Update: Diversifying picture
IQE’s licence agreement with Translucent has the potential to accelerate its developments and secure key IP in the high-growth GaN on silicon market. While at the revenue level the company’s transformation to a more diversified compound semiconductor business still has some way to go, its pathway is becoming clearer. With continued execution along this path, we believe the share should rerate upwards from its lowly 9x P/E rating.IQE is a holding company. Through its subsidiaries, Co. is engaged in the development, manufacture and sale of semiconductor materials. Co.'s primary business is the manufacture of compound semiconductor wafers or epiwafers using a process called epitaxy. Co.'s primary reporting segments are: Wireless, which covers electronic devices that communicate wirelessly; Photonics, which covers applications that either emit or detect light; Infrared, which uses indium antimonide and gallium antimonide engineered materials that enable high resolution Infrared systems; and CMOS++, which combines the properties of compound semiconductors with silicon.
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