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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.£693.4m
Last close90.60p
High / Low (52 weeks)178.8p / 76.8p
Stock market listingLN
Forecast net cash (£m)29.3
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual3.0(17.3)(31.2)
Relative *7.2(10.4)(26.9)

* % 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

As flagged in the pre-close trading update, total H118 revenues grew by 4% year-on-year to £73.4m, with the photonics segment growing by 30% in constant currency to 26% of the total. Adjusted profit before tax was depressed by several factors, falling by 21% to £7.6m. These include the currency headwind, the cost of multiple low margin VCSEL qualification programmes and the cost of staffing the new Newport facility prior to commencing production. Collectively, these one-off effects totalled £3.5m. If these costs are stripped out, adjusted profit before tax becomes £11.1m, a 14% improvement on the prior year period.

Last updated on 28/09/2018

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 31.3 27.1
2017A 154.5 38.4 24.3 3.36 27.0 21.0
2018E 176.2 44.5 30.1 3.18 28.5 19.6
2019E 205.2 59.9 44.0 4.55 19.9 13.8

Last updated on 23/09/2018

Latest video

Executive Interview - IQE

Industry outlook

The recent work on VCSEL product qualifications has resulted in IQE being in mass production with eight VCSEL chip manufacturers and in final qualification stages with another four. Volumes for these programmes, which include production for Android OEMs, are already ramping up, underpinning management’s expectation of a photonics ramp-up in H218 and FY19. We have reduced our estimates in line with revised management guidance to reflect the currency headwind and one-off H118 photonics costs.

Last updated on 28/09/2018

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