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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 and power electronics.

Stock data

Market cap.£563.6m
Last close72.55p
High / Low (52 weeks)149.0p / 56.2p
Stock market listingLN
Forecast net cash (£m)20.8
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual8.927.7(38)
Relative *5.424.2(37)

* % Relative to local index

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Company news

Chipmaker IQE on track for record full-year results

Wed, 20 Dec 2017 09:35:43 GMT

Why I'd buy super-growth stock IQE plc over Provident Financial plc

Wed, 09 May 2018 11:15:00 GMT

IQE PLC - Semiconductor Wafer Pioneer

Tue, 06 Mar 2018 11:48:45 GMT

IQE shows how 'research' can cut a long story short

Mon, 12 Feb 2018 20:45:29 GMT

IQE plc isn't the only growth superstar I would buy today

Tue, 20 Feb 2018 16:41:05 GMT

Investment summary

IQE’s post-close trading update shows that the short-term dip in production for one of its volume VCSEL programmes had a more severe impact on FY18 performance than management originally estimated. Although we are cutting our FY18 EPS estimate by 10.6%, we note the underperformance compared with management’s guidance given in November appears confined to FY18. Importantly, it does not affect the prospects for photonics growth in the medium term, which are based on multiple VCSEL opportunities. Our revised estimates give an indicative value of 73p/share.

Last updated on 01/02/2019

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 25.1 21.7
2017A 154.5 38.4 24.3 3.36 21.6 16.8
2018E 157.0 27.6 13.2 1.62 44.8 24.6
2019E 194.8 50.0 34.1 3.48 20.8 15.4

Last updated on 29/01/2019

Latest video

Executive Interview - IQE

Industry outlook

We believe that the short-term dip in VCSEL production relates to sales weakness for Apple iPhones and associated inventory destocking. Since management expects shipments to resume during Q119 it has reiterated FY19 and longer-term guidance. We note that IQE is involved in VCSEL ramp-ups for at least eight customers engaged in several market segments, providing alternative sources of photonics growth and reducing the exposure to weakness in product sales for any single OEM. The company is in the process of bringing additional photonics capacity into production at its new Newport foundry with 12 companies already actively qualifying this new volume production facility.

Last updated on 01/02/2019

Key management

Godfrey Ainsworth, Chairman
Drew Nelson, CEO
Tim Pullen, CFO

Company address

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