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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.£506.7m
Last close65.25p
High / Low (52 weeks)157.2p / 56.2p
Stock market listingLN
Forecast net cash (£m)22.5
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual14.9(25.9)(55.8)
Relative *19.6(18.9)(50.8)

* % 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 has announced an immediate slowdown in shipments of VCSEL wafers, which materially affects FY18 revenues and profitability, and has issued revised guidance. Although we have cut our EPS estimates by 43% and 24% for FY18 and FY19 respectively, we note this is a short-term problem that does not impact the prospects for photonics growth in the medium term. Our revised estimates give an indicative value of 73p/share.

Last updated on 29/11/2018

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 22.6 19.5
2017A 154.5 38.4 24.3 3.36 19.4 15.1
2018E 162.4 31.2 16.8 1.81 36.0 20.6
2019E 194.8 50.0 34.1 3.48 18.8 12.7

Last updated on 23/11/2018

Latest video

Executive Interview - IQE

Industry outlook

We note that the lull in VCSEL production for Apple is not the result of IQE losing a customer to a competitor, so shipments are expected to resume by Q219. 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 risk of destocking in future.

Last updated on 29/11/2018

Key management

Godfrey Ainsworth, Chairman
Drew Nelson, CEO

Company address

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