries recovery
Orders for factory automation rose for a second consecutive quarter as Chinese and German customers rebuilt inventories.
Eleanor Vance · 15 Oct 2026 · 2 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