I am not alone in believing that IQE(LSE: IQE) has all the tools to make investors a fortune in the years ahead. The broad application of its semiconductor wafer products across many technologies and applications makes it a popular pick with a range of OEMs across the globe, and the business is investing heavily to expand capacity to fully capitalise on its surging popularity.
But IQE is not the only share I reckon could generate stunning returns for share selectors. Indeed, I reckon building materials play Forterra (LSE: FORT) is also in great shape to make you and I a packet.
And my faith has been reinforced by latest trading details released on Wednesday.
Sales stream higher
It declared today that "trading in the period has continued to be underpinned by good activity levels in the new build residential sector" and that, as a result, it has seen "double-digit growth of brick and aggregate block volumes for the 10 months to October 2017 compared with the same period last year."
Excluding the September acquisition of pre-cast concrete specialist Bison, revenues at Forterra boomed 12% year-on-year between January and October, it said.
On the back of these bubbly numbers, it added: "Based on the good trading performance in the year to date and the forward order book, the board's expectations for the full year remain unchanged."
I am convinced that the long-term outlook is extremely bright. Whilst concerns quite rightly abound over the health of the UK construction sector, the residential market continues to power ahead and the latest PMI report from IHS Market indicated a "solid increase in residential building work" in October, with the pace picking up from the prior month.
And Britain's desperate need to build houses -- exemplified by Chancellor Philip Hammond's pledge to build 300,000 new houses per year by the mid-2020s earlier today -- should keep demand for Forterra's products ticking higher.
What's more, the Northampton-based business is investing heavily to generate future sales growth. It has finished expanding its Claughton brick factory, work which has hiked production levels by 5m bricks per year (up 11% from prior levels). And thanks to its exceptional cash flows, it has the financial firepower to engage in more game-changing M&A action like we saw with Bison.
City analysts are predicting earnings advances of 9% and 12% in 2017 and 2018 respectively, estimates that leave the construction giant dealing on a bargain-tastic forward P/E ratio of 12.1 times.
And with the progressive dividend policy expected to keep yields shooting higher (these register at 3.2% for this year and 3.6% for 2018), I reckon the company is a very appealing stock for both growth and income chasers.
Another growth hero
Now the Square Mile's army of analysts are not predicting earnings at IQE to rise by the same rate in the near term, an advance of 4% being anticipated for 2017.
But profits are expected to light up from next year as demand across its customer base picks up, and a 27% bottom-line swell is currently being predicted for 2018.
A forward P/E ratio of 53.1 times clearly looks toppy on paper. But in my opinion the prospect of stunning revenues growth from next year merits such a princely valuation.
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Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.