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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.£790.5m
Last close103.90p
High / Low (52 weeks)178.8p / 96.0p
Stock market listingLN
Forecast net cash (£m)47.5
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual1.1(18.8)(22.5)
Relative *1.9(17)(23.9)

* % Relative to local index

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Company news

Investment summary

IQE’s post-H118 close trading update notes the group continues to trade in line with current market expectations. Importantly, it comments on a significant increase in photonics revenues from product qualifications, underpinning management’s expectation of a photonics ramp-up in H218 and FY19. We raise our revenue estimates slightly but otherwise leave our forecasts unchanged.

Last updated on 07/08/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 132.7 33.1 20.6 2.89 36.0 31.1
2017A 154.5 38.4 24.3 3.36 30.9 24.1
2018E 178.1 47.9 32.8 3.62 28.7 20.8
2019E 207.1 59.0 42.3 4.60 22.6 16.1

Last updated on 07/08/2018

Latest video

Executive Interview - IQE

Industry outlook

DFB lasers are critical enabling transmission components for high-speed data communications across the whole fibre optic network. Demand for DFBs in this sector will be driven by 5G connectivity and Internet of Things applications. The high optical quality of DFBs also makes them suitable for a wide range of emerging sensing applications such as 3D sensing, monitoring environmental emissions and air quality, detecting chemical weapons and explosives, and diagnosing diseases through monitoring breath and blood vessels.In addition to DFB applications, IQE is engaged in multiple other qualification programmes incorporating NIL technology across a range of wafer sizes and end applications.

Last updated on 27/07/2018

Key management

Godfrey Ainsworth, Chairman
Drew Nelson, CEO

Company address

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