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STOCK COMPARISON

Hangzhou First PV Material Co vs ASML Holding: Fair Value & Quality

Both stocks run through our valuation models. Here is how Hangzhou First PV Material Co (603806) and ASML Holding (ASML) compare, as of Aug 10, 2026.

As of Aug 10, 2026, Fair Value Calculator sees Hangzhou First PV Material Co as the less overvalued of the two: Hangzhou First PV Material Co trades at ¥15.61 versus a fair value of ¥5.90 (-62%), while ASML Holding trades at €1,499 versus €444 (-70%).
Hangzhou First PV Material Co
603806.SHG · CNY · Information Technology
-62%
upside to fair value
overvalued
Price¥15.61
Fair Value¥5.90
Quality53/100
ASML Holding
ASML.AS · EUR · Information Technology
-70%
upside to fair value
overvalued
Price€1,499
Fair Value€444
Quality82/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Hangzhou First PV Material CoASML Holding
Valuation
57.0×P/E (TTM)60.6×
2.54×P/S (TTM)19.32×
2.35×P/B34.80×
32.5×EV/EBITDA49.9×
PEG2.19×
1.0%Dividend yield0.3%
¥0.15Dividend per share€5.90
Profitability
4%Net margin30%
10%Operating margin37%
4%Return on equity54%
2%Return on assets16%
Growth
-7%Revenue growth (YoY)21%
-6.4%Avg. growth/yr (3Y)15.6%
13.0%Avg. growth/yr (5Y)18.5%
Balance & size
0.17×Debt / equity0.14×
$6BMarket cap$683B
mixedGrowth qualityhealthy

ASML Holding leads: 5 to 8 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Hangzhou First PV Material Coof which business quality 54 · market factors 50 ASML Holdingof which business quality 79 · market factors 70
ProfitabilityMargins and returns on capital today
32
81
Quality GrowthAre margins and returns improving?
20
77
CashflowEarnings quality: real cash, not paper profit
58
86
Fin. StrengthBalance sheet, leverage, solvency risk
86
85
InvestmentDisciplined investing over empire-building
88
42
Low VolatilityCalm price path (market factor)
56
35
MomentumPrice trend over the last 3–12 months (market factor)
49
81
52W MomentumDistance to the 52-week high (market factor)
46
90
Net IssuanceBuybacks instead of dilution
41
92

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Hangzhou First PV Material Co

DCF Models¥9.75
Earnings-Based¥5.37
Dividend Discount¥4.68
Multiples¥5.46
Asset-Based¥4.22
Growth DCF¥9.42
Economic Profit¥3.98
Growth Earnings¥7.41

26 of 26 models see the stock below the current price.

ASML Holding

DCF Models€708
Earnings-Based€393
Dividend Discount€127
Multiples€342
Asset-Based€34.21
Growth DCF€664
Economic Profit€376
Growth Earnings€570

26 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Hangzhou First PV Material Co
Bear ¥4.95Fair Value ¥5.90Bull ¥7.38
¥15.61 = current price (white tick)
ASML Holding
Bear €339Fair Value €444Bull €740
€1,499 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Hangzhou First PV Material Co · Information Technology

Quality score53 · below median
Fair value upside-62% · below median

ASML Holding · Information Technology

Quality score82 · Top 25%
Fair value upside-70% · bottom 25%

Bottom line

As of Aug 10, 2026, Fair Value Calculator sees Hangzhou First PV Material Co as the less overvalued of the two: Hangzhou First PV Material Co trades at ¥15.61 versus a fair value of ¥5.90 (-62%), while ASML Holding trades at €1,499 versus €444 (-70%).

ASML Holding has the higher quality score (82/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.