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Best Research Award 2007
Edison Investment Research, winners of 'Best Research Award'
IQE
| Date | Reports available | Download |
|---|---|---|
| Aug 22 2007 |
Return to profitability H1 trading was ahead of forecasts and underlying demand remains strong, evidenced by the multi-year outsourcing agreement with a major customer and the decision to expand capacity in Singapore. We have reduced our forecasts to reflect the translational impact of the dollar and the timing of customer product qualifications but we believe IQE’s business model looks robust in a fast growing market. Research type: Update - Interim results |
Log in to download 2 page note available |
| Jul 09 2007 |
H1 trading ahead The H1 trading statement highlighted that the integration of the two acquisitions has progressed well and, as expected, Q2 revenues have shown significant momentum from Q1. In addition the operational leverage in the business model was confirmed by management, which indicated that H1 revenues will be slightly above of our forecast and EBITDA substantially ahead. Research type: Trading update |
Log in to download 2 page note available |
| Jun 22 2007 |
Semi update IQE’s shares have continued to drift downward this year. This reflects some profit taking, an industry wide flattish start to the year and some market nervousness about the semiconductor cycle. However, overcapacity and price declines pressures have largely been confined to the microprocessor and memory chip markets. We believe underlying demand for IQE’s epitaxial wafers remains well supported by the wireless market and overall trading remains on track. Research type: Update |
Log in to download 3 page note available |
| Mar 28 2007 |
Profit visibility Full-year results were broadly as expected and our forecasts for FY07 and FY08 remain unchanged. IQE has a unique position in the wireless electronics supply chain, further cemented by recent acquisitions. The revenue prospects look very robust and evidence that management can deliver on EBITDA growth this year, and into FY08, will be key to driving further outperformance. Research type: Update -Full year results |
Log in to download 6 page note available |
| Dec 22 2006 |
Epi new year IQE has announced another earnings enhancing acquisition which again brings further complimentary technology and access to new key Asian customers. We have adjusted our FY06 numbers principally to reflect the weaker dollar and accelerated qualification costs at EMD. We forecast underlying revenue growth of 28% in FY07 and 24% in FY08 given the very strong underlying demand trends in the wireless sector and over £7m of EBITDA next year. Research type: Update |
Log in to download 8 page note available |
| Aug 31 2006 |
Sequential momentum Interim results continue to highlight the substantial revenue momentum, improved profit visibility and positive cashflow. We believe additional contract wins over the next 12 months will further underline the accelerating outsourcing trend amongst IQE’s customer base and the payback from the recent acquisition of EMD. Research type: Update - Interim results |
Log in to download 4 page note available |
| Jul 20 2006 |
Fast-tracking acquisition IQE is proposing to acquire the Electronic Materials Division (EMD) from EMCORE Corporation for $16m and is looking to fund the acquisition with the offering of up to £12m of new equity. This deal consolidates IQE’s position as the leading epi foundry to the wireless sector and significantly fast-tracks visibility of earnings and cashflow. Research type: Review - Acquisition |
Log in to download 8 page note available |
| Mar 20 2006 |
Back to the top With a very strong demand backdrop and a take-off in outsourcing discussions we believe IQE is set to return to peak revenues within two years. With a significantly more streamlined business model, we believe the company will deliver acceleration in positive earnings and cash generation. Research type: Review |
Log in to download 8 page note available |
| Jan 27 2006 |
FY05 strong and further outsource wins Trading statement Research type: Update |
Log in to download 2 page note available |
| Nov 08 2005 |
Wafer win IQE has responded to the 2001/2 downturn in some of its key end markets by cutting fixed costs, improving efficiency, diversifying its product base into consumer and industrial sectors and focussing on winning substantial outsource contracts. In our view this leaves a highly operationally leveraged business model with scope to rapidly improve returns. Research type: Outlook - Revenue |
Log in to download 12 page note available |
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Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.
Peter Knowles
Director, Fyshe Horton Finney