Share Name Share Symbol Market Type Share ISIN Share Description
IQE LSE:IQE London Ordinary Share GB0009619924 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -5.10p -4.44% 109.70p 13,779,494 16:35:01
Bid Price Offer Price High Price Low Price Open Price
109.50p 110.00p 114.50p 107.10p 114.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 154.5 14.9 2.1 52.5 827.97

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Date Time Title Posts
21/4/201821:02IQE's time has come - 2017 and beyond!16,478
12/4/201817:49IQE Long term holders (no ramping/deramping)7
09/3/201811:57Time to sell IQE?306
03/3/201813:09BANNED from the Iqe thread - how absurd91
23/11/201722:09IQE - TURNED A CORNER, SET TO RISE29,626

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IQE Daily Update: IQE is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker IQE. The last closing price for IQE was 114.80p.
IQE has a 4 week average price of 107.10p and a 12 week average price of 89p.
The 1 year high share price is 181.50p while the 1 year low share price is currently 55.50p.
There are currently 754,756,394 shares in issue and the average daily traded volume is 4,886,864 shares. The market capitalisation of IQE is £827,967,764.22.
cielos: IQE future is rosy / Apple ditches intel Not the first time apple have brought everything in house. They nearly went bankrupt with this approach before bringing Steve Jobs back and started using off the shelf parts. Other companies have done the same thing IBM made bespoke CPU's, DASD and other parts. Now because of the continued cost of development they buy parts off the shelf. Sony designed a bespoke CPU for the PlayStation then on the next version went back to buying off the shelf CPU from Intel. Also believe that IQE products will still be required by apple to create the new bespoke CPU's. IQE share price inflated because it has links to Apple but the company is not dependant on them.
someuwin: Investors Chronicle "IQE answers the short sellers By Megan Boxall UK-listed homegrown tech companies are a dwindling group. Many of the good (see Arm) and the bad (see Imagination Technologies) have been snapped up by international peers and private equity groups, seeking to capitalise on their top-class intellectual property, or in the latter case take advantage of share price weakness. IQE (IQE) has flitted between good and bad during the last six months. In August 2017, investors were clamouring for a slice of the company amid speculation that its Vertical Cavity Surface Emitting Laser (VCSEL) products were being used by Apple (US:AAPL) in the iPhone X. By November, concerns had begun to mount that the group was perhaps relying too heavily on the US tech giant. And in February, sentiment took a turn for the worst when two short sellers accused the company of a “fundamental misrepresentation of its profit and cash generation”. But the company’s founder and chief executive, Drew Nelson, wants IQE to carve out a new category: a great British tech company. That, he says, is one of the reasons the group developed its partnership with Cardiff University. The 50:50 joint venture – known as CS Connected – was founded in 2015 with “the aim of creating and sustaining over 2,000 high-skilled jobs”. Mr Nelson explains that the joint venture gives IQE access to new technology, while IQE in turn has provided the joint venture with initial business to “limit its start-up losses”. "The accounting for joint ventures is often complex and this has given an angle to those wishing to interpret the results as negatively as possible" For ShadowFall and Muddy Waters – the short sellers whose scathing reports dented IQE’s share price in February – that relationship is a cause for concern. The two groups have claimed that IQE has a cyclical affiliation with CS Connected, which allowed it to inflate its own profits in 2015 and 2016. Muddy Waters suggested that IQE has hidden some of the costs of tech development in CS Connected by booking licence fee revenue from the joint venture, but not recognising its losses. The short seller even goes as far as suggesting that the group's accounting is “possibly designed to deceive investors”. Mr Nelson fervently denies these allegations and said that the two companies released their reports to profit from their short positions. Muddy Waters published its report shortly before the markets closed on Thursday 8 February, which sent the group’s share price down 11 per cent on the day, although they have since rebounded. That was shortly after the release of ShadowFall's report on 5 February. Nevertheless, the reports did raise some eyebrows in the City. According to the Financial Times, one analyst was spurred into visiting IQE’s facilities following the release of the Muddy Waters analysis, “to confirm the authenticity of the CS Connected joint venture”. An analyst at Citigroup agreed that both reports contained points that were “valid from an accounting standpoint”. Meanwhile, five funds have increased their short positions since the allegations were published. However, analysts at Peel Hunt argue that “the accounting for joint ventures is often complex and this has given an angle to those wishing to interpret the results as negatively as possible”. Broker Stifel explains that IQE followed accounting regulations by writing the joint venture down to a zero net book value on its balance sheet once its losses exceeded the initial investment, and thus isn’t obliged to account for any further losses. Meanwhile, Canaccord Genuity has removed joint-venture licence sales from its forecasts from 2018 onwards. CS Connected is no longer reliant on IQE now that it has developed its own technology and built up a cluster of external customers, Mr Nelson says. It looks unlikely that IQE is going to be swept away by UK investors due to an accounting scandal. But we do still harbour concerns that it might go the same way as Imagination Technologies: too reliant on one company to thrive. Indeed, the majority of the 23 per cent forecast uptick in pre-tax profits between 2017 and 2018 is expected to come from the photonics business, of which Apple is thought to be its only customer at present. But Mr Nelson has dismissed those concerns: “the photonics market is set to explode and IQE is in a premium position to benefit”. IC View There remains a lot of work to be done if IQE is going to make it as a truly great UK tech company and risks remain high. However, we don't think the allegations will threaten IQE's long-term growth in photonics. The shares are still not exactly cheap, trading on 26 times 2018 earnings, so we think it prudent for those not already invested to stay on the sideline for now. At 132p, hold. Last IC View: Sell, 108p, 1 Feb 2018"
crazycoops: At 180p there was an argument to say the IQE share price had run ahead of itself. A bear case on valuation grounds at that price was reasonable as there was plenty of hot money involved. At £1 it looks like the bull case on valuation grounds is much stronger, once again. 2017 results to be published in March will be ahead of expectations. 2018 and 2019 guidance is likely to lead to significant broker upgrades. It will be interesting to see which shorters hang around for results day and which ones try to exit beforehand. It will also be interesting to see if any IIs decide to start buying in volume and when. I suspect the shorts that are well in the money from 180p down will have a different mindset to those that have joined the party a little late in the day.Tick tock!
thecrunk: I take it the Falcon Heavy speak is innuendo regarding IQE share price tomorrow (touch wood)
bulltradept: Good to see a decent rebuttal. However the IC still has this as a sell, here is the piece from this week's IC: "IQE’s big short By Megan Boxall There is much to be said about investing in momentum. The past few years in particular have provided investors in many UK companies with a virtuous circle of good news, share price surges, rising capital and, thus, more good news. But when that sentiment reverses, company share prices have a habit of coming unstuck quickly. That is what has happened at semiconductor specialist IQE (IQE). Following a 379 per cent share price rise between January and November 2017, the shares have since fallen 41 per cent from their 52-week high. Sure, at 108p they are still 173 per cent higher than this time last year, but investors who only jumped on the IQE bandwagon in the past couple of months will be nursing heavy losses. Driving the change in momentum is the growing presence of hedge funds on the shareholder register. Following the increased holding of Marshall Wace earlier in January, IQE is now the fourth most shorted company on the London Stock Exchange, with 11.8 per cent of its shares being bet against. In fact, Marshall Wace’s 4.3 per cent short position gives it the fifth biggest interest in the group. The hedge fund is not alone in its concerns. Six other managers have short positions of more than 0.5 per cent, T Rowe Price – IQE’s single biggest shareholder – recently disposed of 5.5m shares and five more of the group’s top 10 largest investors have reduced their positions since November. IQE develops and sells advanced wafers for use in semiconductors. For example, its vertical-cavity surface-emitting laser (VCSEL) is a crucial component in the facial recognition technology of the iPhone X. For many years, the group has enjoyed a dominant market position, which has been unassailable due to the challenges in developing competitive products. But now, the short sellers seem convinced that IQE’s market-leading position is under threat. Moreover, the group is slightly dependent on its contract with Apple(US:AAPL). Driving the change in momentum is the growing presence of hedge funds on the shareholder register So, are the hedge funds right to be concerned, and should private investors follow their lead and get out now? House broker Peel Hunt thinks not. In December, the broker upgraded its earnings expectations for both 2018 and 2019 by 10 per cent to take account of “an even better outlook”. In fact, all five of the brokers that regularly cover IQE suggest investors should keep buying. Admittedly, there are some reasons to remain optimistic about the semiconductor specialist. Global customers are increasingly adopting VCSEL and this is helping to drive up both the volume and quality of revenues. Concerns about IQE’s reliance on Apple can be overstated, according to Peel Hunt analyst Andrew Shepherd-Barron. “The iPhone X contract is an easy hook to hang your hat on, but there is more to VCSELs than smartphones and more to IQE than VCSELs”. In the future, facial recognition technology is likely to be used in a range of devices and “IQE is very well placed”, he said. But history suggests that it may be worth taking note of the hedge funds. Prior to its recent collapse, Carillion was the most shorted stock in the UK, with around 30 per cent of its register betting against it. Simon McGarry, senior equity research analyst at Canaccord Genuity Wealth Management uses the proportion of shorted shares as a useful metric when looking at potential investment opportunities. “Short selling allows hedge funds and other sophisticated market participants to generate returns based on their negative views of a stock. As a result, it provides a valuable price discovery mechanism for financial markets.” To that end, holders of Provident Financial (PFG) and Debenhams (DEB) – which top the depressing roster of Britain’s most shorted companies – have reason to be wary. Investors in both have had to stomach major profit warnings in the past few months and, if the short sellers are proved correct, their woes may not yet be behind them. IC View Following the hedge funds can be a risky business. Any glimmer of good news from a heavily shorted company causes the short sellers to quickly close out their positions, leading to an artificially inflated share price. This so-called short squeeze hurts Ocado (OCDO) bears every time the company puts out an announcement. However, when it comes to IQE we agree that investors are best off taking a step back. At 30 times 2018 forecast earnings, the valuation may look more palatable than six months ago. However, given the threat of rising competition, we see no reason to get back into a stock that is still falling. Sell at 108p. Last IC View: Sell, 146p, 6 Sep 2017
multibagger: IQE plc : Response to ShadowFall report GNW 5 February 2018 IQE plc ("IQE" or the "Company") Response to ShadowFall report IQE plc (AIM: IQE) notes the report published by ShadowFall Capital & Research LLP ("ShadowFall"), which was disseminated to the public on 2 February 2018. The allegations contained within the report are without merit and provide a misleading analysis of the Company's financial position. The central thesis of this report is a fundamental misrepresentation of the profit and cash generation of IQE, especially with respect to the Company's joint venture agreements. IQE would like to directly address the key themes in the report, correct any misinformation that might arise from the report's inaccuracies and assure shareholders that IQE holds itself to the highest standards of corporate governance, transparency and integrity. It is also important to note that ShadowFall states that it holds a short position in IQE and so will duly profit from any near-term reduction in IQE's share price, caused by the allegations in the report. ShadowFall made no attempt to review its report with IQE prior to its publication. The purpose of IQE's joint ventures The joint ventures in Singapore and Cardiff form an important part of IQE's strategy to be at the leading edge of compound semiconductor innovation, through collaboration with leading universities and supply chain partners. These joint ventures have independent third-party shareholders and are governed by standalone boards, separate management teams and joint venture agreements that establish governance procedures and decision making. As a member of the joint ventures, IQE participates in these boards, but does not have control. These joint ventures are independently audited. The creation of the joint venture in Cardiff was the first cornerstone entity in the development of a globally recognised UK compound semiconductor cluster (CS Connected), which is seeking to create and sustain over 2,000 high skilled, well paid manufacturing jobs for the local and UK economy. This is already making a significant impact in the local economy, including saving 500 jobs in Newport Wafer Fab Ltd, which had been scheduled for closure by its previous owner, the creation of a UK Government funded Compound Semiconductor Applications Catapult, and a number of major technology development programmes between Cardiff University, the joint venture, IQE and a number of major OEMs in South Wales. Transactions with joint ventures IQE's trade with these joint ventures is clearly reported in the notes to its annual reports and financial statements. The nature of this trade is IQE sub-contracting certain external customer contracts through these joint ventures. By acting as an anchor customer, IQE is providing the joint ventures with initial business to limit their start up losses in their early years of operation. By agreement with its joint venture partners, these transactions are undertaken at cost, and hence this does not impact IQE's cost of production or increase its profits. The joint ventures have subsequently been successful with new business wins, some of which have been contracted directly with new customers in 2017 with no direct involvement of IQE. License income from IQE intellectual property License income from joint ventures has been reported in detail by the Company in regulatory announcements and in its annual reports and financial statements. In these reports, IQE has made it clear that license income from joint ventures was front-loaded, reflecting the creation of their initial capability to serve commercial contracts. As noted in its most recent trading update, IQE's license income from joint ventures will be less than £2 million in 2017. Profit & loss of joint ventures The only profits that IQE has earned from the joint ventures is a book profit on the initial contribution on fixed assets in the setup of the Cardiff joint venture, and through the licensing of its intellectual property to both joint ventures. In the case of the Cardiff joint venture (CSC), the consideration for intellectual property licensing has been a combination of cash and receivable long-term loans. Both sources of consideration have been clearly stated in IQE's annual reports and financial statements. The revenue that the joint venture generates from IQE meets the cash cost of the joint venture's operation, at no financial gain or loss to IQE. The EBITDA loss of the joint venture in 2016 was £0.7 million, representing the cost of its own management, business development, and administration. The joint venture also has non-cash charges for amortisation of its intellectual property license and a depreciation of assets which gives a net loss of £4.4 million. This has been detailed in IQE's annual reports & financial statements. The ShadowFall report implies that IQE has used the joint venture to "hide" costs of IQE's own business, which is inaccurate. In the case of the Singapore joint venture (CSDC), to support this business through its start up years, IQE has licensed intellectual property and leased surplus Molecular Beam Epitaxy ("MBE") capacity to the joint venture on a contingent basis, namely these charges only become payable by the joint venture to IQE to the extent that the joint venture generates surplus cash in each year. As required by International Financial Reporting Standards ("IFRS"), the joint venture fully reflects these costs in its own accounts, whereas IQE only accounts for this as income when it has been received in cash. Excluding these contingent charges, the Singapore joint venture generated cash of approximately £2 million from its operations in 2016, and hence paid approximately £2 million of license income to IQE in that year. Asset valuation In order to reduce overall set up costs, IQE contributed certain fixed assets to the Cardiff joint venture in return for its equity stake. This was undertaken at market value, as determined by an independent professional valuer mutually agreed by the joint venture partners. Cardiff University match funded this value in cash in return for its equity stake in the joint venture. Similarly, the valuation of the intellectual property was validated by an independent accounting firm in a report to the joint venture board. EBITDA and free cash generation The difference between IQE's EBITDA and its free cash generation can be readily identified from IQE's annual reports and financial statements, namely (a) investment in R&D and capital expenditure and (b) an acquisition in 2012 which was paid for through an earnout, as detailed below. In 2012, IQE acquired the MBE epi-wafer manufacturing unit of RF Micro Devices ("RFMD"), with the acquisition consideration being settled through a trade discount on sales by IQE to RFMD for a fixed period of 4 years. In accordance with IFRS, this discount was classified as part of working capital. This was described in the Company's annual reports and financial statements and detailed in the notes to the cash flow statement. Had the Company financed this acquisition through debt or equity finance, the payment to acquire this business would have been excluded from the calculation of the free cash generation. As previously reported, this discount period ended in 2016. IQE now fully owns the acquired facility in North Carolina (original cost $110 million) and RFMD (now Qorvo) remains a key customer for IQE. Outlook As stated in the Company's pre-close statement on 20 December 2017, the Company re-iterates that it expects full year revenue to be ahead of market expectations, and to be not less than £150 million for the year ending 31 December 2017. Wafer sales are on track to deliver strong double-digit growth in 2017 and to continue to diversify, while annual growth in Photonics is also expected to achieve triple-digit growth. The Company remains confident in its outlook for 2018 and beyond. The Group is scheduled to report its full year results for 2017 on 20 March 2018, and will provide forward looking guidance at that time.
steve davies: Rega s clockwork I echo your praise for the positive contributions today clearly there is expertise worth listening to. This B.B. seems to be influenced be a few people who claim in-depth knowledge and personal relationshiops within IQE that clearly does not stack up with iqe share price. Have iqe long term interest in mind ie positive, but not swayed by strategically timed contributors, and ‘technical experts’ looking at marketing PR material from suppliers. Either you are a consistent contributor or you are someone with an agenda.
aphrodites: How many times have posters here asked, what do the shorters know that we don’t? Now we all know and the set-up stinks. As I have already posted, the fact that the ShadowFall report appeared to be leaked on Friday and coincided with a very weak Wall Street together with the two scum-bags entering the fray, is all part of a very clever and finely planned and coordinated attack on the IQE share price. And you can put money on all the papers' business editors having received the report on Friday so that the maximum damage can be wrought on the share price on Monday. You only have to see comments from the likes of “bookbroker221; above to get an idea as to how the share price will react on Monday. Words alone in The Times and a feeble assurance by IQE that all is well, will not prevent the shorters from pulling the carpet from under the feet of the Market Makers on Monday. The damage is already done. And a threat of legal action by the CEO will only repeat the Quindell fiasco. Even if “thecrunckR17;s” analysis is accurate and the Board of IQE are not a load of crooks, this needs much, much stronger action to reassure the market and to teach these shorters a lesson. There is only one course of action. Get the company to ask for the share price to be suspended first thing on Monday with a statement they will be publishing a report in the next few days which will totally refute ShadowFall’s statements about IQE’s joint ventures and bring forward the results at the same time. More importantly, if the ShadowFall report is shown to be totally inaccurate, the FCA needs to take immediate action. It cannot continue to allow the market to be duped by inaccurate reports which allow those who short shares to profit and make millions from their dubious and dishonest manipulations. Note: my comments are made with the proviso the IQE Board can be relied upon, which I believe they can. THE TIME HAS COME FOR ACTION!
bocase: Chessmaster: I don't think for a moment that the hedge funds know something we don't. They are just being logical. IQE share price spiked last year like no other and 90% of the time the price that has spiked will regress to the norm (200 day moving average or whatever) so the hedge funds were just playing the odds. The are no different from bookies and many if not all are already in profit so they were right. So are we, however. It is just a matter of time. Faith and Patience!!
amt: My interpretation was that Apple results were good due to higher margins and sales price but number of iphones sold was lower than expected so not so sure this news is going to help IQE share price as much as people hope. Probably up a bit but falling away again.
IQE share price data is direct from the London Stock Exchange
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