IQE plc (lon:iqe)
IQE – Still Unclear To Me.

IQE plc Financials

ItemCurrent PeriodPrevious Period
Period12 Months12 Months
Adjusted Earnings
Adjusted EBITDA
Statutory Profit
Adjusted Profit
Total Debt
Net Debt(£16m)£20m

Commentary History
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IQE plc Share Price
Grade:The Grey Grade - Shares That I Think Are Informative But A Very High Risk Because The Valuation Seems Too High.
Title: IQE – Still Unclear To Me.
Company: IQE - IQE plc
Share Price Then: 50.16p
Author: Ian Smith
Date: Mon 27 Jul 2020
Comments: I manly follow IQE because they are the subject of a Muddy Waters report.

Revenue has been relatively constant over the last 5 around considering the market that the company is in, 2019 did show a 10% drop to around £140m.

However 2019 showed a big change from profits to loss on most measures, along £118m of intangible assets and increased borrowing by £22m.

So for me the questions is still, I don’t understand the demand for the company’s products along with concerns that the business is substantially based on grants, loans and other subsidies associated with academia such as funding from the Cardif Capital Regional and the Welsh government for the foundry in Newport.

This sort of partnership may be good for the area and employees but not necessarily for share holders.
Read Count: 273/13165

Buy/No Buy In A Nutshell
NegativesA few years ago this was a Muddy Waters pick, questioning the accounts. Is it really making money or is destined to always lose money and hide that with turnover subsidised by government grants?
PositivesIf I could really work out how they were doing commercially they may be as advanced as they market themselves to be.
Initial Review Price56p
Last Review Price62.25p
Last Review Date02-Sep-2020
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