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  "documentTitle": "IQE plc (IQE)",
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  "authorName": "Carson Block",
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  "presentationDate": "2018-02-08 00:00:00",
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  "notes": "The slide presents a forensic accounting argument regarding asset transfers and IP licensing.",
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      "text": "We adjust downward IQE's 2015 and 2016 net income by 58.5% and 25.4%, respectively, to exclude gains on transfers of assets to CSC, which we believe lack substance",
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      "text": "reverse IP licensing revenue of £7.07 million and £4.93 million in 2015 and 2016, respectively, which carried a 100% operating margin, and\nreverse the realized £4.714 million gain on disposal of PP&E in 2015",
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      "text": "Net Income: -58.5%",
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      "text": "Companies House filings state that “CSC’s mission is to provide Europe’s first prototyping facility dedicated to enabling businesses and academics to demonstrate new technologies based on compound semiconductor materials that will be production ready...”",
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      "text": "In 2015 and 2016, IQE booked gains from transferring PP&E and licensing IP to CSC. In our opinion, these gains are misleading as to the economic health of IQE, and we accordingly adjust IQE’s financials to exclude them.",
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      "text": "CSC's mission is to provide Europe's first prototyping facility dedicated to enabling businesses and academics to demonstrate new technologies based on compound semiconductor materials that will be production ready... — Companies House filings",
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      "kind": "title",
      "text": "Egregious Manipulation through CSC",
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