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.£1205.3m
Last close159.50p
High / Low (52 weeks)178.8p / 37.5p
Stock market listingLN
Forecast net cash (£m)44.8
Forecast gearing ratio (%)N/A

Price performance

Relative *(7.2)14.7319.1

* % Relative to local index

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Company news

Is IQE plc a millionaire-maker stock?

Tue, 28 Nov 2017 11:03:45 GMT

Investors snap up shares as semiconductor group IQE raises £95mln

Fri, 10 Nov 2017 09:22:30 GMT

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

Thu, 31 Aug 2017 15:00:00 GMT

Time to get greedy with IQE plc and Hurricane Energy plc?

Sat, 30 Sep 2017 11:37:30 GMT

Why I'd buy this hot growth stock over IQE plc

Mon, 20 Nov 2017 15:10:57 GMT

Investment summary

IQE has recently raised c £95m (gross) through a placing of 67.9m new shares at 140p/share. The funds will enable IQE to expand capacity to support multiple VCSEL volume ramp-ups from FY19 onwards. We expect the share issue to be earnings-neutral in the near term, and are encouraged by this signal of confidence from management as it prepares for the next step change in output.

Last updated on 13/12/2017

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 61.3 50.4
2016A 132.7 31.7 20.6 3.00 53.2 47.7
2017E 145.3 35.5 23.7 3.26 48.9 38.1
2018E 160.3 40.3 28.3 3.57 44.7 36.9

Last updated on 12/12/2017

Latest video

Executive Interview - IQE

Industry outlook

The funds raised will be used to purchase an additional 40-60 new MOCVD reactors over the next three to five years (IQE currently has around one hundred, but these are used for a different mix of epitaxies). The reactors will be used to make epitaxy for multiple VCSEL programmes as they move into volume production. Towards the end of H117, IQE began to deliver volume VCSEL epitaxy, which we infer was for the new iPhone X. It is currently working on a range of programmes that have potential to become volume contracts in future. These include hand and body tracking, automotive applications, data comms and industrial applications such as heating, InP wafers for high-speed data networks and GaN wafers for radio frequency and power applications.

Last updated on 13/12/2017

Key management

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

Company address

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