IQE - a good opportunity for bears with patience says Lucian Miers

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Shares in IQE (IQE) are volatile. In the past year they have traded between 136p and 56p and closed most recently at 68p. The market can often be unforgiving when companies disappoint but in the case of IQE it seems remarkably tolerant...

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The shares rallied after an initial fall on January’s profit warning and did the same after Wednesday’s dreadful results, even affording the chance to sell stock at over 80p for an hour or two. The results have been covered exhaustedly elsewhere and in summary amount to another profit warning, this time for H1 accompanied by promises for a better H2 which amount to little more than hope.  As to last year, the sub £1 million profit attributable to shareholders would have been a loss but for an insurance pay-out on the sad death of the CFO.

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It goes without saying that a market cap of £564 million is ridiculous and that the shares would look overpriced at 30p, which is where they are, in my opinion, headed. It also goes without saying that apart from Deutsche (hold), the handful of analysts who cover IQE rate it as a strong buy.

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I can’t help thinking that standards in equity research and analysis, never that high in the first place, are deteriorating as the millennials are gradually pushing aside the baby boomers in the investment world; people more prone to be comfortable in this post-truth era and for whom the GFC is a distant memory. This provides good opportunities for bears with patience and IQE is a good example of this.

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Filed under: IQE, Majestic Wine, Royal Dutch Shell, Mueller Trump, SpaceandPeople, Malcolm Stacey

2019-03-25 14:37:32

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