ASML Stock Has Investors Hunting European AI Infrastructure Growth Names
Europe’s growth story is increasingly shaped by companies tied to powerful themes like AI, automation, and digitalisation, and ASML is at the center of that conversation. Its recent Q2 update, with €9.3b in sales and 91 lithography systems sold, underlines how strongly AI-related demand is feeding into parts of the market. But a forward P/E near 50 also shows how quickly expectations can stretch. This article looks at three European Growth Stocks that are exposed to the same news backdrop as ASML and explores which opportunities might fit different risk and return preferences.
Siemens Energy (XTRA:ENR)
Overview: Siemens Energy is a global energy technology company that supplies equipment and services for gas and steam power plants, electricity grids, industrial energy systems, and onshore and offshore wind farms, helping large customers produce, transmit, and manage power. Its portfolio spans turbines, transformers, grid infrastructure, electrolyzers, batteries, and long term service and digital solutions for utilities, industrial clients, and energy producers worldwide.
Operations: Siemens Energy generates most of its roughly €40.1b in annual revenue from Gas Services (€12.8b), Grid Technologies (€12.1b), Siemens Gamesa wind operations (€10.1b), and Transformation of Industry (€5.7b). It has especially large exposure to Europe, C.I.S., Africa, and the Middle East excluding Germany (€13.2b), the United States (€10.4b), and Germany (€9.6b).
Market Cap: €126.3b
Siemens Energy sits at the heart of Europe’s energy transition, pairing a large order backlog and exposure to grid upgrades, data center power demand, and gas power projects with reported improving profitability and a 22.6% ROE. Analysts cite strong earnings growth expectations and the company reports “high quality earnings.” The stock’s P/E, reliance on external borrowing, and execution risk in turning around the Siemens Gamesa wind business mean sentiment can shift quickly, as recent broker rating changes show. For investors, the mix of secular demand for power infrastructure, active share buybacks and capacity expansion on one side, and funding and project delivery risks on the other, makes Siemens Energy a stock that some may choose to watch closely rather than ignore.
Siemens Energy’s accelerating order book, grid exposure, and 22.6% ROE raise a big question: is the current P/E near 50 justified or masking something in plain sight that only a DCF valuation analysis for Siemens Energy can reveal?
INFICON Holding (SWX:IFCN)
Overview: INFICON Holding develops high precision instruments that help factories detect gas leaks, control vacuum conditions, and monitor chemicals, so chip makers, electronics manufacturers, and industrial customers can keep complex production lines running safely and efficiently. Its tools are used across semiconductors, refrigeration and automotive manufacturing, thin film coatings, and security and environmental monitoring.
Operations: INFICON generates around $673.7m in revenue from its global gas analysis, measurement, and control business, with sales spread across China ($190.7m), Asia Pacific ($168.6m), North America ($156.4m), and Europe ($153.2m).
Market Cap: CHF3.9b
INFICON Holding sits close to the center of the AI driven semiconductor build out that is benefiting ASML, supplying the sensors and process control tools fabs use to keep yields high as chips become more complex. Revenue and earnings are forecast to grow faster than the Swiss market, management has raised 2026 sales and margin guidance, and a 20.1% ROE points to an efficient business. However, the stock trades on a premium P/E and margins have pulled back from 16.8% to 12.7%. Combined with exposure to trade tensions, currency pressure, and cyclical chip spending, INFICON presents a potentially compelling upside story, but the risks and valuation warrant closer inspection before you decide how it fits your portfolio.
INFICON looks like a pure play on tighter process control in complex manufacturing, with premium pricing and a 20.1% ROE. The real tension is whether current margins and sentiment square with the 2 key rewards and 1 important warning sign
Mycronic (OM:MYCR)
Overview: Mycronic supplies high precision equipment that electronics and semiconductor manufacturers use to print, assemble, coat, and test advanced circuit boards and display masks, serving sectors like aerospace, defense, medical, and industrial electronics worldwide.
Operations: Mycronic generates SEK3.3b in revenue from Pattern Generators, SEK2.2b from Global Technologies, SEK1.9b from High Volume systems, and SEK1.4b from PCB Assembly Solutions, partially offset by SEK31m of eliminations.
Market Cap: SEK67.3b
Mycronic gives investors exposure to the same global chip and AI equipment story supporting ASML, but through a broader toolkit that spans display mask writers, die bonding, and high volume electronics assembly. Rapid growth in Global Technologies and solid demand for Pattern Generators, including high value SLX mask writer orders, are accompanied by raised 2026 sales guidance and strong margins. Earnings have recently dipped and net profit margins compressed from 24.5% to 20.1%. A P/E of 38.8x and a share price above some analyst targets indicate that expectations are high, particularly given tariff headwinds and weakness in the High Flex division. For investors, a key consideration is whether Mycronic’s AI linked order book and 20.1% margin profile are sufficient to justify that valuation premium.
Mycronic’s premium P/E and compressed 20.1% margins hint at a story that is still unfolding, and the real test is whether the current price fully reflects the analyst forecasts for Mycronic or leaves a crucial twist unresolved
The stocks in this article are just a starting point, and the European Growth Stocks idea actually includes 41 more large cap companies with similar growth, profitability, and balance sheet profiles highlighted in the European Growth Stocks screener. Use Simply Wall St to identify and analyze the specific catalysts, themes, and narratives that matter to you so you can focus on the highest conviction opportunities.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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