
MB
257 posts



Rough maths r.e. $IQE valuation at current ~£600M market cap: --> Base case - 2026 = £727M - 2027 = £802M - 2028 = £884M EV / rev multiple of 7x - reasonable vs peers + balances AIM status w/ recovering profits --> Bull case - 2026 = £1.14B - 2027 = £1.37B - 2028 = £1.66B EV / rev multiple of 10x - premium for AI/photonics tailwinds materialising + strong execution No takeover premium baked into any scenarios, so this is just organic/execution driven. Takeover would shortcut the whole timeline. FWIW, in Jan25, my bull case for EOY 2026 spat out £500M, which they have far surpassed in just 3.5 months of the year - my assumptions are a little more on the conservative end.


$AIXA controls ~90% of InP MOCVD reactors and every one ships with LayTec metrology inside, the only provider ensuring atomic-level precision. LayTec is owned by Nynomic (M7U), a tiny German photonics group valued below its book value. open.substack.com/pub/fwriter/p/…








It's time for action to protect vulnerable children. Today Labour brings forward the single biggest piece of child protection legislation in a generation. The Tories are trying to block action to keep children safe.



Turkish fertility collapsed over the last decade and is now below replacement level all across the country except the south east


This beaver was orphaned and rescued as a newborn, Watch the incredible instinct to build a dam, even though it’s never seen it’s parents build one.











