International Quantum Epitaxy's (LONDON:IQE) 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.
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