XP Power


Market Cap£1025m

Last Close 5220p

XP Power is a developer and designer of power control solutions with production facilities in China, Vietnam and the United States, and design, service and sales teams across Europe, the United States and Asia.

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Investment summary

XP Power has reported another strong set of results, with H121 revenue up 14% y-o-y and normalised EPS up 33% y-o-y. The semiconductor equipment sector continues to be a strong driver of revenue and orders, and industrial technology has returned to growth. As expected, healthcare declined from the exceptional levels seen last year with demand reverting back to non COVID-19 applications. Overall, exceptional revenue growth and order intake drive upgrades to our forecasts, with EPS up 5.4% in FY21 and 6.9% in FY22.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 199.9 44.5 32.3 141.4 36.9 N/A
2020A 233.3 56.8 44.3 198.4 26.3 N/A
2021E 243.7 57.9 44.8 184.4 28.3 N/A
2022E 257.1 62.8 49.3 203.7 25.6 N/A
Industry outlook

XP supplies three end-markets: healthcare, industrial technology and semiconductor manufacturing, across Europe, North America and Asia. The industrial technology segment is relatively fragmented, but the company sees demand across various applications. The healthcare business continues to gain market share, with corporate approvals from the major suppliers in place. The semiconductor segment is the most cyclical, tracking the capex requirements of semiconductor manufacturers.

Last updated on 20/10/2021
Content on XP Power
XP Power – Q3 bookings up 73% year-on-year
TMT | Update | 11 October 2021
XP Power H121 results – executive interview
TMT | Edison TV | 3 August 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 24
Forecast gearing ratio (%) 14
Price performance
Actual 1.2 4.4 21.1
Relative* (2.1) (0.3) (2.5)
52-week high/low 5700.0p/3960.0p
*% relative to local index
Key management
James Peters Chairman
Gavin Griggs CEO
Oskar Zahn CFO