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

Financials

ItemCurrent PeriodPrevious Period
Year20192018
Period12 Months12 Months
Revenue£140m£153m
Earnings
Adjusted Earnings
EBITDA
Adjusted EBITDA
Statutory Profit
Adjusted Profit
Total Debt
Net Debt(£16m)£20m

Commentary History
Commentary
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.
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