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    Sara Russo

    Senior Analyst at Bernstein

    Sara Russo is a Senior Analyst at Bernstein specializing in European Semiconductors, covering key companies such as ASML, Infineon Technologies, and STMicroelectronics. She manages a portfolio of 17 stocks, with her recommendations achieving a 43% success rate and an average return per transaction of -8.5%, though her most profitable call yielded a 92.5% return for BESI. Russo joined Bernstein in 2022 after spending five years at Arm, bringing significant sector expertise to her role. Her professional credentials include demonstrated sector focus and substantial experience in the semiconductor industry, though specific securities licenses or FINRA registrations are not publicly listed.

    Sara Russo's questions to ASML HOLDING (ASML) leadership

    Sara Russo's questions to ASML HOLDING (ASML) leadership • Q4 2024

    Question

    Sara Russo asked for the rationale behind phasing out quarterly bookings reporting and whether the strong Q4 EUV bookings increase confidence in the 2025 guidance midpoint or indicate that 2026 orders are already materializing.

    Answer

    CFO Roger Dassen explained that the decision to stop reporting quarterly bookings stems from their lumpy nature, which doesn't accurately reflect business momentum and can cause significant market reactions. He stated that providing robust annual guidance and an annual backlog update is more meaningful. He confirmed the EUR 3 billion in Q4 EUV bookings covers the needs for the 2025 midpoint and provides good confidence, with the excess potentially building towards the high end or for 2026.

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    Sara Russo's questions to ASML HOLDING (ASML) leadership • Q4 2024

    Question

    Sara Russo asked for the rationale behind the decision to stop reporting quarterly bookings and whether the strong Q4 EUV bookings provide more confidence in the 2025 guidance midpoint or are primarily for 2026.

    Answer

    CFO Roger Dassen explained that quarterly bookings are lumpy and can cause significant market reactions that don't reflect true business momentum, making annual guidance more meaningful. He confirmed the EUR 3 billion in Q4 EUV bookings covers the 2025 midpoint requirement, providing good confidence, with any excess building towards the high end of 2025 guidance or for 2026.

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