Photonics growth supports upgrades
IQE has announced that it will exceed current market expectations for both FY16 revenue and adjusted operating profit. This is primarily driven by strong growth in the photonics business, with a helping hand from sterling’s weakness, and highlights the benefits of IQE’s diversification strategy. We upgrade our FY16 and FY17 estimates, while maintaining a conservative stance and raise our valuation range from 40-45p to 45-49p.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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