IQE (IQE)

Business description

IQE is the leading supplier of epitaxial compound semiconductor wafers globally. The principal applications include radio frequency semiconductors, devices for optical networks, vertical cavity lasers, infrared semiconductors, power electronics and CPV solar cells.

Stock data

Market cap.£824.8m
Last close120.25p
High / Low (52 weeks)157.2p / 29.0p
Stock market listingLN
Forecast net debt (£m)44.5
Forecast gearing ratio (%)21
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(13.8)39.8281.8
Relative *(12.8)41.8258.4

* % Relative to local index

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Company news

Is IQE plc a millionaire-maker stock?

Fri, 18 Aug 2017 10:41:15 GMT

Why I'd buy this small-cap growth share over IQE plc

Thu, 31 Aug 2017 15:00:00 GMT

IQE's track record of growth will continue, Peel Hunt says as it upgrades ...

Wed, 22 Mar 2017 10:03:29 GMT

IQE set to break through £1 zone before end of August

Tue, 20 Jun 2017 08:51:40 GMT

IQE plc : Director Dealings

Mon, 07 Aug 2017 13:04:41 GMT

Investment summary

Towards the end of H117 one of the numerous development programmes for photonics applications that IQE has been working on moved to volume production. The programme, which we infer relates to 3D sensing in the iPhone X, potentially has a transformational impact on IQE’s performance. Until there is clarity on the rate of roll-out of the new phone however, our estimates, which are unchanged from the trading update in July, model a cautious ramp-up in IQE’s epitaxy sales. The share price is looking for performance substantially ahead of this, which our scenario analysis suggests is achievable. Importantly, even if demand for the iPhone X is muted, IQE is engaged in multiple photonics development programmes with the potential to generate transformational levels of growth.

Last updated on 18/09/2017

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 114.0 29.0 17.6 2.60 46.3 38.0
2016A 132.7 31.7 20.6 3.00 40.1 35.9
2017E 145.3 35.5 23.5 3.26 36.9 28.3
2018E 160.3 39.7 25.9 3.57 33.7 25.8

Last updated on 18/09/2017

Latest video

Executive Interview - IQE

Industry outlook

While part of the photonics growth is attributable to the onset of deliveries of VCSEL wafers for contracts addressing mass-market consumer applications, IQE continues to work on a range of programmes that also have potential to become volume contracts in future. These include VCSEL wafers for other consumer applications and industrial applications; InP wafers for high-speed data networks and GaN wafers for radio frequency and power applications.

Last updated on 06/09/2017

Key management

Godfrey Ainsworth, Chairman
Drew Nelson, CEO
Phillip Rasmussen, FD

Company address

Pascal Close
St Mellons
Cardiff
CF3 0LW
United Kingdom
+44 (0) 2920 839 400
View website