IQE’s FY’16 results are c.4% ahead of our expectations, which were upgraded in December. Group revenue grew 16% to £132.7m (N+1Se: 130.8m), with adj. PBT rising 17% to £20.6m (N+1Se: £20.4m) and adj. EPS up 15% to 3.0p (N+1Se: 2.9p). The key Wireless and Photonics markets grew strongly (up 15% and 43% respectively), while licence income outperformed expectations at £6.7m (N+1Se: £5.0m). We expect the positive momentum to continue, prompting c.5-10% EPS upgrades, although we see scope for more ma ....
21 Mar 2017
N+1 Singer - IQE - FY’16 results prompt further upgrades
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N+1 Singer - IQE - FY’16 results prompt further upgrades
IQE plc (IQE:LON) | 26.6 -0.2 (-2.7%) | Mkt Cap: 256.3m
- Published:
21 Mar 2017 -
Author:
Oliver Knott -
Pages:
3
IQE’s FY’16 results are c.4% ahead of our expectations, which were upgraded in December. Group revenue grew 16% to £132.7m (N+1Se: 130.8m), with adj. PBT rising 17% to £20.6m (N+1Se: £20.4m) and adj. EPS up 15% to 3.0p (N+1Se: 2.9p). The key Wireless and Photonics markets grew strongly (up 15% and 43% respectively), while licence income outperformed expectations at £6.7m (N+1Se: £5.0m). We expect the positive momentum to continue, prompting c.5-10% EPS upgrades, although we see scope for more ma ....